BATON ROUGE, La., Thursday, August 5th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a contract by Abu Dhabi Oil Refining Company (Takreer) to provide project management consultancy services during the engineering, procurement and construction phase of a base oils plant at the Ruwais Industrial Complex in Abu Dhabi.
The planned facility will be capable of producing 500,000 tons per year of Group III base oils, as well as 100,000 tons per year of Group II base oils, and is scheduled to begin commercial production in 2013. Group II and III base oils are used for blending top-tier lubricants for car engines.
“Our recent involvement with Takreer began when our Residue Fluid Catalytic Cracking technology was selected for what will be the world’s largest RFCC unit,” said Lou Pucher, president of Shaw’s Energy & Chemicals Group. “Today, our involvement continues as we enhance our project management consultancy credentials by supporting Takreer in the development of this base oils plant.”
The undisclosed value of the contract was included in Shaw's Energy & Chemicals segment's backlog of unfilled orders in the third quarter of fiscal year 2010.
The Shaw Group Inc. (NYSE:SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2009 annual revenues of $7.3 billion, Shaw has approximately 28,000 employees around the world and is the power sector industry leader according to Engineering News-Record’s list of Top 500 Design Firms. For more information, please visit Shaw’s website at www.shawgrp.com.
This press release may contain forward-looking statements 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). 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. These forward looking statements, include, among others, statements we make regarding expected domestic and international new build nuclear construction and uprate projects, market potential for new build gas plant projects, market for potential increases in AQC projects, increasing demand for petrochemical services as well as our updated guidance as to our projected financial results for fiscal 2010. Actual results may differ materially from the forward looking statements which involve significant risks, uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors.
Some of those risks include, but are not limited to: changes in our client’s financial conditions including their capital spending, the Company’s ability to obtain new contracts and perform under those contracts, client cancellations of a contract or changes in scope, deterioration of global economic conditions, changes in the regulatory environment, and failure to achieve projected backlog. 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. More information about 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 filed on October 29, 2009 , and on the Company’s website under the heading “Forward-Looking Statements.” These documents are also available from the Securities and Exchange Commission or from Shaw’s Investor Relations department. For more information on the Company and announcements it makes from time to time on a regional basis, visit our website at www.shawgrp.com.
For media enquiries, please contact:
The Shaw Group Inc.
Financial Contact:
Chris Sammons, 225-932-2546
chris.sammons@shawgrp.com
Media Contact:
Gentry Brann,
225-987-7372
gentry.brann@shawgrp.com
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