BATON ROUGE, La.--(BUSINESS WIRE)--Aug. 23, 2001--The Shaw Group
Inc. (NYSE:SGR) ("Shaw" or the "Company") today announced that it has
signed separate agreements with two leading independent power
producers to construct two power plants totaling 840 megawatts.
Under the first agreement, Shaw will provide engineering,
procurement and construction services for a 270 megawatt
combined-cycle power plant to be located in the Northwestern United
States. Shaw has begun engineering on the project and groundbreaking
is currently scheduled for October 2001. The plant is scheduled to be
complete and in commercial operation by the summer of 2003.
In an agreement with a separate independent power producer, Shaw
will provide engineering, procurement and construction services for a
570 megawatt simple-cycle power plant to be located in the
Southeastern United States. Engineering work has already commenced on
the plant and groundbreaking is expected immediately. The plant is
scheduled to be complete and in commercial operation by the summer of
2002.
Stone & Webster, a subsidiary of The Shaw Group, will execute the
engineering, procurement and construction services for both projects.
J.M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive
Officer, stated, "These projects are a clear indication that we are
continuing to book new work and increase our backlog as a result of
ongoing activity in the domestic power market. Further, we are very
pleased with our business model as it continues to develop strength
through the success of numerous multi-project relationships with key
customers in the industry."
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.
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CONTACT: |
The Shaw Group Inc., Baton Rouge |
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Christine N. Mollere, 225/932-2500 |
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