THE SHAW GROUP

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Shaw Offers Guidance for Fiscal Years 2002, 2003 Financial Results; Reaffirms Comfort for Fiscal Year 2001

BATON ROUGE, La.--(BUSINESS WIRE)--Sept. 5, 2001--The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that it expects diluted earnings per share for its fiscal year ending August 31, 2002, to be in the range of $2.15 to $2.25, exceeding the current First Call consensus estimate of $1.83 per diluted share. For fiscal year 2003, Shaw expects diluted earnings per share to be in the range of $2.65 to $2.85.

Included in fiscal 2002 earnings per share guidance is approximately $0.19 per share that should result from the Company's adoption of Statement of Financial Accounting Standards No.'s 141 and 142. These standards, among other requirements, eliminate the use of pooling of interest accounting and require that goodwill no longer be amortized.

Shaw also announced that it anticipates revenues for its fiscal years 2002 and 2003 to be in the range of $2.2 to $2.4 billion and $2.6 to $3.0 billion, respectively.

The Company reaffirms its comfort with analysts' First Call earnings consensus estimate of $0.44 per diluted share for the fourth quarter of fiscal 2001.

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 The Shaw Group, please visit the Company's 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 herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results 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 our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our 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. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q, reports and on the Company's web-site at www.shawgrp.com under the heading "Forward Looking Statement". These documents are available from the Securities and Exchange Commission or from the Investor Relations department of Shaw.

--30--LS/na*

CONTACT: The Shaw Group Inc., Baton Rouge
Christine N. Mollere, 225/932-2500




"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.


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