News...if anyone is even REMOTELY interested...:
Friday October 2, 8:30 am Eastern Time
Company Press Release
The Shaw Group Inc. Awarded Domestic Refinery
Project Totaling Approximately $110 Million
BATON ROUGE, La.--(BUSINESS WIRE)--Oct. 2, 1998--The Shaw Group Inc. (NYSE: SGR - news; ''Shaw'')
announced today that it has been awarded a major refinery project totaling approximately $110 million in revenues. Under the
terms of the contract, Shaw will act as general contractor and perform substantially all of the remaining construction work
relating to the completion of TransAmerican Refining Corporation's Capital Improvement Program for its refinery in Norco,
Louisiana. Shaw anticipates manpower needs in excess of 1,000 craftspeople during the peak of the project.
J.M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer, stated, ''This award reflects Shaw's unique
expertise in piping supply, fabrication and mechanical construction, together with our regional presence. This project provides a
solid foundation in our construction backlog for fiscal 1999 and we are excited about participating in the completion of what we
feel will be a world class facility.''
Shaw's participation on the project, which is scheduled for completion by the end of March 1999, will begin immediately.
Shaw's contract will largely replace the construction services previously provided by Southeast Louisiana Contractors.
Raytheon Engineers & Contractors and Fluor-Daniel, Inc. remain as engineering contractors to complete detail engineering on
the FCC unit and Alkylation unit respectively.
The Shaw Group Inc. is a leading supplier of piping systems and provider of industrial construction and maintenance services
primarily for the electric power, chemical, petrochemical and oil and gas processing industries worldwide. Shaw has substantial
experience in such construction, including construction services on the FCC unit at Amerada Hess' St. Croix U.S.V.I. facility.
Shaw is committed to being a ''Total Piping Resource'' for the energy industry by offering comprehensive design and
engineering services, piping system fabrication, manufacturing and sale of specialty pipe fittings, design and manufacture of pipe
support systems and on-site installation. The Company has facilities in California, Louisiana, New Hampshire, New Jersey,
Oklahoma, South Carolina, Texas, Utah, Virginia, Australia, Canada, Derby, U.K. and Venezuela, as well as a joint-venture
facility in Manama, Bahrain. For its fiscal year ended August 31, 1997, the Company generated $338.4 million in revenues and
$14.0 million in net income.
For more information on TransAmerican Refining Corporation please contact Simon Ward, Investor Relations Manager, at
281/987-8600.
The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for certain forward-looking statements. The
statements contained in this press release that are not historical facts 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. Actual results may differ
from those projected in the forward-looking statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors,
including but not limited to the following risks and uncertainties: changes in the demand for and market acceptance of the
Company's products, and in general economic conditions; the presence of competitors with greater financial resources and the
impact of competitive products and pricing; the effect of the Company's policies, including the amount and rate of growth of
Company expenses; the continued availability to the Company of adequate funding sources; delays or difficulties in the
production, delivery or installation of products; and various legal, regulatory and litigation risks. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events
or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the
Securities and Exchange Commission.
Contact:
The Shaw Group, Baton Rouge
Edward L. Pagano or Christine R. Noel, 504/296-1140 |
