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Shaw's Proprietary Olefins Technology Selected by PetroChina for Revamp of Ethylene Plant

BATON ROUGE, La.--(BUSINESS WIRE)--May 11, 2004--The Shaw Group Inc. (NYSE:SGR) announced today that its subsidiary, Stone & Webster International, Inc. (Stone & Webster) has been chosen by PetroChina Company Limited (PetroChina) to provide its proprietary olefins technology for the revamp of the PetroChina Daqing Petrochemical Company ethylene plant in Daqing, China.

Stone & Webster will provide process and basic design services, as well as technical liaison services during all phases of the project. The revamp will utilize Stone & Webster's patented and proprietary Heat Integrated Rectifier System and Ripple Tray System technologies in addition to upgrading the processing scheme with numerous innovative and modern design features.

"Stone & Webster has long been recognized as a world leader in ethylene technology," stated Abe Fatemizadeh, President of Shaw Power & Process EPC. "This award demonstrates PetroChina's continued confidence in our expertise and reinforces Shaw's strong market position in China. Moving forward, we hope to leverage our success in China to capitalize on emerging opportunities in other areas of Asia and the Middle East."

Nick Gallinaro, President of Stone & Webster Technology added, "The original Daqing plant was designed by Stone & Webster twenty years ago. This revamp, the most ambitious project undertaken by PetroChina, will effectively double the plant's nameplate capacity and reinforce its position as a world-class facility."

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 emergency response markets. The Company is headquartered in Baton Rouge, Louisiana and employs approximately 17,000 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., Baton Rouge
             Robert L. Belk, 225-932-2500
    SOURCE: The Shaw Group Inc. 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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