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Shaw to Perform Environmental Remediation Contract for U.S. Navy

BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 9, 2003--The Shaw Group Inc. (NYSE: SGR) ("Shaw" or "the Company") today announced that its Shaw Environmental & Infrastructure Division was awarded a contract by the Naval Facilities Engineering Command, Atlantic Division, for environmental remediation services. The award is for a base period of one year with four one-year option periods. The five-year contract has a potential value of up to $125 million.

The sites will consist of those ranked on the Superfund National Priority List (NPL) as well as non-NPL sites regulated under Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Resource Conservation and Recovery Act (RCRA), Underground Storage Tanks (UST), state environmental regulatory programs and other sites, which might require remedial action. The work will be performed at various Navy and Marine Corps installations in Virginia, North Carolina, West Virginia, Maryland and the District of Columbia and is to be completed by January 2008.

Tim Barfield, President of Shaw Environmental & Infrastructure, Inc., stated, "We are very excited to receive this award and believe its timing is a clear affirmation of the Department of Navy's confidence in Shaw's ability to provide superior remediation services. We value the Navy's commitment to Shaw through this award and look forward to demonstrating our enhanced capabilities in a mutually beneficial relationship going forward."

The Shaw Group Inc. is a leading global provider of comprehensive services to the power, process, and environmental and infrastructure industries. Shaw is a vertically-integrated provider of comprehensive engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. Shaw is also a leader in the environmental, infrastructure and homeland defense markets providing consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. The Company is headquartered in Baton Rouge, Louisiana with offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region and employs approximately 17,000 people. For more information please visit our web site 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.

--30--JB/na*

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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