BATON ROUGE, La.--(BUSINESS WIRE)--March 30, 2004--The Shaw Group
Inc. (NYSE:SGR) today announced that its Stone & Webster, Inc.
subsidiary has been chosen by Qatar Petrochemical Company Ltd. Q.S.C.
(QAPCO) to provide its proprietary olefin technology for the revamp of
QAPCO's ethylene plant in Mesaieed, Qatar. In July 2002, Stone &
Webster was awarded the first phase of what is referred to as the
Ethylene Cracker Expansion Project which included basic engineering
services to increase the plant's capacity by approximately 40%.
QAPCO accepted Stone & Webster's approach to increase capacity by
integrating a new parallel plant within the existing facility. This
will allow the production of an additional 220 KTPA (kilo ton per
annum) of ethylene.
The contract for the current phase which entails detailed
engineering, as well as procurement and construction (EPC), has been
awarded to Japan Gas Corporation Middle East Free Zone Establishment
based in the United Arab Emirates. Project services and execution will
be provided by Stone & Webster in association with JGC and with CTCI
Corporation which is headquartered in Taiwan. Stone & Webster will
provide engineering services and procurement of both proprietary
equipment for the cracking furnaces and proprietary Ripple(TM) Trays.
"We are pleased to broaden the scope of our involvement in this
important project for QAPCO and to assist our client in meeting the
growing demands of this market." stated Abe Fatemizadeh, President of
Shaw Power & Process EPC.
Nick Gallinaro, President of Stone & Webster Technology, another
Shaw Group subsidiary and licensor of the technology being adopted by
QAPCO, added, "The government initiatives in the Middle East,
particularly in Qatar, present a growing opportunity for Shaw. In
addition to the QAPCO expansion, there are several other process
industry projects currently in the planning stage. This contract is a
strategic win, as we continue to introduce our proprietary technology
to this region."
Stone & Webster's proprietary olefin and refinery technologies,
including the recently acquired downstream Badger ethylene
technologies, allow Stone & Webster to provide integrated refinery and
petrochemical solutions for its clients around the world.
Based in Doha, Qatar, QAPCO is Qatar's largest Petrochemical
company. Qatar Petroleum (QP) is the major shareholder in QAPCO,
holding 80 percent of the total. ATOFINA of France, a wholly owned
subsidiary of TotalFinaElf, holds a 20 percent share in QAPCO.
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation and facilities management
services for government and private sector clients in the power,
process, environmental, infrastructure and homeland defense markets.
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. For further information, please visit the Company's website 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 web-site 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 web site at www.shawgrp.com.
CONTACT: Shaw Group Inc., Baton Rouge
Stephanie Dixon, 225-932-2500
SOURCE: Shaw Group Inc.
