The Shaw Group Inc. (NYSE: SGR) announced today that it has
relocated its nuclear office in Stoughton, Massachusetts to a larger
facility to better accommodate the company's expanding nuclear
workforce. The new Shaw Stone & Webster Nuclear office facility will
be located at 600 Technology Center Drive. Shaw has over 3,000
experienced nuclear services personnel and the company expects to
significantly increase its nuclear workforce to support new nuclear
plant design and construction over the next several years. Shaw also
maintains nuclear power resources at its offices in Charlotte, North
Carolina; Cherry Hill, New Jersey; and Denver, Colorado; as well as
its corporate headquarters in Baton Rouge, Louisiana. These offices
will continue to collaborate to offer premier nuclear solutions to the
global marketplace.
The Stoughton, Massachusetts office expansion was announced in a
press conference held yesterday at the new location. The event was
attended by J.M. Bernhard, Jr., Chairman and Chief Executive Officer
of Shaw; David Barry, President of Shaw Stone & Webster Nuclear;
United States Representative Stephen F. Lynch (D-MA); and Dr. John
Ting, Dean of the Francis College of Engineering. Also in attendance
from the University of Massachusetts Lowell were John Wooding,
Provost; and Dr. Gilbert Brown, Professor and Coordinator of the
Nuclear Engineering Program at UMass Lowell. Special guests also
included Bruce Bevilacqua, Vice President, Engineering, Nuclear Power
Plants for Westinghouse Electric Company; and Massachusetts State
Senator Brian A. Joyce (D).
Shaw also announced today that it will support the Scholar-Intern
Program of the Francis College of Engineering at the University of
Massachusetts Lowell with grants of approximately $20,000 annually -
providing scholarships for as many as eight students. The program will
offer students tuition assistance and opportunities to gain practical
engineering experience and access to mentors throughout Shaw Stone &
Webster Nuclear. The grants are part of a strategic hiring program put
in place by Shaw Stone & Webster Nuclear in support of their expanding
nuclear engineering and design operations in Massachusetts. The
sponsorship agreement was finalized in a signing ceremony immediately
following the press conference.
Mr. Bernhard said, "We continue to mobilize and strengthen our
nuclear resources to meet the world's growing energy demands. The
expansion of this Shaw Stone & Webster Nuclear office will support a
significant workforce and provide excellent job opportunities in the
Boston area. This base of nuclear expertise, combined with our nuclear
services presence at other Shaw locations, will provide a strong
foundation for our existing scope of nuclear work as well as
anticipated new-build opportunities. We are also especially pleased to
participate in the UMass Lowell Scholar-Intern program, which
reinforces our commitment to supporting educational opportunities in
the markets we serve and allows us to nurture young nuclear
professionals as the industry grows."
Congressman Lynch said, "The Shaw Group's expansion is good news
for Shaw and Shaw employees, it's good news for UMass Lowell, it's
good news for alternative energy, and most importantly, it's good news
for the town of Stoughton. I have had the privilege of working with
the talented folks at the Shaw Group for a number of years now on
issues including rail security and alternative energy. It is their
forward-looking approach and the expertise of their employees that
sets them apart, and is responsible for their extraordinary success. I
look forward to working closely together with Shaw in the years
ahead."
Shaw is a pioneer in the nuclear industry having provided
architectural and engineering design services for the nation's first
commercial nuclear power plant at Shippingport, Pennsylvania in 1957.
Earlier this month, Shaw announced that it has joined Toshiba
Corporation in acquiring Westinghouse Electric Company, the world
leader in nuclear fuels, services and pressurized water reactor
technology. Shaw now holds a 20% ownership in Westinghouse. Toshiba,
the majority owner, is a world leading manufacturer and supplier of
boiling water reactor nuclear technology, heavy equipment and
components for nuclear power plants. Shaw and Westinghouse have a long
history of working together to support the nuclear industry beginning
with the Shippingport facility, which was built with Westinghouse
technology. Shaw is a recognized leader in several areas of the
nuclear life cycle including engineering, construction, procurement,
maintenance, modularization and pipe fabrication. With the acquisition
of Westinghouse, Shaw now has a stake in every aspect of the nuclear
industry.
Mr. Bernhard continued, "Our partnership with Toshiba Corporation
and Westinghouse has created the world's premier nuclear services
team. Several years ago we anticipated that nuclear energy would
ultimately be recognized as a leading alternative for meeting the
world's growing energy demands. Today, development plans for new
nuclear power generating facilities are quickly becoming a reality. In
the U.S. alone, plans for over twenty new nuclear plants are being
developed and these facilities could be operational before the year
2020. The Westinghouse partnership, combined with this new office
expansion and our outstanding team of nuclear professionals,
reinforces our dominant position in this industry."
Westinghouse Electric Company is the world's pioneering nuclear
power company and is a leading supplier of nuclear plant products and
technologies to utilities throughout the world. Today, Westinghouse
technology is the basis for approximately one-half of the world's
operating nuclear plants.
UMass Lowell, www.uml.edu, a comprehensive university with a
national reputation in science, engineering and technology has the
only publicly supported Nuclear Engineering program in New England.
The program is accredited by the Engineering Accreditation Commission
of ABET. UML is committed to educating students for lifelong success
in a diverse world and conducting research and outreach activities
that sustain the economic, environmental and social health of the
region. UML offers its 11,000 students more than 120 degree choices,
internships, five-year combined bachelor's to master's programs and
doctoral studies in the colleges of Arts and Sciences, Engineering and
Management, the School of Health and Environment, and the Graduate
School of Education.
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, technology, 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 $4 billion
in annual revenues, Shaw employs approximately 22,000 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 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 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.
