V.C. Summer Nuclear Station gets license for new nuclear units

Source: The Shaw Group Inc.

The Shaw Group Inc. (NYSE: SHAW) issued the following statement congratulating South Carolina Electric & Gas (SCE&G), principal subsidiary of SCANA Corp., for receiving its combined license (COL) from the U.S. Nuclear Regulatory Commission (NRC) for two new AP1000® nuclear power units at V.C. Summer Nuclear Station near Jenkinsville, S.C.

“Shaw congratulates SCE&G for achieving the latest step forward in providing new nuclear power generation in the United States,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer.

“We are honored to be part of the team to deliver the world’s most advanced, emission-free power plant to V.C. Summer,” continued Mr. Bernhard. “This landmark project will provide numerous benefits for South Carolina and will create thousands of jobs. Shaw anticipates hiring approximately 3,500 employees during construction of the new units at V.C. Summer, with thousands of more jobs created as a result of construction and operation of the reactors.”

The license for V.C. Summer was issued by the NRC under an improved process that combines the construction permit and operating license for a nuclear power plant. By combining the construction permit and operating license, the new licensing method provides greater regulatory efficiency and increases the predictability of the process.

Featuring the world’s most advanced reactor technology, the AP1000 design, the project now is authorized to begin safety-related construction. The AP1000 design received final design certification from the NRC in December 2011.

Shaw and Westinghouse currently are building four new nuclear units in the United States, with two units each at V.C. Summer and Southern Co.’s Plant Vogtle, and with two more units under contract for Progress Energy in Florida. These projects represent the first contracts awarded in nearly 30 years for new nuclear builds. Shaw also is providing engineering, procurement, commissioning, information management and project management services for four AP1000 nuclear units currently under construction in China.

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 2011 annual revenues of $5.9 billion, Shaw has approximately 27,000 employees around the world and is a 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, 2011, our Quarterly Reports on Form 10-Q for the quarters ended November 30, 2011, and February 29, 2012, 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.


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