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Shaw Subsidiary, Stone & Webster, Inc. and ExxonMobil Chemical Company Affiliate Form Joint Venture Company

BATON ROUGE, La.--(BUSINESS WIRE)--April 23, 2003--The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company"), announced today that its subsidiary, Stone & Webster, Inc. and an affiliate of ExxonMobil Chemical Company, a division of Exxon Mobil Corporation, have formed a joint venture company for licensing petrochemical technology products. This new 50/50 venture will operate under the name Badger Licensing L.L.C. The formation of Badger Licensing is being completed concurrently with Stone & Webster's acquisition of the assets of the Badger Technology unit from Washington Group International, Inc., which was previously announced by the Company.

Badger Licensing will principally be engaged in marketing, licensing, and developing new and improved technologies for Ethylbenzene (EB), Cumene and their derivative products. The joint venture will also be dedicated to supplying catalysts and basic engineering packages specifically developed for these processes. The EB and Cumene technologies now offered exclusively by Badger Licensing are employed in more than 40 facilities worldwide.

Nick Gallinaro, President of Shaw's Process Group, stated, "In forming Badger Licensing, Shaw and ExxonMobil Chemical have taken a key step to ensure the delivery of high-value technology to the petrochemical industry for the production of EB and Cumene, and to enhance development in related technology areas."

ExxonMobil Chemical not only offers substantial know-how, key elements of intellectual property, and catalyst development expertise to the Badger Licensing venture, it combines with the Badger technologies to provide additional process design, equipment-related expertise and project development skills for the advanced development of petrochemical technology.

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

ExxonMobil Chemical is a global leader in technology, product quality and customer service with petrochemical manufacturing and/or marketing operations in more than 150 countries around the world. For more information on petrochemical technology licensing of ExxonMobil Chemical, visit the web site at www.exxonmobilchemicaltsl.com. To find out more about ExxonMobil Chemical, visit www.exxonmobilchemical.com.

For additional information, please contact Laurie LaChiusa, Vice President of Investor Relations and Corporate Communications, at (225) 932-2500 or Janis Grant of ExxonMobil Chemical Company at (281) 870-6607.

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.

Editor's note: The term "ExxonMobil Chemical" refers collectively to some or all of the companies affiliated with Exxon Mobil Corporation which have chemical manufacturing and/or marketing operations around the world.

    CONTACT: The Shaw Group Inc.
             Laurie LaChiusa, 225/932-2500
             or
             ExxonMobil Chemical Company
             Janis Grant, 281/870-6607
    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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