BATON ROUGE, La., May 19, 2003 (BUSINESS WIRE) -- The Shaw Group
Inc. (NYSE: SGR) ("Shaw" or "the Company") today announced that its
previously announced agreement with PG&E; National Energy Group ("NEG")
for the settlement of claims related to the completion of the
Harquahala and Covert power plant projects has been finalized. The
definitive agreement reached with NEG, the project entities and their
lenders stipulates that Shaw will complete Harquahala by September
2003 and Covert by December 2003. Shaw, through its subsidiary Stone &
Webster, Inc., is the EPC contractor on the two projects.
The Shaw Group Inc. is a leading provider of comprehensive
engineering, consulting, procurement, construction, maintenance,
fabrication, remediation, and facilities management services to the
power, process, environmental, and infrastructure markets worldwide.
The Company is headquartered in Baton Rouge, Louisiana and employs
approximately 17,000 people throughout North America, South America,
Europe, the Middle East and the Asia-Pacific region. For further
information please visit our website at www.shawgrp.com or 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 www.shawgrp.com.
SOURCE: The Shaw Group Inc.
The Shaw Group Inc.
Laurie LaChiusa, 225/932-2500
www.shawgrp.com
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