BATON ROUGE, La.--(BUSINESS WIRE)--Feb. 4, 2004--The Shaw Group
Inc. (NYSE: SGR - ) today announced that it has received consent from its
bank lenders to amend its $300 million revolving credit facility. The
amendment modified various financial covenants and certain other terms
to address potential defaults related to charges taken in the
Company's first quarter as a result of increased costs on three power
projects.
"We are pleased with the continued commitment from our lenders in
providing financial flexibility, which will allow us to continue to
capitalize on new and emerging opportunities in the markets we serve,"
stated Robert L. Belk, Executive Vice President and Chief Financial
Officer for The Shaw Group. "We believe the actions we have taken to
strengthen our balance sheet and improve our liquidity have resulted
in a stronger competitive position for our Company and a more
fortified platform on which to build long-term value for our
stakeholders."
The Shaw Group Inc. is a leading global provider of 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 14,800 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:
The Shaw Group, Baton Rouge
Laurie LaChiusa, 225-932-2500
