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The Shaw Group Awarded Contract to Build 525 Megawatt Combined Cycle Power Plant in Utah

BATON ROUGE, La.--(BUSINESS WIRE)--March 16, 2004--The Shaw Group Inc. (NYSE: SGR) today announced that its subsidiary, Stone & Webster, Inc., was awarded a $170 million contract by PacifiCorp, a subsidiary of ScottishPower (NYSE: SPI)(LSE: SPW), to provide engineering, procurement and construction (EPC) services for a 525-megawatt combined-cycle natural gas power plant near Mona, Utah. The project, called Currant Creek, is located about 75 miles south of Salt Lake City.

"The Currant Creek project demonstrates our focus on key markets, strategic clients and strong, viable projects. We are pleased to assist PacifiCorp in providing comprehensive power services to this supply constrained region," stated Michael P. Childers, President of Shaw's Engineering, Construction and Maintenance division. "This new contract validates Shaw's strong competitive position in the new power generation market and our ability to respond to the diverse needs of our customers with our vertically integrated services."

In addition to providing EPC services for the Currant Creek project, the Company plans to fabricate piping systems and modular components at its nearby fabrication facility in Clearfield, Utah. PacifiCorp will procure the major equipment for the project, which has begun limited construction pending completion of the full air quality permitting process.

Through its Stone & Webster subsidiary, Shaw's relationship with PacifiCorp spans more than 30 years and includes engineering and construction services for new coal-fired generation facilities as well as emissions control projects.

PacifiCorp is one of the lowest-cost electricity producers in the United States, providing more than 1.5 million customers with reliable, efficient energy. The company works to meet growing energy demand while protecting and enhancing the environment. PacifiCorp has more than 8,300 megawatts of generation capacity from coal, hydro, renewable wind power, gas-fired combustion turbines and geothermal. PacifiCorp operates as Utah Power in Utah and Idaho; and as Pacific Power in Oregon, Wyoming, Washington and California.

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 15,000 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., Baton Rouge
             Robert L. Belk, 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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