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 http://www.tva.gov/.
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 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.
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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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