BATON ROUGE, La., Jun 19, 2003 (BUSINESS WIRE) -- The Shaw Group
Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that its
subsidiary, Shaw Infrastructure, Inc., and CEI Investment Corp. were
awarded a $150 million residential development contract by the U.S.
Air Force to build The Pelican Coast, a new master-planned community
near Patrick AFB, Florida. The privatization contract will be executed
under the 1996 National Defense Authorization Act by Patrick Family
Housing LLC, a partnership formed by Shaw Infrastructure and CEI
Investment. The contract also includes a 50-year ownership, operations
and maintenance agreement whereby Patrick Family Housing will provide
comprehensive resident care services.
Patrick AFB is home to the United States Air Force's 45th Space
Wing which supports the U.S. Air Force Command's varied missions. The
Pelican Coast is a 300-acre, off base community that will replace
Patrick AFB's current military family housing. The planned community
is expected to be completed within four years and will offer 552 new
homes exclusively to Air Force families. Shaw Infrastructure will
serve as construction manager for the project and CEI will provide
program management, development, and property management services.
"The Shaw Group shares the Department of Defense's vision to
provide the highest quality of life for its dedicated military
families and we remain committed to working with the DoD to realize
its mission of privatizing its housing and utility systems," stated
Tim Barfield, President of Shaw Environmental and Infrastructure, Inc.
"Our Facilities Management and Privatization business lines have
begun to contribute meaningfully to our backlog, which provides good
revenue and earnings visibility for the Company," Mr. Barfield added.
"We are pleased to be partnering with CEI on this project and look
forward to a long and successful relationship."
Headquartered in Meriden, Conn., CEI Investment is a family-owned
business that has developed more than 35,000 homes across the United
States. The company, which was founded in 1949, has extensive
expertise in the development and management of master-planned
communities, multi-family communities, as well as communities
committed to environmental preservation.
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for the
power, process, environmental, infrastructure and homeland defense
markets. The Company 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 Statement".
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.
SOURCE: The Shaw Group Inc.
The Shaw Group Inc.
Laurie LaChiusa, 225/932-2500
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