The Shaw Group Inc.
NYSE : SGR

The Shaw Group Inc.

September 08, 2005 08:57 ET

Shaw Begins Work under Contract with FEMA for Hurricane Katrina Recovery and Rebuilding; Shaw Committed to Rebuilding Southern Louisiana and Gulf Coast Communities

BATON ROUGE, La.--(CCNMatthews - Sep 8, 2005) -

The Shaw Group Inc. (NYSE: SGR) today announced that it has been awarded an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract by the Federal Emergency Management Agency (FEMA) to provide support services in the aftermath of Hurricane Katrina. Under the terms of the contract, Shaw will provide all support services necessary to provide housing assistance for displaced residents including site assessments, design, construction, transportation, utilities and facilities management. In addition, the Company will provide on-demand services to meet the general needs of displaced residents. Shaw will also provide administrative services to register displaced residents housed at emergency shelters in multiple locations in Texas and other impacted areas. The contract is valued up to $100 million, with provisions for cost-plus, time and materials or fixed price task orders. The contract has a base period of one-year, and an additional one-year option period.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw commented, "With our company headquartered in Baton Rouge, Shaw and its employees are especially affected by this unprecedented natural disaster and are committed to providing immediate recovery and rebuilding services. It gives us a tremendous sense of pride and purpose to play a key leadership role in assisting our neighbors within Louisiana and the entire Gulf Coast region. We have already mobilized over 2,000 people and have begun hiring craftsman and laborers, some displaced by the storm, so that they can participate in rebuilding the region and rebuilding their lives."

In addition to the FEMA contract, Shaw is currently performing services under previously existing contracts with the U.S. Army Corps of Engineers, NASA, the Louisiana National Guard, the U.S. Navy and Jefferson Parish and other government agencies and entities. Shaw is presently providing temporary roofing and repairs under its existing "Blue Roof" contract. The company is providing critical logistical support to the U.S. Postal Service to restore mail service and has been providing critical food, water and supplies to hospitals in the area. Shaw has provided emergency communications capabilities to both the city of New Orleans and St. Bernard Parish.

Mr. Bernhard continued, "Our thoughts and prayers are with the thousands of people affected by this disaster. We thank the people of FEMA, and other federal, state and local agencies for their resolve in providing immediate effective solutions to meet the tremendous challenges ahead. I know that I speak for all of our employees in saying that we look forward to working with them to rebuild Louisiana and the entire Gulf Coast community. From overall project management to actually rebuilding critical infrastructure, repairing and restoring electric utilities and clean water systems, Shaw will be there providing solutions."

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 18,000 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.

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, 225-932-2500