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Shaw, Toshiba and Exelon Sign Teaming Agreement for Nuclear Projects in Saudi Arabia

12 Jul, 2010

 

BATON ROUGE, La., July 12, 2010 – The Shaw Group Inc. (NYSE: SHAW), Toshiba Corporation (TOKYO: 6502) and Exelon Nuclear Partners today announced a teaming agreement to pursue opportunities to provide a full complement of services to design, engineer, construct and operate new nuclear electric generating plants in Saudi Arabia.

 

Under the terms of the agreement, the group jointly would pursue engineering, procurement, construction and operations of nuclear power plants using Toshiba’s Advanced Boiling Water Reactor (ABWR), which is a leading-edge nuclear power plant technology with already proven records of performance, reliability and operation in Japan. The group also is capable of utilizing Westinghouse AP1000™ technology, the leading-edge passively cooled nuclear technology.

 

Toshiba and Shaw would provide design, engineering, procurement and construction while Exelon would provide operations and related services for the projects.

 

“Shaw, Toshiba and Westinghouse are working collaboratively with customers to build four nuclear units in China and six new nuclear units in the U.S., the first contracts awarded in the U.S. in nearly 30 years for new nuclear power plants,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer. “The addition of Exelon, which operates the largest nuclear power fleet in the United States, creates a team that is unmatched in its ability to offer a portfolio of technology, construction and operations in Saudi Arabia.”

 

The Saudi government recently stated its commitment to the research and funding of commercial nuclear power. In April, King Abdullah issued a royal order establishing the King Abdullah City for Nuclear and Renewable Energy, a high-level organization that will oversee all aspects of a nuclear power industry in Saudi Arabia. Shaw currently is working in Saudi Arabia, performing a three-phase study to define and recommend operational improvements at 53 power plants throughout the Kingdom.

 

For any U.S. company to engage in civilian nuclear cooperation with Saudi Arabia, the U.S. and Saudi Arabian governments must negotiate a framework agreement that meets specific requirements under Section 123 of the Atomic Energy Act, followed by U.S. congressional review of the agreement. Execution of any business arrangements for a Japanese company with a Saudi Arabian entity is also subject to the future conclusion of an Agreement for Cooperation between Japanese and Saudi Arabian governments concerning Peaceful Uses of Nuclear Energy.

 

About Shaw:

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 2009 annual revenues of $7.3 billion, Shaw has approximately 28,000 employees around the world and is the power sector industry leader according to Engineering News-Record’s list of Top 500 Design Firms. Shaw offers a premier portfolio of nuclear, fossil and renewable power expertise, delivering safe, efficient and clean energy solutions around the world. Shaw maintains a 20 percent equity interest in Westinghouse.

 

About Toshiba:

Toshiba is a world leader and innovator in pioneering high technology, and a diversified manufacturer and marketer of advanced electronic and electrical products spanning information & communications systems; digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 740 companies, with 204,000 employees worldwide and annual sales surpassing 6.3 trillion yen (US$68 billion). Visit Toshiba's web site at www.toshiba.co.jp/index.htm.

 

About Exelon Nuclear Partners:
Exelon Nuclear Partners (ENP) is a division of Exelon Generation Company, LLC, operator of the largest nuclear power fleet in the United States, the third largest in the world, consisting of ten sites with 17 reactors. Exelon Generation produces or contracts for more than 33,000 megawatts of electricity annually, most of it from nuclear energy. ENP was created to offer Exelon’s industry-leading nuclear generation experience to other nuclear operators and those looking to develop new nuclear capabilities. ENP draws on the talent and expertise of Exelon Corporation (NYSE: EXC), one of the largest energy companies in the United States, serving more than 5.4 million customers.

 

About Westinghouse:

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY: 6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world.  Westinghouse supplied the world's first PWR in 1957 in Shippingport, Pa.  Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.

 

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This press release may contain forward-looking statements that are not historical facts (including without limitation statements to the effect that the Company or its management “believes,” “expects,” “anticipates,” “plans” or other similar expressions). Statements related to revenues, earnings, backlog or other financial information or results are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. These forward looking statements, include, among others, statements we make regarding expected domestic and international new build nuclear construction and uprate projects, market potential for new build gas plant projects, market for potential increases in AQC projects, increasing demand for petrochemical services as well as our updated guidance as to our projected financial results for fiscal 2010.  Actual results may differ materially from the forward looking statements which involve significant risks, uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Some of those risks include, but are not limited to: changes in our client’s financial conditions including their capital spending, the Company’s ability to obtain new contracts and perform under those contracts, client cancellations of a contract or changes in scope, deterioration of global economic conditions, changes in the regulatory environment, and failure to achieve projected backlog.  Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. 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. More information about  some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K filed on October 29, 2009 , and on the Company’s website under the heading “Forward-Looking Statements.” These documents are also available from the Securities and Exchange Commission or from Shaw’s Investor Relations department. For more information on the Company and announcements it makes from time to time on a regional basis, visit our website at www.shawgrp.com 

This press release contains forward-looking statements concerning future plans, strategies and the performance of Toshiba Group. These statements are based on management’s assumptions and beliefs in light of the economic, financial and other data currently available. Furthermore, they are subject to a number of risks and uncertainties. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations. Major risk factors that may have a material influence on results are indicated below, though this list is not necessarily exhaustive.

•  Disputes including lawsuits in Japan and other countries;

•  Success or failure of alliances or joint ventures promoted in collaboration with other companies;

•  Success or failure of new businesses or R&D investment;

•  Changes in political and economic conditions in Japan and abroad; unexpected regulatory changes;

•  Major disasters, including earthquakes and typhoons;

•  Rapid changes in the supply/demand situation in major markets and intensified price competition;

•  Significant capital expenditure for production facilities and rapid changes in the market;

•  Changes in financial markets, including fluctuations in interest rates and exchange rates.

 

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2009 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s First Quarter 2010 Quarterly Report on Form 10-Q (to be filed on April 23, 2010) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12 and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Companies undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

 

 

 

 

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Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement, but is subject to change without prior notice.

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