BATON ROUGE, La.--(BUSINESS WIRE)--Dec. 31, 2003--The Shaw Group
Inc. (NYSE: SGR) announced today that it has finalized its acquisition
of Energy Delivery Services, Inc. ("EDS"), a business unit of Duke
Energy headquartered in Charlotte, North Carolina, for $22.5 million.
EDS, a provider of design, engineering, procurement, construction and
maintenance services for electrical transmission and distribution
systems primarily in North America, will become a wholly-owned
subsidiary of The Shaw Group Inc. and will be closely affiliated with
Shaw subsidiary, Shaw Power Technologies, Inc. (Shaw PTI).
"The acquisition of EDS solidifies our commitment to building a
premier power services portfolio," stated J.M. Bernhard, Jr., Chairman
and CEO of The Shaw Group. "With EDS' established EPC capabilities and
our renowned diagnostic and monitoring software systems we are able to
provide turnkey solutions at a critical time for improving the power
transmission and distribution infrastructure in this country."
EDS provides competitive, high quality services for Duke Power
Company and other utility clients to design, install, upgrade and
maintain power transmission and distribution systems. For Duke Power,
EDS assists in maintaining a 12,700-mile transmission system, 66,200
miles of primary distribution lines and 2,000 substations throughout a
22,000-square-mile service area. Shaw intends to maintain EDS'
headquarters in Charlotte, North Carolina.
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. Additional information on The Shaw Group is available at
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 website under the heading "Forward Looking Statements".
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
Laurie LaChiusa, 225-932-2500
SOURCE: The Shaw Group Inc.