BATON ROUGE, La. -- The Shaw Group Inc. (NYSE: SGR) today announced that its Shaw Stone & Webster business unit and its consortium partner, ALSTOM, celebrated two million safe work hours at Duke Power's Marshall Steam Station in Terrell, NC. Since project inception, more than 900 workers have performed the engineering, procurement and construction services for the project, expected to be completed in 2007.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw said, "This safety milestone truly represents Shaw's ability to provide efficient results while maintaining a safe work environment for our employees. We are proud of this exemplary team at Duke Marshall and their commitment to our company's safety values, organized leadership and high standards. Such achievements reflect Shaw's continued success as a leader in the growing FGD/scrubber market."
Duke's Marshall Steam Station is the first plant to be retrofitted under the Shaw Stone & Webster/ALSTOM alliance agreement with Duke Power for its FGD Retrofit Program. Under the terms of the agreement, Shaw and ALSTOM will retrofit 12 units (6,600 megawatts) at four power stations owned by Duke Power.
Duke Power, a business unit of Duke Energy, is one of the nation's largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. In 2004, Duke Power celebrated 100 years of service. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: www.dukepower.com. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
ALSTOM serves the energy market through its activities in power generation, power transmission and distribution and the transport market through its activities in rail and marine. Additional information about ALSTOM is available at: www.alstom.com
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. 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.
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