BATON ROUGE, LA.–(BUSINESS WIRE)–Oct. 25, 2006–The Shaw Group Inc. 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, 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.
The Shaw Group Inc., Baton Rouge
Chris D. Sammons
Vice President, Investor Relations & Corporate Communications
SOURCE: The Shaw Group Inc.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.