| Shaw Announces Pipe Fabrication Contract for Gas Processing & Compression Plant in Qatar |
BATON ROUGE, La.--(BUSINESS WIRE)--Feb. 18, 2005--
Shaw Nass Middle East Ltd. Will Provide All Pipe and Support
Fabrication For One of the Largest Gas Processing Plants
The Shaw Group Inc. (NYSE:SGR) today announced that its 50-percent-owned affiliate, Shaw Nass Middle East Ltd., located in Bahrain, was awarded a pipe fabrication contract to supply all industrial pipe requirements for Dolphin Energy Ltd.’s new gas processing plant in Qatar. Shaw was awarded the contract for fabrication of approximately 37,000 metric tons (41,000 short tons) of pipe by Japan Gas Corporation (JGC), the construction contractor for the facility. Scheduled to be completed in 2006, the new plant will be one of the largest gas processing facilities with an initial capacity to process 2 billion cubic feet of natural gas per day. J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, “This is a very important project for Shaw and our Shaw Nass joint venture. We were chosen for this project because of our proven capabilities to furnish complete pipe systems on-budget and on-time. When completed, this project will rank as one of the largest single fabrication projects in our company’s history. The project also provides a substantial base load of work from which we can consider expanding our capabilities in the Middle East for emerging opportunities there in the process industry.” The Dolphin Energy plant is being constructed in Ras Laffan, Qatar by Dolphin Energy Ltd., a consortium of the Abu Dhabi Government, TOTAL France, and Occidental Petroleum Corporations USA (NYSE:OXY). The plant will receive wet gas from Dolphin’s facilities in Qatar’s offshore North Field, and will remove hydrocarbon liquids (including condensate and NGL products) for processing, marketing and sale. The resulting dry gas will be compressed for transportation through Dolphin’s export pipeline to the United Arab Emirates. About JGC Corporation JGC Corporation is an international engineering and construction company based in Yokohama, Japan, having multiple operating centers and executing large scale projects worldwide. About Shaw Shaw is the largest single fabricator of complex industrial piping systems in the United States and is the one of the largest fabricators that maintains the prestigious ASME “NPT” stamp certification to assemble piping systems for nuclear generating stations. The Company has fabrication operations in the United States, Canada, South America, the Middle East and China providing a combined production capacity unmatched in the industry. In addition to Shaw, A.A. Nass Group holds a 50-percent interest in Shaw Nass, which has been operating in Bahrain since 1994. 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. A Fortune 500 company with revenues over $3 billion, 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. 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 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.
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| “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. |