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Shaw Finalizes Agreement with NEG to Complete Harquahala and Covert Projects

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
http://www.businesswire.com
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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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