Shaw finalizes purchase of Energy Delivery Services, Inc.

Acquisition expands Shaw’s electric transmission and distribution capabilities

BATON ROUGE, La., Jan. 2, 2004 — The Shaw Group Inc. announced that it has finalized its acquisition of Energy Delivery Services Inc. (EDS), a business unit of Duke Energy headquartered in Charlotte, N.C., for $22.5 million.

EDS, a provider of design, engineering, procurement, construction and maintenance services for electrical transmission and distribution systems primarily in North America, will become a wholly-owned subsidiary of The Shaw Group Inc. and will be closely affiliated with Shaw subsidiary, Shaw Power Technologies, Inc. (Shaw PTI).

“The acquisition of EDS solidifies our commitment to building a premier power services portfolio,” stated J.M. Bernhard, Jr., Chairman and CEO of The Shaw Group. “With EDS’ established EPC capabilities and our renowned diagnostic and monitoring software systems we are able to provide turnkey solutions at a critical time for improving the power transmission and distribution infrastructure in this country.”

EDS provides competitive, high quality services for Duke Power Company and other utility clients to design, install, upgrade and maintain power transmission and distribution systems. For Duke Power, EDS assists in maintaining a 12,700-mile transmission system, 66,200 miles of primary distribution lines and 2,000 substations throughout a 22,000-square-mile service area. Shaw intends to maintain EDS’ headquarters in Charlotte, North Carolina.

The Shaw Group Inc. is a provider of consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and homeland security markets.

Shaw is also a vertically integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. The company is headquartered in Baton Rouge, Louisiana and employs approximately 14,800 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Additional information on The Shaw Group is available at www.shawgrp.com.

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