BATON ROUGE, La., Jan 14, 2002 (BUSINESS WIRE) -- The Shaw Group Inc.
(NYSE:SGR) ("Shaw" or "the Company") announced today that its subsidiary, Stone
& Webster will participate in a contract to provide the consulting services to
support the development of a demonstration power plant that will utilize the new
advanced Pebble Bed Modular Reactor nuclear technology. The technology is being
developed for Pebble Bed Modular Reactor (Pty) Ltd., ("PBMR") and its investors
consisting of Eskom (the primary electric utility in South Africa), British
Nuclear Fuels (Plc) (BNFL), the Industrial Development Corporation of South
Africa (IDC) and Exelon. The demonstration plant will be located in South
Africa.
A joint venture of Murray & Roberts of South Africa and Stone & Webster,
supported by Proman Management Services, a South African black empowerment
consultant, has been selected to provide the consulting services to advise and
assist PBMR in the areas of engineering, procurement, construction management
and project management in order to take the project from the conceptual phase
through an interim phase of development preceding the commitment to
construction. PBMR has completed a design feasibility study for the design,
development, construction and commissioning of a Demonstration Pebble Bed
Modular Reactor Power Plant.
"We anticipate that with the support of the team from Murray & Roberts and Stone
& Webster and the successful implementation and operation of the demonstration
plant, PBMR will be able to bring the technology to the United States and other
countries and build safe and economical operating nuclear power plants," stated
David Nicholls, Chief Executive Officer of PBMR.
"We are very excited to be selected to participate in this pioneering nuclear
technology," stated J.M. Bernhard, Jr. Shaw's Chairman, President and Chief
Executive Officer. "With our vast experience in the nuclear generation industry
we believe that we will be able to provide an unparalleled level of technical
expertise to the project."
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 additional
information on The Shaw Group, please visit the Company's web site 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
under the heading "Forward Looking Statement." These documents are also
available from the Securities and Exchange Commission or from the Investor
Relations department of Shaw. For more information on the company and
announcements it makes from time to time on a regional basis visit our web site
at www.shawgrp.com.
CONTACT: The Shaw Group Inc.
Kevin LeBlanc, 225/932-2500
www.shawgrp.com
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