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January 25, 2008 |
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SHAW GROUP: Nuclear Division Opens Office in Shanghai The Shaw Group Inc.'s Nuclear Division has opened a new office in Shanghai, China, to support the rapidly growing Chinese nuclear power marketplace. The office will accommodate the Shaw project management team already working on four AP1000 nuclear reactors at power plants in Sanmen and Haiyang. "We are extremely pleased to expand our China operations," said Richard F. Gill, president of Shaw's Power Group. "Having a significant presence in both Beijing and Shanghai will allow us to serve our customers more efficiently, facilitate the successful execution of our existing nuclear power projects in China and strengthen our position for future projects and services in the world's fastest-growing economy." Shaw selected Shanghai as the location for its newest office to establish and grow a strong presence in the business center of China. The location also will facilitate close interaction with the Shanghai Nuclear Engineering Research and Design Institute, which is the premier nuclear design institute in China and provides important engineering services to the Consortium. Shaw will maintain its well-established Beijing office to continue providing business development services for the nuclear, fossil and process industries in China. Shaw and Westinghouse Electric Company, its AP1000 Consortium partner, signed contracts in July 2007 to provide services and equipment for two AP1000 nuclear reactors in Sanmen and two reactors in Haiyang. China has indicated plans to build as many as 30 new nuclear reactors by 2020. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/ -- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. |
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