THE SHAW GROUP

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Shaw Makes Fortune 500 List

BATON ROUGE, La.--(BUSINESS WIRE)--March 31, 2003--The Shaw Group Inc. (NYSE: SGR) ("Shaw" or "the Company") today announced that for the first time it has been listed among the top 500 companies in the United States, ranked according to revenue in the annual survey taken by Fortune magazine.

The Shaw Group's annual revenue for 2002 was $3.2 billion positioning the Company as 479th on the list and sixth in the Engineering and Construction category. The Shaw Group is the second Fortune 500 Company in Louisiana and the only Fortune 500 Company headquartered in Baton Rouge.

"Over the last 16 years, The Shaw Group has become a formidable leader in the industries we serve. It has been the goal of both management and our employees to exceed not only our expectations, but that of others," stated J. M. Bernhard, Jr., Chairman, President and CEO. "Making the Fortune 500 list has been one of those goals and we are proud today to be the second company in Louisiana to achieve this status, and to claim the ranks of a Fortune 500 Company. This is validation of the hard work and determination exemplified by our employees and our management team."

The Shaw Group Inc. offers a broad range of services to clients in the environmental and infrastructure, power and process industries worldwide. The Company is a leading provider of consulting, engineering, construction, remediation and facilities management services to the environmental, infrastructure and homeland security markets. The Company is also a vertically-integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries. 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 website at www.shawgrp.com.

For more information, please contact Bob Belk, Executive Vice President and Chief Financial Officer 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
             Bob Belk, 225/932-2500
    SOURCE: The Shaw Group Inc.
"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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