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Exhibit 10.38
  Borrower Agent
 Credit Agreement
  Definitions
 Amendments
  Representations and Warranties
 Previously Issued Facility LCs
 Conditions Precedent




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Miscellaneous




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THE SHAW GROUP INC.By:Robert L. BelkExecutive Vice President and
Chief Financial Officer




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GUARANTORS:
WHIPPANY VENTURE I, L.L.C
HYDRO POWER SOLUTIONS LLCBy:Robert L. BelkExecutive Vice PresidentSHAW CONSTRUCTORS, INC.By:Ronnie VolentinePresidentSTONE & WEBSTER MICHIGAN, INC.By:Gary P. GraphiaVice President and SecretarySO-GLEN GAS CO., LLC
       by its sole member,
       EMCON/OWT, Inc.By:Robert L. BelkExecutive Vice President, AssistantTreasurer and
Assistant Chief Financial OfficerEMCON/OWT, INC.By:Robert L. BelkExecutive Vice President, Assistant Treasurer and
Assistant Chief Financial Officer




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GUARANTORS (continued)
AMERICAN PLASTIC PIPE AND
          SUPPLY, L.L.C.
B.F. SHAW, INC.
C.B.P. ENGINEERING CORP.
EDS EQUIPMENT COMPANY, LLC
EDS PUERTO RICO, INC.
ENVIROGEN, INC.
FIELD SERVICES, INC.
LFG SPECIALTIES, L.L.C.
MWR, INC.
PROSPECT INDUSTRIES (HOLDINGS), INC.
SHAW ALLOY PIPING PRODUCTS, INC.
SHAW BENECO, INC.
SHAW COASTAL, INC.
SHAW CONNEX, INC.
SHAW E & I INVESTMENT HOLDINGS, INC.
SHAW E & I RUSSIA, INC.
SHAW ENERGY DELIVERY SERVICES, INC.
SHAW ENVIRONMENTAL, INC.
SHAW ENVIRONMENTAL &
          INFRASTRUCTURE, INC.
SHAW ENVIRONMENTAL
          INTERNATIONAL, INC.
SHAW FABRICATORS, INC.
SHAW FACILITIES, INC.
SHAW FIELD SERVICES, INC.
SHAW FT. LEONARD WOOD HOUSING, 
          L.L.C.
SHAW GLOBAL ENERGY SERVICES, INC.
SHAW GRP OF CALIFORNIA
SHAW INDUSTRIAL SUPPLY CO., INC.
SHAW INFRASTRUCTURE, INC.
SHAW INTELLECTUAL PROPERTY
          HOLDINGS, INC.
SHAW INTERNATIONAL, INC.
SHAW JV HOLDINGS, L.L.C.
SHAW LITTLE ROCK HOUSING, L.L.C.
SHAW LIQUID SOLUTIONS LLC
SHAW MAINTENANCE, INC.
SHAW POWER SERVICES GROUP, L.L.C.By:Robert L. BelkExecutive Vice President and Treasurer




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GUARANTORS (continued)
SHAW WASTE SOLUTIONS, LLCBy:Robert L. BelkExecutive Vice President and Chief Financial OfficerSTONE & WEBSTER  JSC MANAGEMENT 
       CONSULTANTS, INC.By:Robert L. BelkExecutive Vice President, Senior Vice
President and TreasurerBADGER® TECHNOLOGIES, L.L.C.
BADGER® TECHNOLOGY HOLDINGS, L.LC.
PIKE PROPERTIES I, INC.
PIKE PROPERTIES II, INC.
SHAW GLOBAL, L.L.C.
SHAW TRANSMISSION & DISTRIBUTION
       SERVICES, INC.By:Robert L. BelkVice President and TreasurerS C WOODS, L.L.C.
       by its sole member,
       Stone & Webster, Inc.By:Robert L. BelkExecutive Vice President and Treasurer




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GUARANTORS (continued)
INTERNATIONAL CONSULTANTS, L.L.C.
SHAW BEALE HOUSING, L.L.C.
SHAW CAPITAL INC.
SHAW CAPITAL (NEVADA), INC.
SHAW CENTCOM SERVICES, L.L.C.
SHAW HANSCOM HOUSING, L.L.C.
SHAW HOME LOUISIANA, INC.
SHAW MANAGED SERVICES, INC.
SHAW MANAGEMENT SERVICES
          ONE, INC.
SHAW MORGAN CITY TERMINAL, INC.
SHAW NAPTECH, INC.
SHAW POWER SERVICES, INC.
SHAW PROCESS AND INDUSTRIAL
          GROUP, INC.
SHAW PROCESS FABRICATORS, INC.
SHAW PROPERTY HOLDINGS, INC.
SHAW SERVICES, L.L.C.
SHAW SSS FABRICATORS, INC.
SHAW SUNLAND FABRICATORS, INC.
SHAW WORD INDUSTRIES
          FABRICATORS, INC.
STONE & WEBSTER ASIA, INC.
STONE & WEBSTER HOLDING ONE, INC.
STONE & WEBSTER HOLDING TWO, INC.
STONE & WEBSTER, INC.
STONE & WEBSTER INTERNATIONAL, 
          INC.
STONE & WEBSTER INTERNATIONAL 
          HOLDINGS, INC.
STONE & WEBSTER MASSACHUSETTS, 
          INC.
STONE & WEBSTER PROCESS
          TECHNOLOGY, INC.
STONE & WEBSTER MANAGEMENT 
          CONSULTANTS, INC.
STONE & WEBSTER SERVICES, L.L.C.By:Robert L. BelkExecutive Vice President and Treasurer




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GUARANTORS (continued)
STONE & WEBSTER CONSTRUCTION, INC.By:Robert L. BelkPresident and Executive Vice PresidentARLINGTON AVENUE E VENTURE, LLC
CAMDEN ROAD VENTURE, LLC
GREAT SOUTHWEST PARKWAY
          VENTURE, LLCBy:T.A. Barfield, Jr.PresidentSTONE & WEBSTER CONSTRUCTION SERVICES, L.L.C.By:Robert L. BelkPresident and Executive Vice PresidentSHAW INTERNATIONAL MANAGEMENT 
          SERVICES ONE, INC.
SHAW INTERNATIONAL MANAGEMENT 
          SERVICES TWO, INC.
SHAW NORTHEAST HOUSING, L.L.C.
SHAW NORTHWEST HOUSING, L.L.C.
SHAW STONE & WEBSTER PUERTO RICO, 
          INC.By:Robert L. BelkVice President and Treasurer




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GUARANTORS (continued):
LANDBANK PROPERTIES, L.L.C.By:T.A. Barfield, Jr.Chief Executive Officer and ChairmanSHAW ENVIRONMENTAL LIABILITY 
          SOLUTIONS, L.L.C.By:T.A. Barfield, Jr.Chairman and Chief Executive OfficerTHE LANDBANK GROUP, INC.By:T.A. Barfield, Jr.Chief Executive Officer and
Chairman of the Board




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GUARANTORS (continued):
BENICIA NORTH GATEWAY II, L.L.C.
CHIMENTO WETLANDS, L.L.C.
HL NEWHALL II, L.L.C.
JERNEE MILL ROAD, L.L.C.
KATO ROAD II, L.L.C.
KIP I, L.L.C.
LANDBANK BAKER, L.L.C.
MILLSTONE RIVER WETLAND
       SERVICES, L.L.C.
NORWOOD VENTURE I, L.L.C.
OTAY MESA VENTURES II, L.L.C.
PLATTSBURG VENTURE, L.L.C.
RARITAN VENTURE I, L.L.C.
SHAW ALASKA, INC.
SHAW AMERICAS, L.L.C.
SHAW CALIFORNIA, L.L.C.
SHAW CMS, INC.
SHAW MEXICO, L.L.C.
SHAW REMEDIATION SERVICES, L.L.C.By:T.A. Barfield, Jr.PresidentINTEGRATED SITE SOLUTIONS, L.L.C.
       by its sole member,
       Shaw Environmental & Infrastructure, 
       Inc.By:Robert L. BelkExecutive Vice President and Treasurer




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GUARANTORS (continued):
NUCLEAR TECHNOLOGY SOLUTIONS,
       L.L.C.
       by its sole member,
S C WOODS, L.L.C.
       by its sole member,
       Stone & Webster, Inc.By:Robert L. BelkExecutive Vice President and TreasurerSELS ADMINISTRATIVE SERVICES, L.L.C.
       by its sole member,
       Shaw Environmental Liability Solutions, 
       L.L.C.By:T.A. BarfieldChairman and Chief Executive Officer




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BNP PARIBAS, as AgentBy:Name:Title: