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Shaw Receives Notice to Proceed on Astoria Energy Project; Company's Subsidiary to Construct NYC's Largest New Power Plant in 25 Years

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 www.shawgrp.com.

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.
"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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