BATON ROUGE, La. - Thursday, April 21st 2011 [ME NewsWire]
(BUSINESS WIRE)-- The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a contract to provide front-end engineering and design (FEED) for the replacement of two liquid storage tanks by Abu Dhabi Gas Liquefaction Company (ADGAS). The tanks are part of the ADGAS liquefied natural gas and liquefied petroleum gas facilities on Das Island, the center of storage and export operations for oil and gas extracted from the offshore fields of Abu Dhabi, United Arab Emirates. The tanks hold paraffinic naptha, a by-product of the island’s processing facilities. ADGAS is a subsidiary of Abu Dhabi National Oil Company (ADNOC).
The FEED work will help ADGAS increase the capacity of the tanks and loading systems to match modern naphtha tankers capacities.
“Shaw is a leading competitive FEED contractor,” said Lou Pucher, president of Shaw’s Energy & Chemicals Group. “This award expands our credentials in the Middle East, which is an active region of projects for us today and a prominent part of our strategic plan for growth.”
Shaw has numerous projects underway in the Middle East. Most recently, Shaw announced construction of a new state-of-the-art pipe prefabrication facility in the United Arab Emirates. It also is providing project management consultancy services for a base oils plant and technology licensing and engineering services for its Residue Fluid Catalytic Cracking technology for Abu Dhabi Oil Refining Company (Takreer).
Shaw recently announced full commercial operation of a grassroots 1.3 million metric ton per year ethylene plant for Eastern Petrochemical Company (SHARQ) in Al-Jubail, Saudi Arabia, and has operated an ASME certified pipe fabrication facility in Bahrain since 1994. It opened an office in Abu Dhabi in 2009.
The undisclosed value of the contract was included in Shaw's Energy & Chemicals segment's backlog of unfilled orders in the second quarter of fiscal year 2011.
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 2010 annual revenues of $7 billion, Shaw has approximately 27,000 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 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, 2010, our Quarterly Reports on Form 10-Q for the quarters ended May 31, 2010, November 30, 2010, and February 28, 2011, 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.
Contacts
Media and Financial Contact:
The Shaw Group Inc.
Gentry Brann, 225-987-7372
gentry.brann@shawgrp.com
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