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Shaw Group Awarded Third Clean Fuels EPC Contract by Marathon Ashland for Catlettsburg, Kentucky Refinery; Company Expands Scope of Services to Catlettsburg Facility

BATON ROUGE, La.--(BUSINESS WIRE)--Nov. 10, 2004--The Shaw Group Inc. (NYSE:SGR) today announced that its subsidiary, Stone and Webster Inc., was awarded an engineering, procurement and construction (EPC) services contract by Catlettsburg Refining LLC, a subsidiary of Marathon Ashland Petroleum LLC, for a kerosene desulphurization unit. The contract value was not disclosed.

The kerosene desulphurization unit will produce 25,000 barrels per day of ultra low sulfur kerosene in compliance with the Clean Air Act regulations. Engineering and procurement services have already begun and full mobilization to the field is scheduled for February 2005 with completion of the project scheduled for the spring of 2006. Shaw has been providing maintenance, construction and turnaround services to the Catlettsburg refinery since January 2003.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, commented, "We continue to focus on developing and strengthening our relationships with key customers like Marathon Ashland and on expanding our scope of services to them. Along with maintenance and construction services at Catlettsburg, we have projects at several other Marathon Ashland locations, including the diesel and gasoline clean fuels projects in Garyville, Louisiana and a clean fuels revamp project in St. Paul, Minnesota. We are committed to providing a single source for comprehensive, innovative solutions to all of our customers."

Based in Findlay, Ohio, Marathon Ashland Petroleum is the nation's fifth-largest oil refiner with 935,000 barrels-per-day capacity in its seven-refinery system. Marathon Ashland 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 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. 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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