ALBUQUERQUE, N.M. and BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 7,
2005--Louisiana Energy Services (LES) and The Shaw Group Inc.
(NYSE:SGR), announced today an agreement for Shaw's subsidiary,
Nuclear Technology Solutions, LLC, to serve as the architect and
engineering firm responsible for design and engineering support for
the National Enrichment Facility (NEF) outside Eunice, New Mexico.
"This is a very important milestone for the project and we look
forward to an effective partnership with Shaw as the project moves
toward construction," said Jim Ferland, President of LES. "They are
going to bring a superb team of experienced engineers, designers and
construction planners to this project."
LES found Shaw's ability to meet the current building schedule and
the requirements set forth in the license application submitted to the
Nuclear Regulatory Commission - as well as in New Mexico State permit
applications - would benefit the NEF project and was key in the
decision to select Shaw.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw
said, "Our selection to perform the design and engineering for this
important facility is a testament to the capabilities and performance
excellence of The Shaw Group. This facility is of paramount importance
to the continued cost effective, pollution free power production in
the United States. Nuclear power will continue to be a significant
part of the U.S. power equation and Shaw is committed to providing the
best solutions for the nuclear industry."
"We look forward to working in New Mexico again and working with
LES," Mr. Bernhard added. "We plan to join LES as an active member of
the community as the project progresses."
Construction of the NEF project is expected to start in the fall
of 2006, and the facility is expected to be ready for initial
production in the winter of 2008, reaching full production capacity by
This past summer LES was in contract negotiations with another
firm for final design of the NEF. LES and the other firm have jointly
agreed to terminate contract discussions for the NEF project, being
unable to reach agreement on terms and conditions.
The NEF will provide more than 200 permanent jobs and more than
400 multi-year construction jobs in Southeast New Mexico. It will use
a proven technology that has operated safely in Europe for 30 years.
LES is a partnership of major nuclear energy companies. Partners
include Urenco, Westinghouse and U.S. energy companies Duke Power,
Entergy and Exelon.
The Shaw Group Inc. is a leading provider of technology,
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 over $3 billion in annual
revenues, 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 18,000 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.
Forward-Looking Statements - 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.
The Shaw Group Inc.
SOURCE: The Shaw Group Inc.