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Shaw Signs Letters of Intent with Petrokemya for Equipment and Services to Expand Capacity of Ethylene Unit in Saudi Arabia

BATON ROUGE, La.--(BUSINESS WIRE)--May 2, 2007--The Shaw Group Inc. (NYSE: SGR) today announced its Shaw Stone & Webster business unit has signed two letters of intent to provide proprietary furnace equipment and professional services to Arabian Petrochemical Company - Petrokemya, an affiliate of Saudi Basic Industries Corporation (SABIC), as part of the Olefins-1 Debottlenecking Project at an existing ethylene plant in Jubail Industrial City, Saudi Arabia. Shaw will provide two Ultra Selective Conversion(R) furnaces and detailed engineering, procurement and construction management services for the plant's expansion, which is expected to increase capacity by 20% and be completed by first quarter 2009. The value of Shaw's contract was not disclosed.

J.M. Bernhard, Jr., Chairman, President and Chief Executive Officer of Shaw, said, "Our technology and engineering solutions continue to differentiate Shaw as the leader in the global ethylene market. This important project for Petrokemya further strengthens Shaw's leadership position in the Middle East in ethylene and other petrochemical processes."

Shaw is an established leader in ethylene technology having provided technology, design, engineering and/or construction on more than 120 plants. Shaw's ethylene plants have a worldwide reputation for exceptionally high operational reliability, rapid start-up and superior performance. Since 1990, Shaw technology has been selected for 35% of the world's ethylene capacity increases. Shaw is currently providing technology and EPC services for a 1.3 million metric-ton ethylene plant for Eastern Petrochemical Company (SABIC affiliate), also known as SHARQ, in Al Jubail, Saudi Arabia.

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 energy, chemical, environmental, infrastructure, and emergency response markets. A Fortune 500 company with nearly $5 billion in annual revenues, Shaw is headquartered in Baton Rouge, Louisiana and employs approximately 21,000 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 Shaw'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
Vice President, Investor Relations &
Corporate Communications

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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