For Larry and anyone else who cares:
Tuesday February 16, 8:16 pm Eastern Time
Company Press Release
The Shaw Group Inc. Signs $300
Million Contract
Backlog in Excess of $750 Million
BATON ROUGE, La.--(BUSINESS WIRE)--Feb. 16, 1999--The Shaw Group Inc. (NYSE:SGR
- news; ''Shaw'') today announced that it has signed a five-year contract with revenues estimated to
be in excess of $300 million over its term. Under the contract, Shaw will supply pipe fabrication for
power projects, most of which will be installed in the United States.
As a result of this contract, together with recent construction project awards, the Company's
backlog currently exceeds $750 million.
J. M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer, stated, ''We are very
excited to announce a major contract for Shaw, as well as a significant increase in the Company's
backlog. Shaw has positioned itself as the leader in pipe fabrication and this award is a reflection of
our recognized expertise in the industry and our unique ability to offer multiple domestic shop
locations to our customers. We continue to believe that the domestic power industry offers
substantial opportunities for growth and look forward to capitalizing on this market together with our
customers.''
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, refining and oil
and gas industries worldwide. 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, Australia, the U.K. and Venezuela, as well as a
joint-venture facility in Manama, Bahrain.
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 services, in general economic conditions and, specifically, in economic
conditions prevailing in international markets; 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 and changes in interest rates; delays or difficulties in the
production, delivery or installation of products or the provision of services; Y2K risks; and various
legal, regulatory and litigation risks. 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. 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
Christine R. Noel, 225/932-2500 |
