BATON ROUGE, La.–(BUSINESS WIRE)–Oct. 26, 2005–The Shaw Group
Inc. (NYSE: SGR) today announced that its Shaw Stone & Webster Nuclear
Services unit will partner with Westinghouse Electric Company to
provide engineering support for Duke Energy’s (NYSE: DUK) combined
construction and operating license (COL) application for two
Westinghouse Advanced Passive 1000 (AP 1000) reactors. The COL
application is a part of Duke Power’s long-term power generation
planning process, and will allow Duke Power to keep new nuclear
generation as an option for meeting its customers’ future energy
needs. The construction site for the reactors has not yet been
selected by Duke Power.
J. M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, “Shaw is extremely pleased to join Westinghouse in supporting
the COL process for our long-term and highly-valued client, Duke
Power. Shaw and Westinghouse are already working together, along with
Mitsubishi Heavy Industries, in a proposal to provide complete
engineering, procurement, and construction services, including the
installation of Westinghouse’s AP 1000 reactor technology, for four
generating units in China. Duke Power has long been regarded as an
industry leader in providing environmentally sound and cost effective
power solutions to their customers. This significant project joins the
combined forces of the nuclear industry’s two leading technology and
engineering organizations with the vision of Duke Power, one of the
nation’s premier and most respected power companies.”
Shaw is currently engaged in a comprehensive air emissions
reduction program for Duke Power’s coal powered generating plants,
with construction of flue gas desulphurization units or “scrubbers” in
progress at Duke Power’s Marshall Steam Station and its Belews Creek
Steam Station. The program also includes scrubbers planned for the
Cliffside Steam Station and Allen Steam Station.
As reported earlier this year, Shaw has joined Westinghouse
Electric Company and Mitsubishi Heavy Industries in the AP 1000
Consortium in a proposal to provide comprehensive design, engineering,
procurement, and construction services for four nuclear generating
plants utilizing AP 1000 reactor technology to be built in China. Shaw
and Westinghouse have a long history of working together on many
nuclear projects including Shippingport Atomic Power Station, the
first commercial nuclear reactor in the United States.
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. Based in Baton Rouge, Louisiana, with over $3.3 billion in
annual revenues, Shaw employs approximately 20,000 people at its
offices and operations in North America, South America, Europe, the
Middle East and the Asia-Pacific region. The Company was recently
named to Fortune magazine’s annual list of “America’s Most Admired
Companies” for the second consecutive year. 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., Baton Rouge
Chris D. Sammons, 225-932-2546
SOURCE: The Shaw Group Inc.