Shaw Group (SHAW) Slammed On Nuclear Worries
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Shaw Group (Nasdaq: SHAW) has continued its pre-open plunge and is now down 19 percent on worries that nuclear project could be delayed or canceled in the aftermath of the ongoing Japan nuclear crisis.
Shaw provides a wide range of technical services to support the domestic and international nuclear power industry.
Shaw has been awarded a technical services contract for four AP1000 nuclear power units at two sites and an initial contract to provide technical services for additional AP1000 nuclear power plants at a third site in the People's Republic of China (China). They have been awarded three EPC contracts to build a total of six AP1000 units at three U.S. project sites — two nuclear power units each for Georgia Power, South Carolina Electric & Gas and Progress Energy. In addition, in the U.S. Shaw provide systemwide maintenance and modification services to 36 of the 104 operating domestic nuclear reactors, including the country's two largest nuclear fleets.
In a statement late Sunday the company said, "at this time, we do not believe there will be an impact on Shaw's nuclear projects currently under construction in the United States and China, said CEO J.M. Bernhard Jr.. "Our customers have indicated they intend to move forward, and we believe the construction timelines will continue as planned."
In addition to Shaw Group, other nuclear service companies are seeing pressure this morning. The Babcock & Wilcox Company (NYSE: BWC) is down 10 percent, URS Corporation (NYSE: URS) is down 6 percent, Fluor Corporation (NYSE: FLR) is down 1.3 percent.
Shaw provides a wide range of technical services to support the domestic and international nuclear power industry.
Shaw has been awarded a technical services contract for four AP1000 nuclear power units at two sites and an initial contract to provide technical services for additional AP1000 nuclear power plants at a third site in the People's Republic of China (China). They have been awarded three EPC contracts to build a total of six AP1000 units at three U.S. project sites — two nuclear power units each for Georgia Power, South Carolina Electric & Gas and Progress Energy. In addition, in the U.S. Shaw provide systemwide maintenance and modification services to 36 of the 104 operating domestic nuclear reactors, including the country's two largest nuclear fleets.
In a statement late Sunday the company said, "at this time, we do not believe there will be an impact on Shaw's nuclear projects currently under construction in the United States and China, said CEO J.M. Bernhard Jr.. "Our customers have indicated they intend to move forward, and we believe the construction timelines will continue as planned."
In addition to Shaw Group, other nuclear service companies are seeing pressure this morning. The Babcock & Wilcox Company (NYSE: BWC) is down 10 percent, URS Corporation (NYSE: URS) is down 6 percent, Fluor Corporation (NYSE: FLR) is down 1.3 percent.
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