(Free Press Release)
BATON ROUGE, La., Mar 01, 2011 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE: SHAW) today announced it received full notice to proceed on a new gas-fired facility at Duke Energy's Dan River Steam Station in North Carolina.
Scheduled to begin operation in late 2012, the new 620-megawatt natural gas-fired combined-cycle generating unit will replace two older units at the facility. At the peak of construction, the project will employ more than 400 workers.
"This project demonstrates Duke's commitment to providing cleaner energy and jobs for its local communities," said Clarence Ray, chief executive officer of Shaw's Power Group. "Shaw is proud to help Duke ensure an affordable, reliable and cleaner energy supply for the future."
In March 2010, Duke awarded Shaw an engineering, procurement, construction and commissioning services contract for the construction of the new facility, and Shaw began working under a limited notice to proceed.
The undisclosed value of the contract will be included in Shaw's Power segment's backlog of unfilled orders in the second quarter of fiscal year 2011.
Also as a part of Duke's long-term plan to add new generation, modernize the fleet and maintain a diverse fuel portfolio, Shaw is constructing a new 620-megawatt gas-fired unit at Duke's Buck Steam Station in North Carolina, which is scheduled for completion in late 2011. The similarities and close timing of the two projects allow for maximum use of design replication and other synergies that are resulting in significant savings to Duke Energy.
The Buck and Dan River projects will use state-of-the art environmental control technology to minimize plant emissions. These controls, combined with the retirement of the older units on the two sites, will help reduce environmental emissions of NOX and SO2 at the sites.
The Shaw Group Inc. (NYSE: SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2010 annual revenues of $7 billion, Shaw has approximately 27,000 employees around the world and is the power sector industry leader according to Engineering News-Record's list of Top 500 Design Firms. For more information, please visit Shaw's website at www.shawgrp.com.
This press release contains forward-looking statements and information about our current and future prospects, operations and financial results, which are based on currently available information. Actual future results and financial performance could vary significantly from those anticipated in such statements.
Among the factors that could cause future events or transactions to differ from those we expect are those risks discussed in our Annual Report on Form 10-K for the fiscal year ended August 31, 2010, our Quarterly Reports on Form 10-Q for the quarters ended February 28, 2010, May 31, 2010 and November 30, 2010, and other reports filed with the Securities and Exchange Commission (SEC). Please read our "Risk Factors" and other cautionary statements contained in these filings. Our current expectations may not be realized as a result of, among other things:
• Changes in our clients' financial conditions, including their capital spending;
• Our ability to obtain new contracts and meet our performance obligations;
• Client contract cancellations or modifications to contract scope;
• Worsening global economic conditions;
• Changes to the regulatory environment;
• Litigation or arbitration decisions;
• Failure to achieve projected backlog.
As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and our financial condition and results of operations could be materially adversely affected. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise.
SOURCE: The Shaw Group Inc.
Media and Financial Contact:
The Shaw Group Inc.
Gentry Brann, 225-987-7372
[email protected]
