The Shaw Group Inc.
NYSE : SGR

The Shaw Group Inc.

February 02, 2006 11:06 ET

Shaw Awarded Engineering, Procurement, and Construction Project for Kuwait Petrochemical Plant

BATON ROUGE, La.--(CCNMatthews - Feb 2, 2006) -

The Shaw Group Inc. (NYSE:SGR) today announced that its Shaw Stone & Webster unit has been awarded an engineering, procurement and construction services contract by The Kuwait Styrene Company K.S.C. (TKSC), a joint venture between Dow Europe Holding B.V., a subsidiary of The Dow Chemical Company (NYSE: DOW), and Kuwait Aromatics Company K.S.C. (KARO) for an ethylbenzene styrene monomer (EBSM) plant to be built in Kuwait. The plant, which will produce up to 500,000 metric tons per year of ethylbenzene and 450,000 metric tons per year of styrene monomer, will be built within the existing EQUATE complex. The amount of the contract was not disclosed.

The new ethylbenzene plant will utilize proprietary EBMax technology provided by Badger Licensing LLC, a joint venture of Shaw Stone & Webster and ExxonMobil Chemical Company. Dow Europe Holding will provide the styrene monomer technology. Work will commence immediately with start-up of the plant scheduled for 2008.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "This win is another example of our ability to leverage proprietary technologies as we expand our portfolio of chemical services projects. The EBMax technology, first commercialized in 1995, is currently in use at 11 other plants around the world for a combined capacity of seven million metric tons."

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 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.

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 Information

  • The Shaw Group Inc.
    Chris D. Sammons, 225-932-2546