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Shaw Awarded EPC Contract for 500-Megawatt Natural Gas Combined Cycle Electric Generating Plant By NV Energy

Posted on: Monday, 6 October 2008, 09:00 CDT

The Shaw Group Inc. (NYSE: SGR) today announced that the Fossil/Nuclear segment within its Power Group has been awarded an engineering, procurement and construction (EPC) contract by NV Energy, a wholly owned subsidiary of Sierra Pacific Resources (NYSE: SRP), for the continuing construction of a new 500-megawatt (MW) combined cycle, natural gas-fired power plant. The combined cycle plant will be built at the existing Harry Allen Generating Station north of Las Vegas, Nevada.

The value of Shaw's EPC contract is approximately $400 million and will be included in the company's first quarter fiscal 2009 backlog of unfilled orders. The project, which is expected to employ more than 600 people during peak construction, is scheduled for completion in 2011.

"We are seeing a renewed interest in gas-fired plants as electric utilities seek clean energy solutions that will help bridge the gap between existing generation and the start-up of the next wave of baseload power generation, including emissions-free nuclear power plants," said J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw.

Large natural gas-fired power plants completed by Shaw in recent years include Covert (1,050 MW) in Michigan, Harquahala (1,050 MW) in Arizona, Apex (500 MW) in Nevada, Astoria (500 MW) in New York and Currant Creek (500 MW) in Utah.

"As one of the few companies in the world that has the ability to deliver full EPC services for clean-coal, gas and nuclear power plants, Shaw can provide customers like NV Energy with clean energy solutions that will help serve the needs of its customers and advance economic growth," Mr. Bernhard continued.

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, chemicals, environmental, infrastructure and emergency response markets. A Fortune 500 company with fiscal 2008 annual revenues expected to exceed $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Shaw is the Power sector industry leader according to Engineering News-Record's list of Top 500 Design Firms. For further information, please visit Shaw's Web site 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.

Source: Business Wire

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