Shaw Awarded Multi-Phase Contract with Saudi Electricity Company

The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a multi-phase contract with Saudi Electricity Company. Under the contract, Shaw will perform a three-phase study to define and recommend operational improvements at 53 power plants throughout the Kingdom of Saudi Arabia. Once the study is complete, Shaw expects to contract with Saudi Electricity Company to provide the modification services for those plants.
“Shaw has a unique position in the power industry that allows us to provide multi-faceted services for our clients,” said J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw. “In addition to the contracted work on the existing power plants, we believe our relationship and previous experience in the area, along with our leading position in the nuclear industry, positions us for significant future opportunities in Saudi Arabia and throughout the Middle East. We are looking forward to a long, successful relationship with Saudi Electricity Company.”
Shaw’s contract was signed just before King Abdullah of Saudi Arabia announced his country’s commitment to the research and funding of nuclear power. A royal order was issued establishing the King Abdullah City for Nuclear and Renewable Energy, a high-level organization that will oversee all aspects of a nuclear power industry in Saudi Arabia.
Shaw recently completed a grassroots ethylene plant in Al-Jubail, Saudi Arabia, and has operations and offices in locations throughout the region. Shaw offers a premier portfolio of nuclear, fossil and renewable power expertise, delivering safe, efficient and clean energy solutions around the world. Shaw and its consortium team member, Westinghouse, are under contract to provide engineering, procurement and construction services for six new nuclear units in the U.S., the first contracts awarded in nearly 30 years for new nuclear power plants, as well as four units currently under construction in China.
The undisclosed value of the contract will be included in Shaw’s Fossil, Renewables & Nuclear segment’s backlog of unfilled orders in the third quarter of fiscal year 2010.
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 2009 annual revenues of $7.3 billion, Shaw has approximately 28,000 employees around the world.