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
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.