Shaw Awarded Process Technology Package For World's Largest Residue Fluid Catalytic Cracking Unit
BATON ROUGE, La.--(BUSINESS WIRE)--The Shaw Group Inc. (NYSE: SGR) announced today that its Energy & Chemicals Group has been selected to provide engineering services and licensing for its proprietary Residue Fluid Catalytic Cracking (RFCC) technology to Abu Dhabi Oil Refining Company (Takreer). The contract award is part of the major grassroots expansion of refining capacity at the Ruwais Industrial Complex in the United Arab Emirates. In addition to its RFCC technology, Shaw also will provide engineering services to integrate and coordinate 11 new process units from other licensors at the site.
"Shaw, together with its partners, Axens and Total, is a market leader in the application of RFCC technology and its integration into the petrochemical industry," said Lou Pucher, president of Shaw's Energy & Chemicals Group. "This unit – at 127,100 barrels per stream day – is the world's largest under design and features Shaw's advanced light olefins recovery and purification technology for maximum polymer grade propylene production."
The value of Shaw's contract, which has been included in the company's previously announced backlog of unfilled orders, was not disclosed.
Shaw jointly developed the proprietary RFCC technology through an alliance with Axens and Total that began in the early 1990s. This award brings the number of licensees of its FCC related technologies to 42 around the world.
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 regarding the contract award and backlog are forward-looking statements based on the Company's estimates for the 2007 fiscal year. These forward-looking statements are based on assumptions management believes to be reasonable but actual fiscal 2007 results to be included in our Annual Report on Form 10-K for fiscal 2007 may differ from our current estimates, and those differences could be material and adverse. 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 forward-looking estimates 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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