Back to SHAW
Shaw and Westinghouse Receive Final Notice to Proceed on V.C. Summer Nuclear Power Plant

The Shaw Group Inc. (NYSE: SHAW), along with its AP1000 Consortium team member, Westinghouse, today announced it received full notice to proceed from South Carolina Electric & Gas (SCE&G), principal subsidiary of SCANA Corp., on its engineering, procurement and construction (EPC) contract for two Westinghouse AP1000® nuclear power units and related facilities.

Owned by SCE&G and Santee Cooper, the project received approval from the South Carolina Public Service Commission for its new nuclear plants in February 2009. In March 2012, SCE&G received its combined license (COL) from the U.S. Nuclear Regulatory Commission for the new nuclear units at V.C. Summer Nuclear Station near Jenkinsville, S.C.

The contract previously was announced in May 2008 with limited amounts booked into backlog at that time. The undisclosed balance of the contract will be added to the company's backlog of unfilled orders in the third quarter of fiscal year 2012.

“Today’s action gives Shaw full authorization to provide EPC services for the two new nuclear units at V.C. Summer,” said J.M. Bernhard, Shaw’s chairman, president and chief executive officer. “Shaw’s leadership in the nuclear industry, coupled with Westinghouse’s AP1000 technology, will deliver the world’s most advanced, emission-free power plant to V.C. Summer.”

Shaw and Westinghouse currently are building four new nuclear units in the United States, with two units each at V.C. Summer and Southern Co.’s Plant Vogtle, and with two more units under contract for Progress Energy in Florida. These projects represent the first contracts awarded in nearly 30 years for new nuclear builds. Shaw also is providing engineering, procurement, commissioning, information management and project/construction management services for four AP1000 nuclear units currently under construction in China.

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 2011 annual revenues of $5.9 billion, Shaw has approximately 27,000 employees around the world and is a 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 contains forward-looking statements and information about our current and future prospects and our operations and financial results, which are based on currently available information. The forward-looking statements include assumptions about our operations, such as cost controls and market conditions, that may not be realized. Actual future results and financial performance could vary significantly from those anticipated in such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise.

Among the factors that could cause future events or transactions to differ from those we expect are those risks discussed under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2011, our Quarterly Reports on Form 10-Q for the quarters ended November 30, 2011, and February 29, 2012, and other reports filed with the Securities and Exchange Commission (SEC). Please read our “Risk Factors” and other cautionary statements contained in these filings.

As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and our financial condition and results of operations could be materially adversely affected.

(c) 2014 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
Back to SHAW
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki