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.
