Shaw Receives Notice of Schedule Adjustment for Progress Energy Florida Nuclear Project
May 01 2009 - 8:21AM
Business Wire
The Shaw Group Inc. (NYSE: SGR) today announced it has received
notice of an adjustment in the construction schedule for Progress
Energy Florida�s planned nuclear project in Levy County, Fla.
Shaw and Westinghouse, its AP1000 Consortium partner, have an
engineering, procurement and construction (EPC) agreement to build
two AP1000� nuclear power units for Progress Energy Florida.
Progress Energy Florida is adjusting the project schedule to
reflect a determination by the Nuclear Regulatory Commission that
the excavation and foundation preparation work will not be
authorized until the combined operating license (COL) is issued for
the plant. The site work originally was scheduled to be performed
while the company sought the COL. Progress Energy Florida stated
the shift in schedule will move the commercial operation dates for
the two Levy units from the 2016-2018 time period by a minimum of
20 months.
�Shaw is continuing to provide field and engineering work in
support of the licensing and permitting activities and will
continue to work closely with Progress Energy Florida to develop a
revised schedule for the project,� said J.M. Bernhard Jr.,
chairman, president and chief executive officer of Shaw. �We do not
foresee any material adverse impact to our previously issued
financial guidance for fiscal year 2009, nor do we believe this
will impact Shaw�s other nuclear contracts as this schedule change
is specific to the Levy project location. Progress Energy Florida
has stated its commitment to the project, the AP1000 technology and
to Shaw�s role providing EPC services moving forward.�
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.
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�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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