Shaw awarded $27MM by Taiwan High Court for Lungmen nuclear power project

Source: The Shaw Group, Inc.

The Shaw Group Inc. (NYSE: SHAW) announced it received a favorable ruling from the Taiwan High Court related to Taiwan Power Company's Lungmen nuclear power project. 

Shaw received formal notice of the High Court's ruling Jan. 5, 2011, which affirmed an arbitration award that ordered Taiwan Power Company to pay Shaw approximately $27 million in damages for increased costs caused by Taiwan Power Company. The court also dismissed Taiwan Power Company's counterclaims in their entirety. 

The High Court ruling follows a unanimous favorable decision from the Arbitration Association of the Republic of China and a favorable ruling from the Taipei District Court, which also dismissed all claims from Taiwan Power Company. 

There is still the possibility Taiwan Power Company will appeal to the Taiwan Supreme Court, which may or may not decide to hear an appeal if it is filed. At this time, Shaw is making no adjustments to its financial results or its previously issued earnings guidance.

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