BATON ROUGE, La., Apr 07, 2005 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:SGR) today announced that its
subsidiary, Stone and Webster Inc., was awarded an engineering,
procurement and construction (EPC) project by Valero Refining - Texas,
L.P., a subsidiary of Valero Energy Corporation (NYSE:VLO) for the
equipment and facilities at the Valero Houston Refinery to produce
ultra low sulfur diesel for the transportation fuel market that will
meet the new low-sulfur regulations. Shaw has already begun providing
engineering and procurement services and the project is scheduled to
be completed in the fall of 2006.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, "We are pleased to have been selected to provide EPC services
for this important diesel desulphurization project for Valero, one of
the premier refining companies in the country."
Valero Energy Corporation is a Fortune 500 company based in San
Antonio, with approximately 20,000 employees and annual revenues of
approximately $55 billion. The company owns and operates 15 refineries
throughout the United States, Canada and the Caribbean. Valero's
refineries have a combined throughput capacity of approximately 2.5
million barrels per day, which represents approximately 12 percent of
the total U.S. refining capacity. Valero is also one of the nation's
largest retail operators with more than 4,700 retail and wholesale
branded outlets in the United States, Canada and the Caribbean under
various brand names including Diamond Shamrock, Shamrock, Ultramar,
Valero, and Beacon. For more information, please visit www.valero.com.
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 power,
process, environmental, infrastructure and emergency response markets.
With over $3 billion in revenues, The Shaw Group 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 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.
SOURCE: The Shaw Group Inc.
The Shaw Group Inc., Baton Rouge
Chris D. Sammons