BATON ROUGE, La.--(BUSINESS WIRE)--Oct. 30, 2003--The Shaw Group
Inc. (NYSE: SGR) today announced that its subsidiary, Shaw
Environmental, Inc., was awarded a Fixed Price Remediation Insured
(FPRI) indefinite delivery/indefinite quantity multiple award contract
by the U.S. Army Corps of Engineers (USACE). The contract is for a
basic performance period of three years with one option period of two
years. Shaw is one of three designated companies selected to bid on
upcoming task orders awarded under this contract, which has a
potential shared value of up to $200 million.
The Company also announced that it has been awarded the first task
order under this FPRI contract. The award, which is valued at
approximately $9.8 million, includes remediation services for portions
of Ravenna Army Ammunition Plant in Ohio.
"This contract validates our strong competitive position in the
rapidly emerging fixed price remediation insured market," stated Diana
Severs Ferguson, President of Shaw Environmental & Infrastructure,
Inc. "Our extensive DOD contracting experience, combined with our
innovative, proprietary SHIELD(TM) insured fixed price program
provides a valuable solution to the Army and uniquely positions Shaw
to successfully compete for additional environmental projects for the
DOD."
The contract will be implemented through competed task orders that
will be performed for a fixed price to the government with insurance
in place to protect the Company against cost overruns and other risks.
The Department of Defense has stated that it intends to increase the
use of this type of contracting vehicle for much of its upcoming
environmental services work.
The tasks awarded under this contract include a wide range of
environmental remediation services at various confirmed or suspected
contaminated sites in order to achieve regulatory closure. These
services, which include site characterizations, investigations,
environmental studies, engineering, design and remediation services
may be provided in support of USACE and its customers located anywhere
within the United States, including the territories of Puerto Rico and
the Virgin Islands.
The Shaw Group Inc. is a leading provider of consulting,
engineering, construction, remediation and facilities management
services to government and private sector clients in the
environmental, infrastructure and homeland security markets. Shaw is
also a vertically integrated provider of comprehensive engineering,
consulting, procurement, pipe fabrication, construction and
maintenance services to the power and process industries worldwide.
The Company is headquartered in Baton Rouge, Louisiana and employs
approximately 14,800 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.
