Shaw and Westinghouse Receive Full Notice to Proceed on Plant Vogtle Nuclear EPC Contract
09 April 2009 - 6:01AM
Business Wire
The Shaw Group Inc. (NYSE: SGR) today announced the Nuclear
Division of its Power Group and Westinghouse Electric Company, its
AP1000 Consortium partner, received full notice to proceed from
Southern Nuclear, a subsidiary of Southern Company, on its
engineering, procurement and construction (EPC) contract for two
Westinghouse AP1000� nuclear power units and related
facilities.
The contract was previously announced in April 2008. Its
undisclosed value will be added to the company�s backlog of
unfilled orders in the third quarter of fiscal year 2009.
On March 17, 2009, the Georgia Public Service Commission
certified Southern Company subsidiary Georgia Power Company to
build Units 3 and 4 at the existing Vogtle Electric Generating
Plant site near Augusta, Ga. The plant is also owned by Oglethorpe
Power, Municipal Electric Authority of Georgia [MEAG Power] and
Dalton Utilities. The notice to proceed fully authorizes Shaw to
begin EPC services for the plant.
�This marks a significant milestone not only for Shaw, but for
the entire U.S. nuclear industry,� said J.M. Bernhard Jr.,
chairman, president and chief executive officer of Shaw. �We are
poised to break ground on one of the first new U.S. nuclear
construction projects in more than 30 years, which will offer the
world�s most advanced reactor technology.�
Shaw and Westinghouse currently are providing engineering,
design, procurement and project management services for the nuclear
island for four AP1000 units in China, and at least 14 new AP1000
units � including the Vogtle Electric Generating Plant � are being
planned by U.S. electric utilities, according to the Nuclear
Regulatory Commission. Six of these units are now under contract
with the Westinghouse/Shaw Consortium. Shaw and Westinghouse have a
long history in the nuclear industry that dates back to the design
and construction of America�s first commercial nuclear power plant
at Shippingport, Penn.
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 year 2008 annual
revenues of $7 billion, Shaw is headquartered in Baton Rouge, La.,
and employs approximately 26,000 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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