BATON ROUGE, La.–(BUSINESS WIRE)–May 2, 2007–The Shaw Group
Inc. (NYSE: SGR) today announced its Shaw Stone & Webster business
unit has signed two letters of intent to provide proprietary furnace
equipment and professional services to Arabian Petrochemical Company –
Petrokemya, an affiliate of Saudi Basic Industries Corporation
(SABIC), as part of the Olefins-1 Debottlenecking Project at an
existing ethylene plant in Jubail Industrial City, Saudi Arabia. Shaw
will provide two Ultra Selective Conversion(R) furnaces and detailed
engineering, procurement and construction management services for the
plant’s expansion, which is expected to increase capacity by 20% and
be completed by first quarter 2009. The value of Shaw’s contract was
not disclosed.
J.M. Bernhard, Jr., Chairman, President and Chief Executive
Officer of Shaw, said, “Our technology and engineering solutions
continue to differentiate Shaw as the leader in the global ethylene
market. This important project for Petrokemya further strengthens
Shaw’s leadership position in the Middle East in ethylene and other
petrochemical processes.”
Shaw is an established leader in ethylene technology having
provided technology, design, engineering and/or construction on more
than 120 plants. Shaw’s ethylene plants have a worldwide reputation
for exceptionally high operational reliability, rapid start-up and
superior performance. Since 1990, Shaw technology has been selected
for 35% of the world’s ethylene capacity increases. Shaw is currently
providing technology and EPC services for a 1.3 million metric-ton
ethylene plant for Eastern Petrochemical Company (SABIC affiliate),
also known as SHARQ, in Al Jubail, Saudi Arabia.
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. A Fortune 500 company with nearly $5 billion in annual
revenues, Shaw is headquartered in Baton Rouge, Louisiana and employs
approximately 21,000 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 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.
Chris D. Sammons, 225-932-2500
Vice President, Investor Relations &
Corporate Communications
SOURCE: The Shaw Group Inc.