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Shaw Announces New Five Year $450 Million Credit Facility

BATON ROUGE, La.--(BUSINESS WIRE)--April 26, 2005--The Shaw Group Inc. (NYSE: SGR) today announced the closing of a new five year $450 million credit facility, of which the entire $450 million is available for performance letters of credit and up to $200 million is available for working capital revolving credit loans. The new credit facility is effective immediately and expires April 25, 2010. BNP Paribas and Harris Nesbitt acted as co-lead arrangers for the credit facility and BNP Paribas acted as sole book runner.

J. M. Bernhard, Jr., Chairman and Chief Executive Officer, of Shaw, said, "With this new $450 million credit agreement in place, and the expected repurchase of our Senior Notes facilitated by our recent equity offering, we will have significantly strengthened our balance sheet and increased our financial flexibility. We are now very favorably positioned to pursue and attract significant business opportunities in the industrial markets we serve, especially the increasing opportunities we see in the energy and chemicals markets. Shaw is uniquely qualified to serve these industries and to benefit from the market opportunities."

The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for energy, chemicals, environmental, infrastructure and emergency response markets. With over $3 billion in annual revenues, Shaw is headquartered in Baton Rouge, Louisiana, and employs approximately 19,500 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 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.

CONTACT: The Shaw Group Inc., Baton Rouge
Chris D. Sammons
225-932-2546
www.shawgrp.com

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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