The Shaw Group Inc.
NYSE : SGR

The Shaw Group Inc.

March 22, 2006 09:39 ET

Shaw Awarded Engineering, Procurement and Construction Contract for a New 60 MW Geothermal Plant in Indonesia

BATON ROUGE, La.--(CCNMatthews - Mar 22, 2006) -

The Shaw Group Inc. (NYSE:SGR) today announced that an Indonesian subsidiary of its Shaw Stone & Webster unit has been awarded an engineering, procurement and construction contract for a new 60 megawatt geothermal power plant by PT Pertamina. The plant, which will be located in Kamojang, Java, Indonesia, is the first Pertamina independent power project to sell electricity to Indonesia's national electric power utility, PLN. The work will be done in conjunction with PT Rekayasa, a construction company headquartered in Jakarta, Indonesia, and is scheduled to be completed in 2008.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "We are very pleased to have been selected by PT Pertamina to provide EPC work for this significant geothermal plant. Shaw Stone & Webster has previously executed several projects in Indonesia including the Suralaya coal-fired power plant, Darajat Stage II Geothermal Power Plant, North Duri Cogen Power Plant and others. Shaw is also working with Pertamina on other feasibility studies for geothermal projects in Indonesia, which has a geothermal resource potential of over 20,000 megawatts. This latest award further strengthens Shaw's position in the Pacific Rim and offers another opportunity for us to provide innovative and effective solutions to meet the world's energy needs."

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. Headquartered in Baton Rouge, Louisiana, with over $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 has twice been named as one of "America's Most Admired Companies" by Fortune magazine. 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 Information

  • The Shaw Group Inc., Baton Rouge
    Chris D. Sammons, 225-932-2500