United States: The Shaw Group Inc. announced that it has reached an agreement to buy out Rolta India Limited’s 50 percent ownership in Shaw Rolta Limited for a net price of $23 million. The two companies formed the joint venture in 2004.

Shaw will assume full ownership and control of the Mumbai, India, operations, which immediately will expand to provide engineering, procurement and construction management services for power, process, environmental and infrastructure projects worldwide.

“The Mumbai engineering operation is a key element in Shaw’s strategic growth plan as a competitive international engineering, procurement and construction contractor,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer. “Full ownership of this office will allow us to operate more effectively as we pursue significant industry opportunities in India and around the world.”

The professional and technical staff in Mumbai operates state-of-the-art design automation software tools for process engineering calculations, process optimization, simulation, modeling and computer-aided design for projects including an olefins recovery project in Asia and an ethylene project and petrochemicals project in the Middle East.

The transaction was completed in Shaw’s second quarter of fiscal year 2011.

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 2010 annual revenues of $7 billion, Shaw has approximately 27,000 employees around the world and is the 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, operations and financial results, which are based on currently available information. Actual future results and financial performance could vary significantly from those anticipated in such statements.

Among the factors that could cause future events or transactions to differ from those we expect are those risks discussed in our Annual Report on Form 10-K for the fiscal year ended August 31, 2010, our Quarterly Reports on Form 10-Q for the quarters ended February 28, 2010, May 31, 2010 and November 30, 2010, and other reports filed with the Securities and Exchange Commission (SEC). Please read our “Risk Factors” and other cautionary statements contained in these filings. Our current expectations may not be realized as a result of, among other things:

Changes in our clients’ financial conditions, including their capital spending;

Our ability to obtain new contracts and meet our performance obligations;

Client contract cancellations or modifications to contract scope;

Worsening global economic conditions;

Changes to the regulatory environment;

Litigation or arbitration decisions;

Failure to achieve projected backlog.

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