Shaw announces investment in Blue Water Technologies Inc.

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BATON ROUGE, LA, May 21, 2007 -- The Shaw Group Inc. (NYSE:SGR) announced that it has made an equity investment in Blue Water Technologies Inc., a privately held company based in Coeur d' Alene, Idaho.

Blue Water's core business is new water treatment technology, the tertiary treatment of industrial and municipal wastewater to reduce phosphorus and other contaminants to extremely low levels. The company utilizes a proprietary process developed at the University of Idaho which is licensed exclusively to Blue Water. Extensive testing through pilot studies and full-scale deployment have consistently yielded 99%+ removal rates and have been accomplished with dramatically lower capital costs than other traditional methods.

Blue Water is an emerging leader in the wastewater treatment sector offering sustainable, environmentally friendly processes. In addition to the equity investment, the two companies agreed to collaborate on future engineering, design and construction projects. Additionally, this alliance between Shaw and Blue Water will offer entire plant retrofits for the municipal and industrial wastewater treatment markets.

"We are not only making an investment in Blue Water, but we also intend to align a variety of other Shaw technologies to create distinct technological and competitive advantages in the marketplace," said Ron Oakley, President of Shaw Environmental & Infrastructure ("Shaw E&I"). "This investment brings in a key piece of the water management platform Shaw E&I is actively developing."

The Shaw Group Inc. is a leading global provider of engineering, procurement, construction, technology, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the energy, chemical, environmental, infrastructure, and emergency response markets. A Fortune 500 company with nearly $5 billion in annual revenues, Shaw is headquartered in Baton Rouge, Louisiana and employs approximately 21,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region.

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