THE SHAW GROUP

HomeWho We AreWhat We DoInvestor RelationsCareers

News Release

Printer Friendly VersionView printer-friendly version
<<Back
Shaw Infrastructure/CEI Investment Awarded $150 Million Privatization Contract by U.S. Air Force; Partnership Formed to Build Master-Planned Community for Military Families

BATON ROUGE, La., Jun 19, 2003 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that its subsidiary, Shaw Infrastructure, Inc., and CEI Investment Corp. were awarded a $150 million residential development contract by the U.S. Air Force to build The Pelican Coast, a new master-planned community near Patrick AFB, Florida. The privatization contract will be executed under the 1996 National Defense Authorization Act by Patrick Family Housing LLC, a partnership formed by Shaw Infrastructure and CEI Investment. The contract also includes a 50-year ownership, operations and maintenance agreement whereby Patrick Family Housing will provide comprehensive resident care services.

Patrick AFB is home to the United States Air Force's 45th Space Wing which supports the U.S. Air Force Command's varied missions. The Pelican Coast is a 300-acre, off base community that will replace Patrick AFB's current military family housing. The planned community is expected to be completed within four years and will offer 552 new homes exclusively to Air Force families. Shaw Infrastructure will serve as construction manager for the project and CEI will provide program management, development, and property management services.

"The Shaw Group shares the Department of Defense's vision to provide the highest quality of life for its dedicated military families and we remain committed to working with the DoD to realize its mission of privatizing its housing and utility systems," stated Tim Barfield, President of Shaw Environmental and Infrastructure, Inc.

"Our Facilities Management and Privatization business lines have begun to contribute meaningfully to our backlog, which provides good revenue and earnings visibility for the Company," Mr. Barfield added. "We are pleased to be partnering with CEI on this project and look forward to a long and successful relationship."

Headquartered in Meriden, Conn., CEI Investment is a family-owned business that has developed more than 35,000 homes across the United States. The company, which was founded in 1949, has extensive expertise in the development and management of master-planned communities, multi-family communities, as well as communities committed to environmental preservation.

The Shaw Group Inc. is a leading global provider of engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for the power, process, environmental, infrastructure and homeland defense markets. The Company is headquartered in Baton Rouge, Louisiana and employs approximately 17,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. For further information, please visit the Company's website at www.shawgrp.com.

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
http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
"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.


Additional Information

Calendar of Events

Presentations

Archived News Releases


IR Services

Receive E-mail Alerts

Request Information

Contacts

Job Search Photo