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Shaw Awarded Maintenance and Modifications Contract for STP Nuclear Operating Company and Engineering Support Contract for Tennessee Valley Authority
    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.
"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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