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.
