BATON ROUGE, La.--(BUSINESS WIRE)--Oct. 16, 2009--
The Shaw Group Inc. (NYSE: SHAW) issued the following statement
regarding the U.S. Nuclear Regulatory Commission’s (NRC) news release on
the Westinghouse AP1000™ nuclear power plant shield building design.
Yesterday, the NRC gave confirmation to Westinghouse Electric Company,
Shaw’s AP1000 Consortium team member, that they have completed their
review of the proposed design of the shield building and that the design
will require either additional analysis, testing or actual design
modifications to ensure compliance with NRC requirements. The NRC
further stated that it considers the review of the shield building as
proposed to be complete and that it will support the resolution of the
remaining issues on the AP1000 amendment application.
“Westinghouse has been working with the NRC for some time reviewing the
design of the shield building, which is within Westinghouse’s scope of
work. Certain portions of the design have already been addressed, and
this expected confirmation from the NRC now allows the remainder of
items to be resolved,” said J.M. Bernhard Jr., Shaw’s chairman,
president and chief executive officer.
“We believe all issues outlined by the NRC can be addressed from a
technical perspective, and the remaining steps of the certification and
licensing processes will continue as currently scheduled,” continued Mr.
Bernhard. “Westinghouse has indicated they do not expect a delay in the
certification of the AP1000 and still expects the first of the plants to
be operational by 2016. Shaw remains steadfast in meeting the timely
completion of the AP1000 plants ordered by our clients.”
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 year 2008 annual revenues of $7
billion, Shaw is headquartered in Baton Rouge, La., and employs
approximately 26,000 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: The Shaw Group Inc.
The Shaw Group Inc.
Financial Contact:
Chris Sammons,
225-932-2546
chris.sammons@shawgrp.com
or
Media
Contact:
Gentry Brann, 225-987-7372
gentry.brann@shawgrp.com
