- Edited By Tom Lamar -
The Shaw Group Inc. announced it has received a $29 million arbitration award payment from Taiwan Power Company for work completed on the Lungmen Nuclear Power Project.
Earlier this month, the Taiwan High Court upheld an arbitration award that ordered Taiwan Power Company to pay Shaw damages for increased costs caused by Taiwan Power Company. That ruling also dismissed Taiwan Power Company’s counterclaims in their entirety. Taiwan Power Company decided this week not to appeal the ruling of the High Court.
Shaw will recognize a gain in its earnings in the second quarter of fiscal year 2011 of approximately $23 million pre-tax ($14 million after-tax), or $0.16 per diluted share.
Shaw has revised its fiscal year 2011 guidance as follows:
The Shaw Group Inc. is a global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries.