Sep. 1, 2009 (Business Wire) -- The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a new three-year contract with Southern California Edison, an Edison International (NYSE: EIX) company, to provide nuclear maintenance services to San Onofre Nuclear Generating Station (SONGS) in northern San Diego County, Calif.
Under the new contract, Shaw will provide routine maintenance/modifications, refueling maintenance/modifications and facilities services. The undisclosed value of the contract will be included in the Shaw Maintenance segment’s backlog of unfilled client orders in the fourth quarter of fiscal year 2009.
“Our goal is to blend our safety and performance standards with client needs, resulting in improved power production for millions of Southern California residents," said Fred Buckman, president of Shaw’s Power Group. "Our new partnership with Southern California Edison further demonstrates Shaw’s industry-leading capabilities in refueling outage operations and management.”
Shaw provides system wide maintenance and modification services to 38 percent (39 of 104 operating units) of U.S. nuclear reactors, including the country's two largest nuclear fleets. Shaw is a leader in nuclear refueling outage performance with significantly shorter outages than the industry average and has performed uprates and studies on 48 operating pressurized water reactor (PWR) and boiling water reactor (BWR) nuclear units, adding more than 2,500 MWe to the U.S. grid.
SONGS is jointly owned by Southern California Edison, San Diego Gas & Electric and the city of Riverside, Calif. Southern California Edison is one of the nation’s largest electric utilities, serving a population of nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
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.
