| LES Selects The Shaw Group for Architecture and Engineering Contract |
ALBUQUERQUE, N.M. and BATON ROUGE, La.–(BUSINESS WIRE)–Jan. 7, 2005–Louisiana Energy Services (LES) and The Shaw Group Inc. (NYSE:SGR), announced today an agreement for Shaw’s subsidiary, Nuclear Technology Solutions, LLC, to serve as the architect and engineering firm responsible for design and engineering support for the National Enrichment Facility (NEF) outside Eunice, New Mexico. “This is a very important milestone for the project and we look forward to an effective partnership with Shaw as the project moves toward construction,” said Jim Ferland, President of LES. “They are going to bring a superb team of experienced engineers, designers and construction planners to this project.” LES found Shaw’s ability to meet the current building schedule and the requirements set forth in the license application submitted to the Nuclear Regulatory Commission – as well as in New Mexico State permit applications – would benefit the NEF project and was key in the decision to select Shaw. J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw said, “Our selection to perform the design and engineering for this important facility is a testament to the capabilities and performance excellence of The Shaw Group. This facility is of paramount importance to the continued cost effective, pollution free power production in the United States. Nuclear power will continue to be a significant part of the U.S. power equation and Shaw is committed to providing the best solutions for the nuclear industry.” “We look forward to working in New Mexico again and working with LES,” Mr. Bernhard added. “We plan to join LES as an active member of the community as the project progresses.” Construction of the NEF project is expected to start in the fall of 2006, and the facility is expected to be ready for initial production in the winter of 2008, reaching full production capacity by 2013. This past summer LES was in contract negotiations with another firm for final design of the NEF. LES and the other firm have jointly agreed to terminate contract discussions for the NEF project, being unable to reach agreement on terms and conditions. The NEF will provide more than 200 permanent jobs and more than 400 multi-year construction jobs in Southeast New Mexico. It will use a proven technology that has operated safely in Europe for 30 years. LES is a partnership of major nuclear energy companies. Partners include Urenco, Westinghouse and U.S. energy companies Duke Power, Entergy and Exelon. The Shaw Group Inc. is a leading provider of technology, consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and emergency response markets. The Shaw Group is also a vertically-integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. A Fortune 500 company with over $3 billion in annual revenues, The Shaw Group debuted on the magazine’s “America’s Most admired Companies” list in 2004. Shaw is headquartered in Baton Rouge, Louisiana and employs approximately 18,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Additional information on The Shaw Group is available at www.shawgrp.com. Forward-Looking Statements – 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 website 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 website at www.shawgrp.com.
CONTACT: |
 |
| “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year. |