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The Shaw Group Awarded Comprehensive Environmental Contract to Support U.S. Army Corps of Engineers; $200 Million Contract to be Split Among Three Contractors

BATON ROUGE, LA., Jun 14, 2004 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:SGR) today announced that its subsidiary, Shaw Environmental, Inc., was one of three contractors selected by the U.S. Army Corps of Engineers (USACE), Tulsa District, for an indefinite delivery, indefinite quantity (IDIQ) contract to provide environmental services for projects within or assigned to the Corps' Southwestern Division. The Comprehensive Environmental Contracts, known as CECs, will be 5-year, multiple award contracts with an overall program ceiling of $200 million to be split among the three contractors.

The work to be performed under the CECs may include environmental investigation, study, pre-design, design, remediation, start-up activities, environmental compliance, environmental analysis, environmental services, ecosystem restoration, environmental dredging, emergency and time-critical response activities. Task orders issued may be cost reimbursable or fixed price for project sites that are: (1) currently owned or controlled by the Federal Government, (2) Formerly-used Defense Sites, (3) Formerly Utilized Sites Remedial Action Program, or (4) other sites where the Corps is otherwise authorized to respond.

Diana Severs Ferguson, President of Shaw Environmental, Inc., said, "The task orders prescribed under the Comprehensive Environmental Contracts are important and complex. We are very pleased to receive this award from the Tulsa District, as it further validates Shaw's expertise and capabilities in the federal environmental market."

Ms. Severs Ferguson continued, "Our working relationship with the U.S. Army Corps of Engineers remains strong, and has included eight similar comprehensive environmental support contracts since 1993. This latest project allows us to continue our significant level of support to the Corps and its customers."

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. The Shaw Group is also a vertically integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. A Fortune 500 company with $3.3 billion in revenues in 2003, The Shaw Group debuted on the magazine's "America's Most Admired Companies" list in 2004. Shaw 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. Additional information on The Shaw Group is available 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 website under the heading "Forward-Looking Statements". 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.

SOURCE: The Shaw Group Inc.

The Shaw Group Inc., Baton Rouge
Chris D. Sammons, 225.932.2500
"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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