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Shaw Among Companies Selected by U.S. Air Force for $4 Billion Worldwide Environmental and Construction Services Contract

BATON ROUGE, La.--(BUSINESS WIRE)--Dec. 5, 2003--The Shaw Group Inc. (NYSE:SGR) announced today that its subsidiary, Shaw Environmental, Inc., was awarded a contract by the Air Force Center for Environmental Excellence (AFCEE) to provide a full range of integrated environmental and construction services at various locations worldwide. Shaw Environmental, Inc. is one of 22 companies selected under this contract which has a potential shared value of $4 billion.

The indefinite delivery, indefinite quantity contract has a five-year ordering period. Shaw Environmental, Inc. is the prime contractor in a teaming arrangement that includes ADVENT Environmental, Inc., C.F. Jordan, L.P., and Enterprise Engineering, Inc. The contract will be implemented through task orders performed on both a cost reimbursable and fixed-price basis. Tasks could include a wide range of environmental remediation and construction projects, including facilities and infrastructure maintenance; demolition, repair and construction projects; military family housing and community development projects; and emerging requirements such as homeland security and emergency response. Project locations will include Air Force installations and other locations of interest to the government worldwide.

"We have a long history of supporting the U.S. military and we look forward to continuing our relationships with AFCEE, the U.S. Air Force, and other DOD clients by bringing Shaw's expertise to the important projects this contract outlines," stated Diana Severs Ferguson, President of Shaw Environmental and Infrastructure, Inc. "Shaw's eleven year relationship with AFCEE has included consecutive architect-engineering and remedial action contracts. We are excited to expand our service offerings to them through these upcoming global environmental engineering and construction projects."

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 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 website 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 website at www.shawgrp.com.

    CONTACT: The Shaw Group Inc., Baton Rouge
             Investor Relations:
             Laurie LaChiusa, 225-932-2500
             www.shawgrp.com
    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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