BATON ROUGE, La.--(BUSINESS WIRE)--Aug. 12, 2003--The Shaw Group Inc. (NYSE:SGR) today announced that its subsidiary, Stone & Webster, Inc., will provide its proprietary downstream ethylene technologies to Formosa Chemicals & Fibre Corporation for a grassroots ethylbenzene/styrene monomer facility in Haifeng, Taiwan. Stone & Webster will provide the technology through its recently acquired Badger Technologies unit which specializes in the development, licensing, and commercialization of petrochemical and petroleum refining-related technologies.

Formosa will use the Mobil/Badger EBMax ethylbenzene process integrated with the Fina/Badger styrene technology. With an initial capacity of 600,000 metric tons of styrene monomer per year, the Taiwan facility will be the largest single train styrene plant in the world. This represents the third Formosa ethylbenzene/styrene monomer plant to utilize the Badger technologies since 1987.

"We are pleased that Badger's ethylbenzene/styrene monomer technologies have once again been selected by Formosa and we look forward to working with our partners to ensure the success of this significant project," stated Nick Gallinaro, President of Stone & Webster Process. "This award further illustrates the value of our proprietary petrochemical technologies in the international marketplace, which continues to present opportunities for leveraging our technology portfolio."

The Shaw Group Inc. is a leading global provider of engineering, consulting, remediation, procurement, construction, maintenance, fabrication and facilities management services for government and private sector clients in 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.

    CONTACT: The Shaw Group Inc., Baton Rouge
             Laurie LaChiusa, 225-932-2500
    SOURCE: The Shaw Group Inc.