BATON ROUGE, La.--(BUSINESS WIRE)--July 22, 2004--
Shaw Expands Nuclear Maintenance and Modifications Services Market
Share to 33 Percent
The Shaw Group Inc. (NYSE: SGR) today announced that its
subsidiary, Stone & Webster Construction, Inc., has been awarded a
seven year contract to provide maintenance and modifications services
to STP Nuclear Operating Company which operates the South Texas
Project Electric Generating Station (STPEGS). Under this agreement,
Stone & Webster will provide labor, administrative and management
personnel support at STPEGS.
In addition, Shaw's subsidiary, Stone & Webster, Inc., has been
awarded a contract to provide engineering support to Tennessee Valley
Authority's (TVA) nuclear facility, Browns Ferry - Units 2 and 3. This
award also qualifies Stone & Webster to provide engineering and design
services as required at any of TVA's power production and transmission
operations.
Michael P. Childers, President of Shaw's Engineering, Construction
and Maintenance Division, said, "We are pleased to have been selected
for these two awards which further demonstrate the confidence our
nuclear industry clients are placing in us to provide strategic
design, maintenance and modifications services. Both TVA and STP
Nuclear Operating Company are premier nuclear energy providers. We're
especially pleased to add STP to our list of valued customers and we
look forward to the opportunity to demonstrate the value-added
services of Shaw's nuclear team."
A major provider of nuclear services in the United States, Stone &
Webster has furnished engineering support to more than 90 percent of
the nation's nuclear facilities and is the domestic leader in the
supply of multi-station contract maintenance, decommissioning and
plant restart construction services. This latest award places Shaw's
market share of the maintenance and modifications labor services for
nuclear facilities in the U.S. at approximately 33 percent.
STP's twin reactors produce more than 2,500 megawatts of
electricity; enough for more than one million homes in Texas. The
plant is managed by the STP Nuclear Operating Company and owned by AEP
Texas Central Company, Austin Energy, City Public Service of San
Antonio, and Texas Genco, LP. To learn more about STP Nuclear
Operating Company, please visit their website at www.stpegs.com.
Tennessee Valley Authority is the nation's largest public power
producer, and its power system is self-financed. TVA provides power to
large industries and 158 power distributors that serve 8.3 million
consumers in seven southeastern states. For more information, please
visit Tennessee Valley Authority's website at www.tva.com.
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, 225-932-2546
SOURCE: The Shaw Group Inc.
