Baton Rouge, La. (BUSINESS WIRE) - The Shaw Group Inc. (NYSE: SGR) announced today that its Energy & Chemicals Group has been selected by Hyundai Oilbank Co. Ltd. to lead a consortium that will provide professional services and procurement of critical equipment for a major grassroots expansion of Hyundai Oilbank's refinery complex in Daesan, South Korea.
Shaw, along with consortium partner Hyundai Engineering Co. Ltd., will provide front-end engineering design for the integration of 15 refinery process units, including a 52,000 barrels per day residue fluidized catalytic cracking unit and a 66,000 barrels per day atmospheric residue desulfurization unit. The consortium will also provide front-end engineering design for associated utilities and infrastructure, procurement of critical equipment, as well as project management services.
The expansion project will allow for conversion of high-sulphur fuel oil to higher value refining products while also upgrading the refinery to meet future fuel specifications in Korea. The value of Shaw's contract, which will be included in the company's third quarter fiscal 2008 backlog of unfilled orders, was not disclosed.
"This award further establishes Shaw as a leading technology integrator, as well as a leader in providing engineering, procurement and project management services in the expanding Korean refining market," said Lou Pucher, president of Shaw's Energy & Chemicals Group.
Shaw recently completed the integration of 14 process units and related services for the addition of a 60,000 barrels per day fluid catalytic cracking unit at a refinery in Ulsan, South Korea, for SK Corporation.
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 2008 revenues expected to exceed $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 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 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.
The Shaw Group Inc.
Financial Contact:Chris Sammons, 225-932-2546
or Media
Contact:Sean Clancy, 225-987-7129
Shaw, along with consortium partner Hyundai Engineering Co. Ltd., will provide front-end engineering design for the integration of 15 refinery process units, including a 52,000 barrels per day residue fluidized catalytic cracking unit and a 66,000 barrels per day atmospheric residue desulfurization unit. The consortium will also provide front-end engineering design for associated utilities and infrastructure, procurement of critical equipment, as well as project management services.
The expansion project will allow for conversion of high-sulphur fuel oil to higher value refining products while also upgrading the refinery to meet future fuel specifications in Korea. The value of Shaw's contract, which will be included in the company's third quarter fiscal 2008 backlog of unfilled orders, was not disclosed.
"This award further establishes Shaw as a leading technology integrator, as well as a leader in providing engineering, procurement and project management services in the expanding Korean refining market," said Lou Pucher, president of Shaw's Energy & Chemicals Group.
Shaw recently completed the integration of 14 process units and related services for the addition of a 60,000 barrels per day fluid catalytic cracking unit at a refinery in Ulsan, South Korea, for SK Corporation.
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 2008 revenues expected to exceed $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 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 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.
The Shaw Group Inc.
Financial Contact:Chris Sammons, 225-932-2546
or Media
Contact:Sean Clancy, 225-987-7129
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