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.
