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Shaw Selected By U.S. Army Corps of Engineers to Perform Environmental Remediation Services

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.
"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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