BATON ROUGE, La.--(BUSINESS WIRE)--Sept. 3, 2003--The Shaw Group
Inc. (NYSE:SGR) ("Shaw" or "the Company") today announced that its
subsidiary, Stone & Webster, Inc., has been awarded an approximately
$570 million negotiated fixed price EPC contract by Astoria Energy,
LLC for Phase I of a 1000 megawatt power project in New York City.
The Astoria project is a fully-permitted facility which is
scheduled to be constructed in two phases. The first phase is a 500
megawatt combined cycle dual fuel (natural gas and fuel oil) turbine
power plant to be located in the Astoria section of Queens, New York.
The Astoria project represents Shaw's second EPC contract for a power
plant in New York City. The Company is currently completing
construction for another combined cycle power plant in Queens.
Astoria Energy, LLC has executed a ten-year power purchase
agreement with Consolidated Edison Company (ConEd) to purchase
capacity and energy for Phase I of the Astoria project. The project
financing is expected to be in place by the end of 2003, with
commercial operation of the facility scheduled for May 1, 2006.
"We are pleased to have been selected for this high profile award
and to have laid the groundwork for a long and successful relationship
with the developers of this project. We believe our EPC capabilities
coupled with our creative project development expertise give us a
distinct competitive advantage in securing projects of this size and
scope," stated Michael P. Childers, President of Shaw's Stone &
Webster Power Group.
J.M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive
Officer, commented, "Our EPC capabilities together with our
transmission analysis and monitoring expertise demonstrate the unique
and comprehensive solutions offered by Shaw to address the energy
supply challenges faced by the New York Metropolitan area as well as
other regions of this country."
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, maintenance, fabrication, manufacturing,
consulting, remediation, 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
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.