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Shaw Announces Acquisition of Badger Technologies Unit From Washington Group International, Inc.

BATON ROUGE, La., Apr 21, 2003 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that its subsidiary, Stone & Webster, Inc., has acquired substantially all of the assets of the Badger Technologies unit from Washington Group International, Inc. for $17.7 million and the assumption of certain liabilities. Badger Technologies, previously part of Raytheon Engineers & Constructors, develops, licenses, and commercializes petrochemical and petroleum refining-related technologies. Most notably, the company licenses ethylbenzene and cumene technologies in cooperation with ExxonMobil Chemical Company, and styrene technology in cooperation with ATOFINA.

Badger Technologies will be integrated into Stone & Webster's Process Division which already offers leading-edge proprietary technologies in ethylene and propylene from steam cracking and Fluid Catalytic Cracking to the petrochemical and refining industries. Badger Technologies employs approximately 160 people. Its offices and laboratories located in Massachusetts will be maintained.

Nick Gallinaro, President of the Process Group within Shaw's ECM Division, stated, "This acquisition is seen as a key element of our strategy to expand the technology portfolio of the Process Division and to increase Shaw's revenues through process licensing activities. Furthermore, we look forward to expanding technology partnering and alliance relationships, and leveraging this into additional downstream engineering, procurement, construction and fabrication opportunities."

The Shaw Group Inc. offers a broad range of services to clients in the environmental and infrastructure, and 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. Shaw 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 .

For additional information, please contact Laurie LaChiusa, Vice President of Investor Relations and 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

The Shaw Group Inc., Baton Rouge
Laurie LaChiusa, 225/932-2500
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"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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