BATON ROUGE, La., Jul 10, 2001 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:
SGR) ("Shaw" or "the Company") today announced that it has signed a contract
with FPL Energy, LLC, a subsidiary of FPL Group, Inc., for the construction of a
725 megawatt co-generation power plant. Shaw will execute the engineering,
procurement and construction services for the project known as Marcus Hook which
is located in a refinery near the Philadelphia area.
The power plant will be a co-generation natural gas fired facility that will
utilize three GE 7FA turbines, along with three heat recovery steam generators,
and one steam turbine. Engineering will start immediately and the plant is
scheduled be completed in early 2004.
J.M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer,
stated, "We are extremely pleased to be working with FPL on this project and
anticipate that this will be the beginning of a mutually rewarding long-term
working relationship."
FPL Energy is a leading independent producer of clean energy, including natural
gas, wind, solar and hydroelectric. It owns and operates power plants with more
than 4,300 total net megawatts in 13 states across the country. The company has
announced projects that will add more than 6,000 megawatts of capacity to its
portfolio by the end of 2003. Most of those projects are already under
construction.
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. For more information
on Shaw, please visit our website at www.shawgrp.com.
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.
CONTACT: The Shaw Group Inc., Baton Rouge
Christine R. Noel, 225/932-2500
