THE SHAW GROUP

HomeWho We AreWhat We DoInvestor RelationsCareers

News Release

Printer Friendly VersionView printer-friendly version
<<Back
Shaw to Build 3,300 Megawatts of Generating Capacity

BATON ROUGE, La.--(BUSINESS WIRE)--March 15, 2001--The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that it has signed an agreement with PG&E; National Energy Group for the construction of 3,300 megawatts of new generating capacity, comprising three combined-cycle power plants, to be located in the Midwestern United States. Stone & Webster, a subsidiary of The Shaw Group, will execute the engineering, procurement and construction services for the three facilities.

PG&E; National Energy Group has ownership or management interests in more than 7,000 megawatts and has more than 10,000 megawatts in new power plant development or construction currently underway.

"We are very excited to initiate a partnering relationship with PG&E; National Energy Group to bring new generating capacity online quickly and efficiently," said J. M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer. "This award is an excellent indication that our business model is moving forward successfully in the power generation marketplace and further confirms that our unique capabilities are being recognized by the largest players in the business."

"Partnering with companies like The Shaw Group has helped the National Energy Group realize many of its strategic growth plans during a very dynamic time in the industry," said PG&E; National Energy Group Vice President of Construction, Maitland Horner. "Shaw's industry expertise and geographic depth made them a great fit for us."

Construction will commence on the projects in approximate six-month intervals with construction on the first project to begin in June 2001, after project financing is in place. Engineering will begin immediately on the first project, with the third project expected to be complete and in commercial operation by the end of 2004.

The Shaw Group Inc. is the world's only vertically-integrated provider of complete piping systems and comprehensive engineering, procurement and construction services to the power generation industry. Shaw is the largest supplier of fabricated piping systems in the United States and a leading supplier worldwide, having installed piping systems in power plants with an aggregate generation capacity in excess of 200,000 megawatts. While the majority of Shaw's backlog is attributable to the power generation industry, the Company also does work in the process industries, including petrochemical, chemical and refining, and the environmental and infrastructure sector. The Company currently has offices and operations in North America, South America, Europe, the Middle East and Asia-Pacific; and has more than 13,000 employees.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts (including without limitation statements to the effect that The Shaw Group Inc. (the "Company" or "Shaw") or its management "believes," "expects," "anticipates," "plans," or other similar expressions) are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and assumptions and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for and market acceptance of the Company's products and services; changes in general economic conditions, and, specifically, changes in the rate of economic growth in the United States and other major international economies; the presence of competitors with greater financial resources and the impact of competitive products, services and pricing; the cyclical nature of the individual markets in which the Company's customers operate; changes in investment by the energy, power and environmental industries; the availability of qualified engineers and other professional staff needed to execute contracts; the uncertain timing of awards and contracts; cost overruns on fixed, maximum or unit priced contracts; changes in trade, monetary and fiscal policies worldwide; currency fluctuations; the effect of the Company's policies, including but not limited to the amount and rate of growth of Company expenses; the continued availability to the Company of adequate funding sources; delays or difficulties in the production, delivery or installation of products and the provision of services; the ability of the Company to successfully integrate the operations of Stone & Webster, Incorporated; the protection and validity of patents and other intellectual property; and various legal, regulatory and litigation risks. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the Securities and Exchange Commission.

--30--JMP/na*

CONTACT: The Shaw Group Inc., Baton Rouge
Christine R. Noel, 225/932-2500
http://www.shawgrp.com




"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.


Additional Information

Calendar of Events

Presentations

Archived News Releases


IR Services

Receive E-mail Alerts

Request Information

Contacts

Job Search Photo