THE SHAW GROUP

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The Shaw Group to Provide Nuclear Maintenance and Modification Services for Entergy Nuclear Northeast

BATON ROUGE, La.--(BUSINESS WIRE)--Oct. 9, 2003--The Shaw Group Inc. (NYSE:SGR) today announced that its subsidiary, Stone & Webster Construction, Inc., has been notified that it has been selected to provide maintenance and modification services for four stations, five units in the Nuclear Northeast fleet of Entergy Nuclear Operations Inc. The Northeast fleet includes Vermont Yankee, the Pilgrim Station in Massachusetts, and the James A. Fitzpatrick and Indian Point Stations in New York. The Company expects to finalize contractual arrangements by December 31, 2003.

The award represents an expansion of similar work currently being performed by Stone & Webster at five units in the South Nuclear fleet operated by Entergy. Stone & Webster has provided maintenance and modification services for the South Nuclear fleet since 1996, and was awarded a renewed six-year contract for a continuation of these services in April 2003. Under Shaw's leadership, Stone & Webster has expanded its maintenance and modifications fleet by 12 units.

"With the addition of Entergy's Northeast fleet to our current portfolio, Shaw will be providing maintenance and modification services to 32 of the 103 operating nuclear plants in the U.S," stated Michael P. Childers, President of Shaw's ECM Division. "This award fortifies our reputation as the preeminent provider of services to the nuclear industry and we are proud of Entergy's continued confidence in our execution capabilities."

A major provider of nuclear services in the United States, Stone & Webster, Inc. has furnished engineering, construction, maintenance and consulting support to more than 90 percent of the nation's nuclear facilities and is the domestic leader in the supply of multi-station contract maintenance and plant restart services. Stone & Webster supported world records for refueling outage durations for both pressurized water reactors (PWR) and boiling water reactors (BWR). The Company's current nuclear workforce exceeds 5,000 worldwide.

Entergy Corporation is an integrated energy company engaged primarily in electric power production, retail distribution operations, energy marketing and trading, and gas transportation. Entergy owns and operates power plants with about 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.6 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Through Entergy-Koch, LP, it is also a leading provider of wholesale energy marketing and trading services, as well as an operator of natural gas pipeline and storage facilities. Energy has annual revenues of over $8 billion and more than 15,000 employees. On the Internet, please visit Entergy at http://www.entergy.com.

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 15,000 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.

    CONTACT: The Shaw Group Inc., Baton Rouge
             Laurie LaChiusa, 225-932-2500
    SOURCE: The Shaw Group Inc.
"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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