Shaw, Toshiba expand global strategic partnership

Baton Rouge, La., November 29, 2010 – The Shaw Group and Toshiba Corp. announced an expanded global strategic partnership between the two companies.

Under the agreement, Shaw will have certain exclusive opportunities for providing engineering, procurement and construction services for new Toshiba advanced boiling water reactor nuclear power plants worldwide, except Japan and Vietnam.

Shaw immediately will assume the role of engineering, procurement and construction contractor for Nuclear Innovation North America’s South Texas Project Expansion, which will use ABWR technology for two new nuclear units, as a consortium team member with Toshiba America Nuclear Energy, a U.S. based Toshiba subsidiary.

Shaw will invest $250 million for an ABWR alliance with Toshiba, $100 million of which will be available as a credit facility for NINA to assist in financing the development of the South Texas Project.

The credit facility will convert to equity in NINA upon the satisfaction of certain conditions including the project receiving full notice to proceed, which is expected in mid-2012.

An undisclosed amount for initial services for the South Texas Project will be added to Shaw’s Power segment’s backlog of unfilled orders in the first quarter of fiscal year 2011.

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