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Shaw Awarded EPC Contract for Marathon Ashland Clean Fuels Project

BATON ROUGE, La., Sep 26, 2003 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE: SGR) ("Shaw" or "the Company") today announced that Marathon Ashland Petroleum LLC (MAP) has awarded Shaw a significant portion of a Clean Fuels project at MAP's Louisiana Refining Division. This award, which represents the first phase of the project, includes engineering, procurement and construction (EPC) of a grassroots Gasoline Desulfurization Unit in Garyville, Louisiana.

The project includes a new Gasoline Desulfurization Unit and a Coker Naphtha Splitter Unit which will produce 87,000 barrels of gasoline per day in compliance with the Clean Air Act regulations recently mandated by the U.S. Environmental Protection Agency (EPA). Engineering, procurement and project management will be performed by Shaw's Stone & Webster Process Group based in Houston, Texas. Shaw's Louisiana-based construction group will manage the construction services for this project.

"We are excited about the opportunity to work with MAP on a project of this magnitude and to demonstrate the advantages of Shaw's vertically integrated EPC capabilities," said Nick Gallinaro, President of Shaw's Stone & Webster Process Group. "Based on our previous Clean Fuels experience and the range of services we provide, we are confident that MAP will witness a virtually seamless execution of this project," Gallinaro concluded.

Based in Findlay, Ohio, Marathon Ashland Petroleum LLC (MAP) is the nation's sixth largest refiner with 935,000 barrels-per-day capacity in its seven-refinery system. MAP is 62 percent owned by Marathon Oil Corporation (NYSE: MRO) and 38 percent owned by Ashland Inc. (NYSE: ASH).

The Shaw Group Inc. is a leading global provider of engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in 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.

For more information, please contact Laurie LaChiusa, Vice President, Investor Relations and Corporate Communications, The Shaw Group Inc., at 225.932.2500 or Linda Casey, Public Affairs, Marathon Ashland Petroleum LLC, at 419.421.3262.

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
or
Marathon Ashland Petroleum LLC
Linda Casey, 419-421-3262
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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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