BATON ROUGE, La.--(BUSINESS WIRE)--The Shaw Group Inc. (NYSE: SGR) announced today that the Maintenance Division of its Power Group has expanded its existing contract with Entergy Nuclear Operations, Inc., a subsidiary of Entergy Corporation (NYSE: ETR), to provide nuclear maintenance services at the 798-megawatt Entergy Palisades nuclear power plant near South Haven, Mich.
With the addition of the Entergy Palisades plant, Shaw now provides routine maintenance/modifications, refueling maintenance/modifications and capital construction services fleetwide for Entergy's 11 nuclear units at nine power stations. The value of Shaw's contract amendment, which has been included in the company's previously announced backlog of unfilled orders, was not disclosed.
"The addition of Palisades to our contract affirms the strength of our growing relationship with Entergy," said Ron McCall, president of Shaw's Maintenance Division. "Our fleetwide, safety-focused performance will further enhance Entergy's ability to meet its business objectives."
Shaw provides systemwide maintenance and modification services to approximately 40 percent of the U.S. nuclear reactors, including the country's two largest nuclear fleets. Shaw also is a documented leader in nuclear refueling outage performance with significantly shorter outages than the industry average.
Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the U.S. Entergy has annual revenues of more than $11 billion and approximately 14,300 employees.
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 2008 annual revenues expected to exceed $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 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.
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