BATON ROUGE, La., Aug 12, 2002 (BUSINESS WIRE) -- The Shaw Group Inc.
(NYSE:SGR) ("Shaw" or "the Company") today announced that its subsidiary, Shaw
Infrastructure, Inc., as part of a joint venture, has been awarded a site
support services contract with the U.S. Department of Energy's Los Alamos
National Laboratory. The joint venture, led by Kellogg, Brown and Root, Inc. and
including Los Alamos Technical Associates, will function as a subcontractor to
the University of California, which operates the Laboratory. Shaw's ownership in
the joint venture is 37 percent. The joint venture's five-year, cost-plus
contract is valued at approximately $145 million per year and contains an option
for a five-year extension.
Under the contract, the joint venture will provide maintenance services for
structures, systems and components in non-reactor nuclear, special use, and
non-hazardous facilities. Maintenance, maintenance planning and work control,
including preventive and predictive maintenance, are also included in the scope
of the services provided.
"We are very pleased to be a part of the team that is supporting the people of
the Los Alamos Laboratory, as this research is critical to our nation's security
and future," stated Tim Barfield, Jr., President of Shaw Environmental &
Infrastructure, Inc. (Shaw E & I). "The facilities management business within
Shaw brings tremendous growth opportunity and this award clearly represents our
progress in establishing the Company as a leader in this industry. We look
forward to a long relationship with our partners and the Los Alamos community."
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.
For additional information, please contact Christine N. Mollere, Vice President
of Corporate Communications, at 225/932-2500.
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., Baton Rouge
Christine N. Mollere, 225/932-2500
www.shawgrp.com
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