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Shaw to Provide Maintenance Modifications Services for the Restart of Tennessee Valley Authority Nuclear Facility, Browns Ferry - Unit 1

BATON ROUGE, La.--(BUSINESS WIRE)--July 24, 2002--

           Total Value, including Supplemental Maintenance
           and Modifications Services, Exceeds $800 Million

The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that its subsidiary, Stone & Webster, Inc., has signed an agreement to provide maintenance modifications services for the restart of Tennessee Valley Authority (TVA) Nuclear facility, Browns Ferry - Unit 1. Construction is expected to begin immediately with completion anticipated in 2007. This project is similar in scope to work performed by Stone & Webster for the restart of Browns Ferry - Unit 3, which was completed in 1995.

Under the terms of this agreement, Stone & Webster will also continue to provide supplemental maintenance and modification services for all TVA Nuclear locations, with services to be provided immediately at Browns Ferry, Sequoyah, and Watts Bar nuclear plants. Stone & Webster has provided maintenance and modification services for TVA for the past six years and will continue in that capacity under a renewed six-year contract, with an option for extension up to four additional years.

Stone & Webster's total contract value is expected to exceed $800 million.

"The decision to return Browns Ferry - Unit 1 to service is a major milestone in the nuclear industry and we are very proud to lead this initiative through the critical construction phase of the project," stated Richard F. Gill, Executive Vice President and Chief Operating Officer of The Shaw Group. "We are also very pleased to continue to provide maintenance services at all TVA nuclear locations under a renewed long-term contract. Shaw has a clear leadership position in the nuclear industry, currently supplying maintenance and modification services to over 25 percent of the U.S. nuclear fleet. Our engineering, construction and maintenance excellence, as well as our other vertically-integrated capabilities, has positioned us to fully support TVA's upcoming needs."

A major provider of nuclear services in the United States, Stone & Webster, Inc. has furnished operations and support to more than 90 percent of the nation's nuclear facilities and is the domestic leader in the supply of multi-station contract maintenance and plant restart construction services.

Tennessee Valley Authority is the nation's largest public power producer, and its power system is self-financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states. On the Internet please visit Tennessee Valley Authority at

The Shaw Group Inc. is the world's only vertically-integrated provider of comprehensive engineering, procurement, pipe fabrication, construction and maintenance services to the power, process and environmental & infrastructure sectors. Shaw is headquartered in Baton Rouge, Louisiana, and currently has offices and operations in North America, South America, Europe, the Middle East and Asia-Pacific. Shaw employs more than 20,000 people annually. Additional information on The Shaw Group is available at

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


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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