JGC Corporation and Stone & Webster, a subsidiary of The Shaw Group Inc. (NYSE: SGR) announced their agreement to jointly pursue ethylene projects. The agreement formalizes a long-standing business relationship between the two companies extending almost 50 years.

Stone & Webster ethylene technology has been selected for over 40% of the incremental worldwide capacity installed during the last decade. The technology incorporates many leading design concepts including Ultra Selective Conversion Technology and Advanced Recovery System (ARS) recognized for superior performance and reliability. JGC has constructed 35 grassroots units based on the Stone & Webster ethylene technology in Japan and throughout the Asia-Pacific region.

As the world demand for ethylene and propylene grows so does the size of new ethylene based complexes. This agreement will bring together the necessary knowledge and experience to construct such large facilities meeting the required standards of performance, reliability, safety, cost and schedule. Together, Stone & Webster and JGC bring leading technology, strong project execution skills, a proven track record of success and international financing and fabrication resources to future projects.

JGC Corporation is a leading, internationally recognized contractor, with total engineering, procurement and construction capabilities, having its global headquarters in Yokohama, Japan. During its more than 70 year history, JGC has executed in excess of 20,000 projects, the majority on a lump-sum turnkey basis, for a wide range of industries including petroleum refining, gas processing and petrochemical plants in over 50 countries. The company's web site can be accessed at www.jgc.co.jp.

Stone & Webster, Inc., a subsidiary of The Shaw Group Inc., is a leading global provider of engineering, procurement and construction services to the power generation, process, and environmental and infrastructure markets. The Shaw Group Inc. currently has offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region; and employs more than 13,000 people. For more information on The Shaw Group, please visit the Company's web site at www.shawgrp.com.