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The Shaw Group Announces Ground Breaking at Duke Power's Marshall Steam Station
    BATON ROUGE, La.--(BUSINESS WIRE)--Feb. 16, 2004--
    The Company's Subsidiary to Retrofit First of Four Stations for
  Cleaner Air Emissions Under Duke Power's $1.25 Billion FGD Program

The Shaw Group Inc. (NYSE:SGR) announced that its subsidiary, Stone & Webster, Inc., and its consortium partner, ALSTOM will break ground today at Duke Power's Marshall Steam Station, the first of four stations to be retrofitted for cleaner air emissions under Duke Power's $1.25 billion Flue Gas Desulphurization (FGD) Retrofit Program. Stone & Webster will perform engineering, procurement and construction (EPC) services for this project, which is expected to be completed in 2007.

"We are extremely pleased and proud to be partnered with Duke Power on such a significant program, which will improve air quality for the people of Catawba County," stated Michael P. Childers, President of Shaw's Engineering Construction and Maintenance division. "Coming off a successful 1,400-megawatt scrubber installation in Washington State, we are confident that our consortium has the capabilities and the proven processes to execute seamlessly on this project and we are pleased to be breaking ground on the Marshall Station."

Duke Power awarded the Stone & Webster/ALSTOM consortium a $350 million contract to retrofit the Marshall Station in North Carolina, which is the first plant to be retrofitted under an Alliance Agreement with Duke Power for its FGD Retrofit Program. Under the terms of the Agreement, Stone & Webster and its consortium partner ALSTOM will retrofit twelve units (6,600 megawatts) at four power stations owned by Duke Power, a subsidiary of Duke Energy company.

Stone & Webster and ALSTOM formed a consortium in December 2002 to execute, under separate contracts, Phase I and Phase II engineering and planning for Duke Power's FGD Retrofit Program. Services performed under these contracts included investigative studies to define Duke Power's air emissions issues as well as development of the optimal plant design for the power stations to be retrofitted. The consortium also executed conceptual design development of the lump-sum price for the retrofit work to be performed.

Under the terms of the Alliance Agreement, ALSTOM will design, engineer and procure the process island (scrubber) -- the technology used to remove sulfur dioxide from power plant emissions -- and Stone & Webster will perform balance-of-plant design, engineering and procurement, as well as construction services for the scrubber installations. Other stations targeted for retrofitting under Duke Energy's FGD Retrofit Program include the Belews Creek, Allen and Cliffside stations in North Carolina.

Duke Power, a business unit of Duke Energy, is one of the nation's largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. In 2004, Duke Power celebrates 100 years of service. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: www.dukepower.com. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

ALSTOM serves the energy market through its activities in power generation and power transmission and distribution, and the transport market through its activities in rail and marine. Additional information about ALSTOM is available at: www.alstom.com

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: 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 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.
             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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