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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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