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MEEF - Middle East Engineering Projects News & Releases - previous page



Shaw Forms Joint Venture to Bring Premier Process Technology and EPC Capabilities  to Saudi Arabia and the GCC Market
 
Business Wire

 

 

BATON ROUGE, La.--(BUSINESS WIRE)--The Shaw Group Inc. (NYSE: SGR) today announced that its Stone & Webster International unit has formed a joint venture with SOFCON Consulting Engineering Company, one of the leading design, engineering and project management companies in the Kingdom of Saudi Arabia. The joint venture, which will be known as Shaw SOFCON, brings together the process technology and engineering, procurement and construction strengths of Shaw and the engineering reputation and regional expertise of SOFCON. While the joint venture will concentrate initially on the Saudi Arabian market, it plans to widen its sphere of activity to the other Gulf Cooperation Council (GCC) countries and the Middle Eastern region as a whole.

J. M. Bernhard, Jr., Chairman, President and Chief Executive Officer of Shaw, said, “The combined capabilities of Shaw and SOFCON will offer an unrivaled project execution capacity at a time of unprecedented growth in the Middle East process industries. As the demand for engineering and program management services in the region’s oil and gas, refining and petrochemical industries increases, this joint venture will leverage the infrastructure, facilities and capabilities of SOFCON with Shaw’s proprietary technologies and experience in executing global EPC contracts. We also look forward to growth opportunities for our Shaw Nass fabricated pipe and piping systems business unit which will provide piping products for projects undertaken by Shaw SOFCON.”

Shaw has several significant grassroots process projects underway in the Middle East. In Saudi Arabia, the company is currently providing engineering, procurement and construction services for a 1.3 million metric tons-per-year ethylene plant; engineering, procurement, construction and commissioning of a 400,000 metric tons-per-year high density polyethylene plant; and engineering, procurement and construction for a butene plant and an aromatics plant. It is also providing engineering, procurement and construction services for a grassroots ethyl benzene styrene monomer (EB/SM) plant in Kuwait.
 

 


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SOFCON is the general services contractor for Saudi Aramco and has provided project management services for the Rabigh Refinery Petrochemical Complex, the Riyadh & Yanbu DHT project, and the Khurais Development program, all in Saudi Arabia, among other projects. SOFCON is a 100% Saudi-owned company providing a complete range of quality design engineering, procurement and project management services to the process and power industries in Saudi Arabia. For further information, please visit SOFCON’s website at www.sofcongroup.com.

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 nearly $5 billion in annual revenues, Shaw employs approximately 21,000 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 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 .

Contacts
 
The Shaw Group Inc..
Chris D. Sammons
Vice President, Investor Relations &
Corporate Communications
225-932-2500
 


 

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