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Shaw Awarded EPC Contract for Second Phase of Marathon Ashland's Clean Fuels Project in Louisiana

BATON ROUGE, La.--(BUSINESS WIRE)--July 12, 2004--The Shaw Group Inc. (NYSE: SGR) today announced that its subsidiary, Shaw Constructors, Inc., was awarded an engineering, procurement and construction (EPC) services contract by Marathon Ashland Petroleum LLC (MAP) for MAP's Louisiana Refining Division. Under the contract, Shaw will provide EPC services for a distillate hydrotreater unit at MAP's Garyville, Louisiana refinery. The distillate hydrotreater unit, which is the second phase of MAP's clean fuels project at the Garyville refinery, will produce 46,000 barrels per day of ultra low sulfur diesel in compliance with the Clean Air Act regulations recently mandated by the U.S. Environmental Protection Agency (EPA).

Shaw was previously awarded the first phase of MAP's clean fuels project for the same facility in September 2003, which included EPC services for a gasoline desulfurization unit and a coker naphtha splitter unit. Phase I construction is underway.

Michael P. Childers, President of Shaw's Engineering, Construction and Maintenance division, stated, "We are pleased to have expanded our involvement in this important project for Marathon Ashland. This project is a significant step in helping our clients around the world meet new clean fuels regulations. Our international and domestic clean fuels experience as well as our extensive refinery expertise position Shaw well to secure additional projects of this magnitude and to further expand our portfolio of clean fuels solutions around the globe."

Based in Findlay, Ohio, MAP is the nation's fifth largest oil refiner with 935,000 barrels-per-day capacity in its seven-refinery system. MAP is a limited liability company owned 62 percent by Marathon Oil Corporation (NYSE:MRO) and 38 percent by Ashland Inc. (NYSE:ASH).

The Shaw Group Inc. is a leading global provider of 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. A Fortune 500 company, The Shaw Group 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 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 web-site 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 web site at www.shawgrp.com..

    CONTACT: The Shaw Group Inc.
             Chris D. Sammons, 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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