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Shaw to Provide Technology, Engineering and Procurement Services for Two New Ethylene Plants in China

Posted on: Tuesday, 14 August 2007, 09:20 CDT

The Shaw Group Inc. (NYSE: SGR) announced today that its Energy & Chemicals Group has been awarded contracts to provide its proprietary technology, engineering and procurement services for two 800,000 metric tons per year grassroots ethylene plants in China. The value of Shaw's contracts, which will be reflected in its fourth quarter fiscal year 2007 backlog, was not disclosed.

The first plant, for PetroChina Fushun Petrochemical Company, will be located in Fushun, Liaoning Province. The second plant, for PetroChina Sichuan Petrochemical Company, will be located in Pengzhou, Sichuan Province. The contracts cover basic engineering, technology licensing, procurement of key equipment and materials, technical training, commissioning and start-up services.

"Shaw has worked closely with China's olefins producers to license its technology and help source more than three million tons of ethylene production capacity in China during the past 30 years," said J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw. "Today, we are pleased to be selected by our long-time client, PetroChina, for these significant new projects."

Shaw's ethylene plants possess a global reputation for high operational reliability, rapid start-up and superior performance. Providing technology, design, engineering and/or construction to more than 120 plants, Shaw is an established leader in ethylene technology. Since 1990, Shaw technology has been selected for 35 percent of the world's ethylene capacity increases.

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. A Fortune 500 company with nearly $5 billion in annual revenues, Shaw is headquartered in Baton Rouge, Louisiana, and employs approximately 25,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. 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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