BATON ROUGE, La.--(BUSINESS WIRE)--April 19, 2004--The Shaw Group
Inc. (NYSE: SGR) announced today that its subsidiary, Stone & Webster,
Inc., has received full notice to proceed on the previously announced
power project known as Astoria Energy. In September 2003, the Company
was awarded an approximately $565 million negotiated fixed price EPC
contract by Astoria Energy LLC for the 500 MW Phase I of the project
which will be built in the Astoria section of Queens, New York.
Astoria Energy is a fully-permitted 1,000 megawatt facility which
is scheduled to be constructed in two phases. The first phase is a 500
megawatt, natural gas fueled combined cycle power plant. With project
financing now in place, Shaw expects to begin construction this month.
"We believe strongly in the Astoria Energy project which will
provide significant generating capacity to the power-constrained New
York City area. We are pleased to now move forward with construction,"
stated Michael P. Childers, President of Shaw's Engineering,
Construction and Maintenance division.
J.M. Bernhard, Jr., Shaw's Chairman and Chief Executive Officer,
commented, "Our innovative method of teaming with project developers
allows us to actually create opportunities while addressing the energy
needs of strategic markets and clients. This ability, along with our
premier EPC capabilities, gives Shaw a distinct advantage in pursuing
emerging business opportunities in the power market."
The Astoria Energy project represents Shaw's second EPC contract
for a power plant in New York City. The Company recently completed
construction for the expansion of an existing combined cycle power
plant in Queens.
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 emergency response 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. For further information, please visit the Company's website at
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.
Robert L. Belk, 225-932-2500
SOURCE: The Shaw Group Inc.