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The Shaw Group Inc. Signs Contract to Provide Services for Pebble Bed Modular Reactor
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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"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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