Exhibit 10.1
 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE
TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS
(**).
 
 Second Amended and Restated  Credit Agreement
 dated as of June 15, 2011
 Among
 The Shaw Group Inc.,  as the Borrower,
 BNP Paribas,  as Administrative Agent
 and
 The Other Lenders Signatory Hereto
 BNP Paribas Securities Corp.,  as Sole Book Runner and as a Joint Lead Arranger
 Bank of America, N.A. and BBVA Compass,  as Co-Syndication Agents
 Fifth Third Bank and Bank of Montreal,  as Co-Documentation Agents
 Merrill Lynch, Pierce, Fenner & Smith Incorporated,  BBVA Compass and Fifth Third Bank,  as Joint Lead Arrangers
 $1,450,000,000 Facility




---



##### 



TABLE OF CONTENTS
 ARTICLE I DEFINITIONS
    
    
    1ARTICLE II THE CREDITS
    
    
    212.1 Commitments
    
    
    212.2 Required Payments, Termination
    
    
    232.3 Ratable Loans
    
    
    242.4 Types of Advances
    
    
    242.5 Commitment Fee; Reductions in Aggregate Commitment
    
    
    242.6 Minimum Amount of Each Advance
    
    
    242.7 Optional Principal Payments
    
    
    252.8 Method of Selecting Types and Interest Periods for New Advances
    
    
    252.9 Conversion and Continuation of Outstanding Advances
    
    
    252.10 Change in Interest Rate, etc.
    
    
    262.11 Rates Applicable After Default
    
    
    262.12 Method of Payment
    
    
    272.13 Noteless Agreement, Evidence of Indebtedness
    
    
    272.14 Telephonic Notices
    
    
    272.15 Interest Payment Dates, Interest and Fee Basis
    
    
    272.16 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
    
    
    282.17 Lending Installations
    
    
    282.18 Non-Receipt of Funds by the Agent
    
    
    282.19 Facility LCs
    
    
    282.20 Replacement of Lender
    
    
    332.21 Increase of the Commitments
    
    
    332.22 Defaulting Lenders
    
    
    34ARTICLE III YIELD PROTECTION; TAXES
    
    
    353.1 Yield Protection
    
    
    353.2 Changes in Capital Adequacy Regulations
    
    
    363.3 Availability of Types of Advances
    
    
    373.4 Funding Indemnification
    
    
    383.5 Taxes
    
    
    38
 - i -




---



##### 



3.6 Lender Statements; Survival of Indemnity
    
    
    393.7 Effect of Yield Protection
    
    
    40ARTICLE IV CONDITIONS PRECEDENT
    
    
    404.1 Effectiveness
    
    
    404.2 Each Credit Extension
    
    
    414.3 Reaffirmations of Warranties
    
    
    42ARTICLE V REPRESENTATIONS AND WARRANTIES
    
    
    425.1 Existence and Standing
    
    
    425.2 Authorization and Validity
    
    
    425.3 No Conflict; Government Consent
    
    
    425.4 Financial Statements
    
    
    425.5 Material Adverse Change
    
    
    435.6 Taxes
    
    
    435.7 Litigation and Contingent Obligations
    
    
    435.8 Subsidiaries
    
    
    435.9 ERISA
    
    
    435.10 Accuracy of Information
    
    
    435.11 Regulation T, U and X
    
    
    445.12 Material Agreements
    
    
    445.13 Compliance With Laws
    
    
    445.14 Ownership of Properties
    
    
    445.15 OFAC
    
    
    445.16 Environmental Matters
    
    
    445.17 Investment Company Act
    
    
    445.18 Patriot Act
    
    
    445.19 No Default
    
    
    455.20 Intellectual Property
    
    
    45ARTICLE VI COVENANTS
    
    
    456.1 Financial Reporting
    
    
    456.2 Use of Proceeds
    
    
    466.3 Notice of Default
    
    
    476.4 Conduct of Business; Books and Records
    
    
    476.5 Taxes
    
    
    476.6 Insurance
    
    
    476.7 Compliance with Laws
    
    
    47
 - ii -




---



##### 



6.8 Maintenance of Properties
    
    
    476.9 Inspection
    
    
    476.10 Dividends; Publicly Traded Capital Stock
    
    
    486.11 Indebtedness
    
    
    486.12 Merger
    
    
    496.13 Sale of Assets
    
    
    506.14 Investments and Acquisitions
    
    
    506.15 Liens
    
    
    526.16 Affiliates
    
    
    536.17 Prepayment of Other Indebtedness
    
    
    536.18 Contingent Obligations
    
    
    536.19 Letters of Credit
    
    
    546.20 Financial Contracts
    
    
    546.21 Financial Covenants
    
    
    546.22 Subsidiaries
    
    
    546.23 Acquisitions
    
    
    556.24 Fiscal Year and Accounting Method
    
    
    556.25 Agreements Restricting Liens and Distributions
    
    
    556.26 Further Assurances
    
    
    556.27 Excluded SPV
    
    
    55ARTICLE VII DEFAULTS
    
    
    56ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
    
    
    588.1 Acceleration; Facility LC Collateral Account
    
    
    588.2 Amendments
    
    
    598.3 Preservation of Rights
    
    
    60ARTICLE IX GENERAL PROVISIONS
    
    
    609.1 Survival of Representations
    
    
    609.2 Governmental Regulation
    
    
    609.3 Headings
    
    
    609.4 Entire Agreement
    
    
    619.5 Several Obligations; Benefits of this Agreement
    
    
    619.6 Expenses; Indemnification
    
    
    619.7 Accounting
    
    
    629.8 Severability of Provisions
    
    
    629.9 Nonliability of Lenders
    
    
    63
 - iii -




---



##### 



9.10 Confidentiality
    
    
    639.11 Nonreliance
    
    
    639.12 Disclosure
    
    
    639.13 Interest
    
    
    639.14 Survival of Prior Agreements
    
    
    649.15 Amendment and Restatement of the Existing Facility
    
    
    649.16 Release of Collateral
    
    
    659.17 Release of Guarantors
    
    
    65ARTICLE X THE AGENT
    
    
    6510.1 Appointment; Nature of Relationship
    
    
    6510.2 Powers
    
    
    6510.3 General Immunity
    
    
    6610.4 No Responsibility for Loans, Recitals, etc.
    
    
    6610.5 Action on Instructions of Lenders
    
    
    6610.6 Employment of Agents and Counsel
    
    
    6610.7 Reliance on Documents; Counsel
    
    
    6610.8 Agents Reimbursement and Indemnification
    
    
    6610.9 Notice of Default
    
    
    6710.10 Rights as a Lender
    
    
    6710.11 Lender Credit Decision
    
    
    6710.12 Successor Agent
    
    
    6710.13 Agents Fee
    
    
    6810.14 Delegation to Affiliates
    
    
    68ARTICLE XI SETOFF; RATABLE PAYMENTS
    
    
    6811.1 Setoff
    
    
    6811.2 Ratable Payments
    
    
    68ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
    
    
    6912.1 Successors and Assigns
    
    
    6912.2 Participations
    
    
    6912.3 Assignments
    
    
    7012.4 Dissemination of Information
    
    
    7112.5 Tax Treatment
    
    
    71ARTICLE XIII NOTICES
    
    
    7113.1 Notices
    
    
    7113.2 Change of Address
    
    
    72
 - iv -




---



##### 



ARTICLE XIV COUNTERPARTS
    
    
    72ARTICLE XV CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC
    
    
    7215.1 CHOICE OF LAW
    
    
    7215.2 CONSENT TO JURISDICTION
    
    
    7215.3 WAIVER OF JURY TRIAL
    
    
    7315.4 Judgment Currency
    
    
    7315.5 USA PATRIOT Act
    
    
    7315.6 Waiver of Immunity
    
    
    7315.7 Delivery of Lender Addendum
    
    
    7315.8 Separateness of Excluded SPV
    
    
    74
 - v -




---



##### 



PRICING SCHEDULEEXHIBIT 2.13(d)
    
    NOTEEXHIBIT 2.21
    
    FORM OF LENDER ADDENDUMEXHIBIT 6.1(d)
    
    COMPLIANCE CERTIFICATEEXHIBIT 6.1(i)
    
    BACKLOG REPORTEXHIBIT 6.22
    
    FORM OF GUARANTYEXHIBIT 12.3.1
    
    ASSIGNMENT AGREEMENTSCHEDULE 2.19
    
    EXISTING FACILITY LCSSCHEDULE 5.7
    
    LITIGATION AND CONTINGENT OBLIGATIONSSCHEDULE 5.8
    
    SUBSIDIARIESSCHEDULE 5.12
    
    MATERIAL AGREEMENTSSCHEDULE 6.11(b)
    
    INDEBTEDNESS AND LIENSSCHEDULE 6.14(b)
    
    SUBSIDIARIES AND OTHER INVESTMENTSSCHEDULE 6.15(c)
    
    EXISTING LIENSSCHEDULE 6.18(d)
    
    CONTINGENT OBLIGATIONS
 - vi -




---



##### 



SECOND AMENDED AND RESTATED CREDIT AGREEMENT
 Effective Date THE SHAW GROUP INC. Borrower Guarantors BNP PARIBAS Agent
 WHEREAS Existing Facility
 WHEREAS
 NOW THEREFORE Section 4.1
  DEFINITIONS
  Accounts
 Acquisition
 Advance
 Affected Lender Section 2.20




---



##### 



Affiliate
 Agent
 Aggregate Commitment
 Aggregate Facility LC Commitment
 Aggregate Outstanding Credit Exposure
 Aggregate Revolving Loan Commitment
 Agreed Currencies
 Agreement
 Agreement Accounting Principles Section 5.4
 Alternate Base Rate
 - 2 -




---



##### 



provided
 Applicable Fee Rate
 Applicable LC Fee Rate
 Applicable Margin
 Article
 Authorized Officer
 Bankruptcy Event
 BNPP
 BNPPSC
 Borrower
 Borrowing Date
 Borrowing Notice Section 2.8
 Business Day
 Calculation Period
 Capitalized Lease
 Capitalized Lease Obligations
 - 3 -




---



##### 



Capital Stock
 Cash Equivalent Investments provided provided further
 Change Section 3.2
 Change in Control
 Code
 Collateral Shortfall Amount Section 8.1
 Commitment
 Computation Date 2.19.13
 - 4 -




---



##### 



Confidential Information Memorandum
 Consolidated Group
 Consolidated Interest Expense
 Consolidated Net Income
 Consolidated Net Worth
 Consolidated Tangible Net Worth
 Contingent Obligation
 Conversion/Continuation Notice Section 2.9
 Costs and Estimated Earnings in Excess of Billings
 Credit Extension
 Credit Extension Date
 Debtor Relief Laws
 - 5 -




---



##### 



Default Article VII
 Defaulting Lender Section 2.22 provided provided Section 2.22
 Departing Lender
 Departing Lender Signature Page
 Dollar Amount Section
2.19.13
 Dollars $
 Domestic Subsidiary
 - 6 -




---



##### 



EBITDA
 Effective Date
 Eligible Currency provided
 Employee Tax Remittance
 Environmental Laws
 Equivalent Amount
 ERISA
 - 7 -




---



##### 



ERISA Affiliate
 ERISA Event
 Eurodollar Advance Section 2.11
 Eurodollar Loan Section
2.11
 Eurodollar Rate plus provided
 Eurodollar Reserve Percentage
 Exchange Act
 Excluded SPV NEH
 - 8 -




---



##### 



Excluded SPV Debt Section 6.27
 Excluded SPV Letters of Credit Section 6.27
 Excluded Taxes
 Exhibit
 Existing Facility
 Existing Facility LCs Schedule 2.19
 Existing Loans Section 2.1.1
 Facility LC Section 2.19.1
 Facility LC Application Section 2.19.3
 Facility LC Collateral Account Section 2.19.11
 Facility LC Commitment Section
12.3.1
 Facility Termination Date
 FATCA
 Federal Funds Effective Rate
 Fee Letter
 FIN 46
 - 9 -




---



##### 



Financial Contract
 Financial LC Obligation plus
 Financial Letter of Credit
 Financial Reimbursement Obligations Section 2.19
 Floating Rate plus provided
 Floating Rate Advance Section 2.11
 Foreign Subsidiary
 Fronting Fee Section 2.19.4
 General Intangibles
 Guarantors Section 6.22
 Guaranty Section 6.22
 - 10 -




---



##### 



Highest Lawful Rate
 Indebtedness
 Interest Coverage Ratio
 Interest Period provided however provided however
 Inventory
 Investment
 - 11 -




---



##### 



Issuer
 Issuer LC Agreement
 LC Fee Section 2.19.4
 LC Obligations
 LC Payment Date Section 2.19.5
 Legal Requirements
 Lenders Section 12.3 Lenders
 Lender Addendum
 Lender Parent
 Lending Installation Section 2.17
 Letter of Credit
 Leverage Ratio
 LIBOR
 - 12 -




---



##### 



Lien
 Loan Article II
 Loan Documents Section 2.13 Article IV
 Material Adverse Effect
 Material Indebtedness Section 7.5
 Material Subsidiary provided
 Modify Modification Section
2.19.1
 Moodys
 Multiemployer Plan
 Net Mark-to-Market Exposure
 - 13 -




---



##### 



Non-Recourse Indebtedness
 Non-U.S. Lender Section 3.5(d)
 Note Section 2.13(c) Exhibit 2.13(d)
 Obligations
 Off-Balance Sheet Liability
 Operating Lease
 Other Taxes Section 3.5(b)
 Outstanding Credit Exposure plus
 Participants Section 12.2.1
 Payment Date
 PBGC
 Performance Letter of Credit
 - 14 -




---



##### 



Performance Reimbursement Obligations Section 2.19
 Permitted Businesses
 Permitted Business Investments
  provided
      Permitted Cash Collateral
 Permitted Financial Investments
    Permitted Liens
 - 15 -




---



##### 



AIC further
provided further provided
      provided Permitted Liens
 - 16 -




---



##### 



Person
 Plan
 Pricing Schedule
 Prime Rate
 Pro Forma Liquidity
 Projections
 Property
 Pro Rata Share
 Purchasers Section 12.3.1
 Qualified Stock
 Rate Hedging Agreement
 Rate Hedging Obligation
 - 17 -




---



##### 



Receivables
 Refunded Swing Line Loans Section 2.1.2(a)
 Regulations T, U and X Regulations T, U or X
 Reimbursement Obligations
 Reportable Event provided however
 Reports Section 9.6
 Required Lenders
 Revolving Credit Loan Section 2.1
 Revolving Loan Commitment
 S&P
 Schedule
 - 18 -




---



##### 



SEC
 Section
 Shaw EBITDA
 Single Employer Plan
 Special Purpose Subsidiary
 Subordination Agreement provided
 Subsidiary
 Substantial Portion
 - 19 -




---



##### 



clause (i)
 Supplemental Indebtedness
     Swing Line Commitment Section 2.1.2
 Swing Line Lender
 Swing Line Loan Swing Line Loans Section 2.1.2
 Taxes
 Total Debt
 Transactions
 Transferee Section 12.4
 Type
 Unmatured Default
 - 20 -




---



##### 



Unrestricted
 Westinghouse Entities
 Westinghouse Investments
 Wholly-Owned Subsidiary
 Withdrawal Liability
   THE CREDITS
 Commitments
 Loan Commitment Existing Loans
 - 21 -




---



##### 



provided plus Section 2.19
 Swing Line Commitment
 Swing Line
Loan Swing Line Loans Loans Section 2.1.2(b) Section 2.5
 Refunded Swing Line Loan provided Section
2.2
  - 22 -




---



##### 



Loan Relevant Lender
 Section 2.1.2 Section
2.1.2
 Required Payments, Termination.
  - 23 -




---



##### 



Ratable Loans.
 Types of Advances.
 Commitment Fee; Reductions in Aggregate Commitment.
  provided however
 Minimum Amount of Each Advance.
 - 24 -




---



##### 



provided
 Optional Principal Payments.
 Method of Selecting Types and Interest Periods for New Advances.
 Loans Borrowing Notice
     Article XIII
 Swing Line Loans
 Conversion and Continuation of Outstanding Advances.
 - 25 -




---



##### 



Change in Interest Rate, etc.
 Rates Applicable After Default.
 - 26 -




---



##### 



Method of Payment.
 Noteless Agreement, Evidence of Indebtedness.
   Section
2.13(a) Section 2.13(b) provided however
 Note Exhibit 2.13(d) Section 12.3 Section
12.3 Section 2.13(a) Section 2.13(b)
 Telephonic Notices.
 Interest Payment Dates, Interest and Fee Basis.
 - 27 -




---



##### 



Notification of Advances, Interest Rates, Prepayments and Commitment Reductions.
 Lending Installations.
 Non-Receipt of Funds by the Agent.
 Facility LCs.
 Issuance
 - 28 -




---



##### 



Facility LC Modify Modification plus
 Participations Section 2.19
 Notice Section 2.19.1 Article IV Facility LC Application
 LC Fees LC Fee Fronting Fee
 - 29 -




---



##### 



Administration, Reimbursement by Lenders LC Payment Date Section 2.19.6 plus
 Reimbursement by Borrower provided Section 2.19.5
 - 30 -




---



##### 



Section 2.8 Article IV
 Obligations Absolute Section
2.19 Section 2.19.7 Section 2.19.6
 Actions of Issuer Section 2.19
 Indemnification Beneficiary
 - 31 -




---



##### 



provided Section 2.19.9
 Lenders Indemnification Section 2.19
 Facility LC Collateral Account Facility LC Collateral Account Article III Section 8.1 Section 2.19.11 Section 8.1
 Rights as a Lender
 Agreed Currency Provisions
 - 32 -




---



##### 



Replacement of Lender. provided provided further
 Increase of the Commitments.
 minus minus Section 6.11(p) Assuming Lender
 - 33 -




---



##### 



Sections 2.5 2.19.4
 provided
    Section 2.19.4
 Section
2.22(c)(i) Section 2.5 Section 2.19.4
 - 34 -




---



##### 



Section 2.19.4
  Section 9.6(a) Section
2.19.9 Section 9.6(b)
  Section 2.22(c)(ii) Section 2.22(c)(ii)
  YIELD PROTECTION; TAXES
 Yield Protection.
 - 35 -




---



##### 



Section 3.1
 Section 3.1 Section 12.3
 Changes in Capital Adequacy Regulations.
 - 36 -




---



##### 



Change provided Risk-Based Capital Guidelines Section 3.2
 Section 3.2 Section 12.3
 Availability of Types of Advances.
 - 37 -




---



##### 



Funding Indemnification.
 Taxes.
 Section 3.5
 Other Taxes
 Section 3.5 Section 3.6
 Non-U.S. Lender
 - 38 -




---



##### 



Section 3.5(d) Section 3.5 provided Section 3.5(d)
  Section 3.5(g)
 Section 3.5 provided
 Lender Statements; Survival of Indemnity.
 - 39 -




---



##### 



Effect of Yield Protection.
  CONDITIONS PRECEDENT
 Effectiveness.
 Closing Documents
      - 40 -




---



##### 



Section 2.13
  Fees and Expenses
 provided
   Each Credit Extension.
  Article V
  - 41 -




---



##### 



Reaffirmations of Warranties.
  REPRESENTATIONS AND WARRANTIES
  Existence and Standing.
 Authorization and Validity.
 No Conflict; Government Consent.
 Financial Statements.
 - 42 -




---



##### 



Material Adverse Change.
 Taxes.
 Litigation and Contingent Obligations.
 Subsidiaries.
 ERISA.
 Accuracy of Information.
 - 43 -




---



##### 



Regulation T, U and X.
 Material Agreements.
 Compliance With Laws.
 Ownership of Properties.
 OFAC.
 Environmental Matters.
 Investment Company Act.
 Patriot Act.
 - 44 -




---



##### 



No Default.
 Intellectual Property.
  COVENANTS
  Financial Reporting.
    Section 6.1(a) Section 6.1(b) Exhibit
6.1(d)
 - 45 -




---



##### 



Section 6.21
     Section 6.1(a) Section 6.1(b) Exhibit
6.1(i)
  Section 6.1 provided Section
6.1
 Use of Proceeds.
 - 46 -




---



##### 



Notice of Default.
 Conduct of Business; Books and Records.
 Taxes.
 Insurance.
 Compliance with Laws.
 Maintenance of Properties.
 Inspection.
 - 47 -




---



##### 



Dividends; Publicly Traded Capital Stock.
    Section 6.14(m)
 Indebtedness.
 Section
6.27(b)(i)
 Schedule
6.11(b)
 provided
 provided
  - 48 -




---



##### 



provided
      Section 6.19
 Section 6.11 provided
 Section 6.18
 minus Section 2.21
 Section 6.11(a) Section 6.27(b)(i)
 Merger.
 - 49 -




---



##### 



Investments and Acquisitions.
  Schedule
6.14(b)
 Section 6.23
 - 50 -




---



##### 



Section 6.14
  (c) (h) (i) (j) (k) Section 6.14
   - 51 -




---



##### 



Liens
   Schedule 6.15(c)
 Section
6.23 provided
 Section 6.11(c) Section
6.11(d)
 Section
6.15(c) Section 6.15(d) provided provided further
   Permitted Cash Collateral provided
 Section 6.11(q)
 - 52 -




---



##### 



Affiliates. provided
 Prepayment of Other Indebtedness.
 Contingent Obligations.
  Section
6.27(b)(i)
  Schedule 6.18(d)
  provided
 - 53 -




---



##### 



Section 6.11
   Letters of Credit.
 Section 6.27(b)(i)
  Section 6.15(i) Section 6.19
 Section 6.15(h)(2) Section 6.19
 Financial Contracts.
 Financial Covenants .
 Leverage Ratio
 Interest Coverage Ratio
 Subsidiaries
 - 54 -




---



##### 



Acquisitions.
 Fiscal Year and Accounting Method. provided however
 Agreements Restricting Liens and Distributions. provided
 Further Assurances.
 Excluded SPV.
  - 55 -




---



##### 



Section
6.27(b)(iv) Excluded SPV Debt
 Excluded SPV Letters of Credit
   DEFAULTS
    Section 6.2 Section 6.3 Section 6.4 Sections
6.10 6.26
 - 56 -




---



##### 



Material Indebtedness
      Section 7.6
 Section 7.7
   - 57 -




---



##### 



ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
 Acceleration; Facility LC Collateral Account.
 Section 7.6 Section 7.7 Collateral Shortfall Amount
  - 58 -




---



##### 



Section 7.6 Section 7.7
 Amendments. provided however
  Section 2.2
  Section 2.5(b)
  - 59 -




---



##### 



Section 11.2
   Section 8.2
 provided however
    Section 12.3.2
 Preservation of Rights.
  GENERAL PROVISIONS
 Survival of Representations.
 Governmental Regulation.
 Headings.
 - 60 -




---



##### 



Entire Agreement
 Several Obligations; Benefits of this Agreement provided however
 Expenses; Indemnification
 Reports
 Indemnitees
 - 61 -




---



##### 



Section 9.6
 Numbers of Documents
 Accounting
   Severability of Provisions
 - 62 -




---



##### 



Nonliability of Lenders
 Confidentiality
 Nonreliance
 Disclosure
 Interest
 - 63 -




---



##### 



Survival of Prior Agreements
 Amendment and Restatement of the Existing Facility Section 2.1.1 Section 3.4
 - 64 -




---



##### 



Release of Collateral
 Release of Guarantors provided
    THE AGENT
 Appointment; Nature of Relationship
 Powers
 - 65 -




---



##### 



General Immunity
 No Responsibility for Loans, Recitals, etc.
 Action on Instructions of Lenders
 Employment of Agents and Counsel
 Reliance on Documents; Counsel
 Agents Reimbursement and Indemnification
 - 66 -




---



##### 



provided
 Notice of Default
 Rights as a Lender
 Lender Credit Decision
 Successor Agent
 - 67 -




---



##### 



Agents Fee
 Delegation to Affiliates
  SETOFF; RATABLE PAYMENTS
 Setoff
 As Against the Borrower
  Ratable Payments
 - 68 -




---



##### 



BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
 Successors and Assigns provided however
 Participations
 Permitted Participants; Effect Participants
 Voting Rights
 - 69 -




---



##### 



Benefit of Setoff Section 11.1 provided Section 11.1 Section 11.1 Section 11.2
 Assignments
 Permitted Assignments Purchasers provided Exhibit 12.3.1 provided provided however
 Effect; Effective Date Section 12.3.1
 - 70 -




---



##### 



Section 12.3.2
 Dissenting Lender Dissenting Lender Purchasing Lender Exhibit 12.3.1 Section 12.3 provided
 Dissemination of Information provided Section 9.10
 Tax Treatment Section 3.5(d)
  NOTICES
 Notices
 - 71 -




---



##### 



provided
 Change of Address
  COUNTERPARTS
   CHOICE OF LAW; CONSENT TO JURISDICTION;
WAIVER OF JURY TRIAL; ETC
 CHOICE OF LAW .. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION)
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS. WITHOUT LIMITATION OF THE FOREGOING, NOTHING IN THIS AGREEMENT, OR IN THE NOTES OR IN ANY
OTHER LOAN DOCUMENT SHALL BE DEEMED TO CONSTITUTE A WAIVER OF ANY RIGHTS WHICH ANY LENDER MAY HAVE
UNDER APPLICABLE FEDERAL LEGISLATION RELATING TO THE AMOUNT OF INTEREST WHICH SUCH LENDER MAY
CONTRACT FOR, TAKE, RECEIVE OR CHARGE IN RESPECT OF THE LOAN AND THE LOAN DOCUMENTS, INCLUDING ANY
RIGHT TO TAKE, RECEIVE, RESERVE AND CHARGE INTEREST AT THE RATE ALLOWED BY THE LAW OF THE STATE
WHERE ANY LENDER IS LOCATED.
 CONSENT TO JURISDICTION . THE BORROWER AND EACH GUARANTOR HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT
SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN
DOCUMENTS AND THE BORROWER AND EACH GUARANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT
OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES
ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT
THE RIGHT OF THE AGENT, ANY ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE
 - 72 -




---



##### 



BORROWER OR ANY
GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER OR ANY
GUARANTOR AGAINST THE AGENT, ANY ISSUER, ANY LENDER OR ANY AFFILIATE OF THE AGENT, ANY ISSUER OR
ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.
 WAIVER OF JURY TRIAL . THE BORROWER, EACH GUARANTOR, THE AGENT, EACH ISSUER AND
EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.
 Judgment Currency
 USA PATRIOT Act
 Waiver of Immunity
 Delivery of Lender Addendum
 - 73 -




---



##### 



Separateness of Excluded SPV
 [Remainder of this page intentionally left blank. Signature pages follow.]
 - 74 -




---



##### 



THE SHAW GROUP INC., as BorrowerBy:
    
    
    
    /s/ Brian K. FerraioliName:
    
    Brian K. FerraioliTitle:
    
    Executive Vice President and 

Chief Financial OfficerAddress:
    
    4171 Essen LaneBaton Rouge, Louisiana 70809Attention: David KinnisonTelephone: 225-932-2573Telecopy: 225-987-3114




---



##### 



LFG SPECIALTIES, L.L.C.,
 By its sole member:
 EMCON/OWT, Inc.By:

/s/
David G. KinnisonName:
    David G. KinnisonTitle:
    Assistant Treasurer B.F. SHAW, INC.
COASTAL PLANNING & ENGINEERING, INC.
EMCON/OWT, INC.
FIELD SERVICES, INC.
SHAW BENECO, INC.
SHAW CONSULTANTS INTERNATIONAL, INC.
SHAW ENERGY & CHEMICALS INTERNATIONAL, INC.
SHAW ENERGY & CHEMICALS, INC.
SHAW ENVIRONMENTAL, INC.
SHAW ENVIRONMENTAL & INFRASTRUCTURE, INC.
SHAW INFRASTRUCTURE, INC.
SHAW INTERNATIONAL, INC.
SHAW MID STATES PIPE FABRICATING, INC.
SHAW NAPTECH, INC.
SHAW NORTH CAROLINA, INC.
SHAW POWER, INC.
SHAW SSS FABRICATORS, INC.
STONE & WEBSTER ASIA, INC.
STONE & WEBSTER INTERNATIONAL, INC.
STONE & WEBSTER, INC.,
 By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    Assistant Treasurer SHAW ALLOY PIPING PRODUCTS, LLC,
 By its sole member:
 Shaw Fabrication & Manufacturing, Inc.By:

/s/
David G. KinnisonName:
    David G. KinnisonTitle:
    Vice President and Treasurer




---



##### 



SHAW CONSTRUCTORS, INC.,
 By:
    /s/ Regina N. HamiltonName:
    Regina N. HamiltonTitle:
    Assistant Secretary SHAW FABRICATION & MANUFACTURING, INC.,
 By:
    /s/ Regina N. HamiltonName:
    Regina N. HamiltonTitle:
    Assistant Secretary SHAW FACILITIES, INC.,
 By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    President and Treasurer SHAW GBB, LLC,
 By its sole member:
 Shaw Environmental & Infrastructure, Inc.
 By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    Assistant Treasurer SHAW GLOBAL ENERGY SERVICES, LLC,
 By its sole member:
 Shaw Environmental, Inc.
 By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    Assistant Treasurer




---



##### 



SHAW POWER SERVICES, LLC
SHAW SUNLAND FABRICATORS, LLC,
 By their sole member:
 Shaw Fabrication & Manufacturing, Inc.By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    Vice President and Treasurer SHAW RIO GRANDE VALLEY FABRICATION & MANUFACTURING, L.L.C.,
 By its sole member:
 Shaw Power Services, LLC
By its sole member:
  Shaw Fabrication & Manufacturing, Inc.By:
    
    /s/ David G. KinnisonName: David G. KinnisonTitle: Vice President and Treasurer
 STONE & WEBSTER CONSTRUCTION, INC.,
 By:
    /s/ Brandon PolitzName:
    Brandon PolitzTitle:
    Vice President THE LANDBANK GROUP, INC.
 By:
    /s/ David G. KinnisonName:
    David G. KinnisonTitle:
    Assistant Treasurer




---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 








---



##### 



Applicable
    
    Applicable
    
    Financial LC
    
    Performance
    
    CommitmentLevel
    
    Rating Levels
    
    LIBOR Margin
    
    ABR Margin
    
    Fee
    
    LC Fee
    
    FeeI
    
    BBB/Baa2 or above
    
    
    1.50
    %
    
    
    0.50
    %
    
    
    1.50
    %
    
    
    0.90
    %
    
    
    0.25
    %II
    
    BBB-/Baa3
    
    
    1.75
    %
    
    
    0.75
    %
    
    
    1.75
    %
    
    
    1.05
    %
    
    
    0.30
    %III
    
    BB+/Ba1
    
    
    2.00
    %
    
    
    1.00
    %
    
    
    2.00
    %
    
    
    1.20
    %
    
    
    0.35
    %IV
    
    BB/Ba2
    
    
    2.25
    %
    
    
    1.25
    %
    
    
    2.25
    %
    
    
    1.35
    %
    
    
    0.40
    %V
    
    BB-/Ba3 or below
    
    
    2.75
    %
    
    
    1.75
    %
    
    
    2.75
    %
    
    
    1.65
    %
    
    
    0.50
    %




---



##### 



Applicable
    
    Applicable
    
    Financial LC
    
    Performance
    
    CommitmentLevel
    
    Leverage Ratio
    
    LIBOR Margin
    
    ABR Margin
    
    Fee
    
    LC Fee
    
    FeeI
    
    < 0.75 to 1.00
    
    
    1.75
    %
    
    
    0.75
    %
    
    
    1.75
    %
    
    
    1.05
    %
    
    
    0.30
    %II
    
    ≥ 0.75 to 1.00 but < 1.25 to 1.00
    
    
    2.00
    %
    
    
    1.00
    %
    
    
    2.00
    %
    
    
    1.20
    %
    
    
    0.35
    %III
    
    ≥ 1.25 to 1.00 but < 1.75 to 1.00
    
    
    2.25
    %
    
    
    1.25
    %
    
    
    2.25
    %
    
    
    1.35
    %
    
    
    0.40
    %IV
    
    ≥ 1.75 to 1.00
    
    
    2.75
    %
    
    
    1.75
    %
    
    
    2.75
    %
    
    
    1.75
    %
    
    
    0.50
    %




---



##### 



EXHIBIT 2.13(d)
NOTE
 [Date]
 Borrower Lender Article II
  Agreement
 THE SHAW GROUP INC.By:Name:Title:




---



##### 



SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
NOTE OF _______________,
DATED _______________,
 Principal Amount
    
    Maturity of
    
    Principal Amount
    
    UnpaidDate
    
    of Loan
    
    Interest Period
    
    Paid
    
    Balance




---



##### 



EXHIBIT 2.21
FORM OF LENDER ADDENDUM
  Credit Agreement Borrower
    [NAME OF LENDER]By:Name:Title: Accepted and agreed this day of []:THE SHAW GROUP INC.By:Name:Title:BNP PARIBAS, as AgentBy:Name:Title:By:Name:Title:




---



##### 



EXHIBIT 6.1(d) COMPLIANCE CERTIFICATE
  To:
    
    The Lenders party to the
Credit Agreement Described Below
 Agreement Borrower
    paragraph 2
 Schedule I
 Schedule II
 paragraph 3




---



##### 



The Shaw Group Inc.By:Name:Title:




---



##### 



SCHEDULE I TO COMPLIANCE CERTIFICATE
 Compliance as of _________, ____ with
Provisions of Section 6.21 of the Agreement




---



##### 



SCHEDULE II TO COMPLIANCE CERTIFICATE
 Reports and Deliveries Currently Due




---



##### 



EXHIBIT 6.1(i)
 BACKLOG REPORT
 THE SHAW GROUP INC.
 MAJOR PROJECTS CONSOLIDATED PROGRESS TO DATE
As of _____________________________
 Includes Projects with $10 million or More in Backlog
($ in 000s)
 BILLINGSTOTAL
    
    
    
    
    
    EARNED
    
    COSTS & EARNINGS
    
    IN EXCESS OFPROJECT
    
    PROJECT
    
    
    
    FORECASTED
    
    TOTAL
    
    GROSS
    
    EARNED
    
    COSTS TO
    
    GROSS
    
    IN EXCESS
    
    COSTS &CUSTOMER
    
    BUSINESS
    
    LOCATION
    
    SCOPE
    
    FIRM
    
    REVENUE
    
    COSTS
    
    MARGIN
    
    REVENUE
    
    DATE
    
    MARGIN
    
    OF BILLINGS
    
    EARNINGS




---



##### 



EXHIBIT 12.3.1 ASSIGNMENT AGREEMENT
 Assignment Agreement Assignor Assignee
 PRELIMINARY STATEMENT Credit Agreement Schedule 1 Schedule 1
 ASSIGNMENT AND ASSUMPTION Schedule 1 Schedule 1 Schedule 1
 EFFECTIVE DATE Effective Date Schedule 1
 PAYMENT OBLIGATIONS
 RECORDATION FEE Schedule 1




---



##### 



REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNORS LIABILITY
 REPRESENTATIONS AND UNDERTAKINGS OF THE ASSIGNEE Schedule 1
 GOVERNING LAW
 NOTICES Schedule
1
 COUNTERPARTS; DELIVERY BY FACSIMILE




---



##### 



Schedule 1




---



##### 



SCHEDULE 1 to Assignment Agreement
 1.
    
    Description and Date of Credit Agreement: Second Amended and Restated Credit Agreement dated as of June 15, 2011 among
The Shaw Group Inc., the lenders party thereto, and BNP Paribas, as Agent2.
    
    Date of Assignment Agreement:                     _______________, 20_____3.
    
    Amounts (As of Date of Item 2 above):
 Revolving Loan
    
    Facility LCCommitment
    
    Commitmenta.
    
    Assignees percentage
of each Facility
purchased under the
Assignment Agreement*
    
    %
    
    %b.
    
    Amount of each
Facility purchased under
the Assignment Agreement*
    
    $
    
    $4.
    
    Assignees Commitment (or
Outstanding Credit Exposure with
respect to terminated Commitments)
purchased hereunder:
    
    $
    
    $
 5.
    
    Proposed Effective Date:                     , 20_____6.
    
    Non-standard Recordation Fee Arrangement                      N/A**
 [Assignor/Assignee
to pay 100% of fee]
 Accepted and Agreed:[NAME OF ASSIGNOR]
    
    [NAME OF ASSIGNEE]By:
    
    
    
    By:Name:
    
    
    
    Name:Title:
    
    
    
    Title:




---



##### 



ACCEPTED AND CONSENTED 
TO *** BY
    
    ACCEPTED AND CONSENTED
TO*** BYThe Shaw Group Inc.
    
    BNP Paribas, as Agent and as Swing Line LenderBy:
    
    
    
    By:Name:
    
    
    
    Name:Title:
    
    
    
    Title:
 
 *
    
    Percentage taken to 10 decimal places**
    
    If fee is split 50-50, pick N/A as option***
    
    Delete if not required by Credit Agreement




---



##### 



Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT
 ADMINISTRATIVE INFORMATION SHEET
 
 ASSIGNOR INFORMATION
 Contact :
 Name:
    
    Telephone No.:
 Fax No.:
    
    Telex No.:Answerback:
 Payment Information :
 Name & ABA # of Destination Bank:Account Name & Number for Wire Transfer:Other Instructions:
 Address for Notices for Assignor:
 ASSIGNEE INFORMATION  Credit Contact :
 Name:
    
    Telephone No.:
 Fax No.:
    
    Telex No.:
 Answerback:
 Key Operations Contacts :
 Booking Installation:
    
    Booking Installation:Name:
    
    Name:Telephone No.:
    
    Telephone No.:Fax No.:
    
    Fax No.:Telex No.:
    
    Telex No.:Answerback:
    
    Answerback:
 Payment Information :
 Name & ABA # of Destination Bank:Account Name & Number for Wire Transfer:
 
 Exhibits and Schedules  Page 16




---



##### 



Address for Notices for Assignee:
 Exhibits and Schedules  Page 17




---



##### 



AGENT INFORMATION
  Initial Funding Contact:
    
    Subsequent Operations Contact:Name: _
    
    Name: _Telephone No.: (___)_
    
    Telephone No.: (___)_Fax No.: (___) _____
    
    Fax No.: (___) _____BNPP Telex No.:
 Initial Funding Standards :
  BNPP Wire Instructions :
 Address for Notices for BNP :
 Exhibits and Schedules  Page 18




---



##### 



SCHEDULE 2.19
 EXISTING FACILITY LETTERS OF CREDIT
AS OF JUNE 8, 2011
 BANK EXPIRYLC NUMBER
    
    BENEFICIARY
    
    
    DATE
    
    
    AMOUNT (USD)
 **
 Exhibits and Schedules  Page 19




---



##### 



SCHEDULE 5.7
 LITIGATION AND CONTINGENT OBLIGATIONS
  Exhibits and Schedules  Page 20




---



##### 



Schedule 5.8  Subsidiaries
 Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesACL Piping, Inc.
    
    Texas
    
    The Shaw Group Inc.
    
    
    100.0000Aiton & Co Limited
    
    England & Wales
    
    Shaw Group UK Limited
    
    
    100.0000American Plastic Pipe and Supply, L.L.C.
    
    Louisiana
    
    EMCON/OWT, Inc.
    
    
    100.0000Arlington Avenue E Venture, LLC
    
    Delaware
    
    LandBank Properties, L.L.C.
    
    
    100.0000Atlantic Contingency Constructors, LLC
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    60.0000B.F. Shaw, Inc.
    
    South Carolina
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XBadger Technologies, L.L.C.
    
    Louisiana
    
    Stone & Webster Process Technology, Inc.
    
    
    100.0000Badger Technology Holdings, L.L.C.
    
    Louisiana
    
    Badger Technologies, L.L.C.
    
    
    100.0000Benicia North Gateway II, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000C.B.P. Engineering Corp.
    
    Illinois
    
    Prospect Industries (Holdings) Inc.
    
    
    100.0000Camden Road Venture, LLC
    
    Delaware
    
    LandBank Properties, L.L.C.
    
    
    100.0000Chimento Wetlands, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Coastal Consultoria Ambiental Ltda.
    
    Brazil
    
    Coastal Planning & Engineering, Inc.
    
    
    100.0000Coastal Estuary Services, L.L.C.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    50.1000Coastal Infrastructure Solutions, LLC
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    80.0000Coastal Planning & Engineering, Inc.
    
    Florida
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
    
    
    XCojafex B.V.
    
    Netherlands
    
    The Shaw Group Inc.
    
    
    100.0000EDS Equipment Company, LLC
    
    Delaware
    
    Shaw Transmission & Distribution Services, Inc.
    
    
    100.0000EMCON/OWT, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
    
    
    XEnvironmental Solutions (Cayman) Ltd.
    
    Cayman Islands
    
    Environmental Solutions Holding Ltd.
    
    
    100.0000Environmental Solutions Holding Ltd.
    
    Cayman Islands
    
    GHG Solutions, Inc.
    
    
    100.0000Environmental Solutions Ltd.
    
    Cayman Islands
    
    Environmental Solutions (Cayman) Ltd.
    
    
    100.0000Environmental Solutions of Ecuador S.A. Envisolutec
    
    Ecuador
    
    Environmental Solutions Ltd.
    
    
    99.8750Field Services Canada Inc.
    
    New Brunswick
    
    Shaw Canada L.P.
    
    
    100.0000Field Services, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000
    
    
    XFindlay Inn Limited Partnership
    
    Unknown
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Ft. Leonard Wood Management Company, L.L.C.
    
    Louisiana
    
    Shaw Ft. Leonard Wood Housing II, L.L.C.
    
    
    100.0000GFM Real Estate LLC
    
    Louisiana
    
    Shaw Facilities, Inc.
    
    
    100.0000GHG Solutions, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Great Southwest Parkway Venture, LLC
    
    Delaware
    
    LandBank Properties, L.L.C.
    
    
    100.0000Greater Baton Rouge Ethanol, L.L.C.
    
    Louisiana
    
    Shaw Biofuels, L.L.C.
    
    
    100.0000HL Newhall II, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Holding Manufacturas Shaw South America, C.A.
    
    Venezuela
    
    Manufacturas Shaw South America, C.A.
    
    
    50.0000Holding Manufacturas Shaw South America, C.A.
    
    Venezuela
    
    Shaw International, Inc.
    
    
    50.0000Integrated Site Solutions, L.L.C.
    
    Michigan
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
 Exhibits and Schedules  Page 21




---



##### 



Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesInternational Consultants, L.L.C.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000IT Holdings Canada, Inc.
    
    New Brunswick
    
    Stone & Webster Canada Holding One (N.S.), ULC
    
    
    100.0000Jernee Mill Road, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Kato Road II, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Kings Bay Support Services, LLC
    
    Delaware
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    65.0000KIP I, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000LandBank Baker, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000LandBank Properties, L.L.C.
    
    Louisiana
    
    The LandBank Group, Inc.
    
    
    100.0000LFG Specialties, L.L.C.
    
    Louisiana
    
    EMCON/OWT, Inc.
    
    
    100.0000
    
    
    XLone Star Fabricators, Inc.
    
    Texas
    
    The Shaw Group Inc.
    
    
    100.0000Manufacturas Shaw South America, C.A.
    
    Venezuela
    
    Shaw International, Inc.
    
    
    100.0000Millstone River Wetland Services, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Norwood Venture I, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Nuclear Technology Solutions, L.L.C.
    
    Delaware
    
    S C Woods, L.L.C.
    
    
    100.0000Otay Mesa Ventures II, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Pacific Support Group LLC
    
    Hawaii
    
    Shaw California, L.L.C.
    
    
    75.0000Pike Properties I, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Pike Properties II, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Pipework Engineering and Developments Limited
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Plattsburg Venture, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000Prospect Industries (Holdings) Inc.
    
    Delaware
    
    Shaw Power Services, LLC
    
    
    100.0000PT Stone & Webster Indonesia
    
    Jakarta-Indonesia
    
    Stone & Webster Asia, Inc.
    
    
    75.0000Raritan Venture I, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000S C Woods, L.L.C.
    
    Delaware
    
    Stone & Webster, Inc.
    
    
    100.0000SELS Administrative Services, L.L.C.
    
    Missouri
    
    Shaw Environmental Liability Solutions, L.L.C.
    
    
    100.0000Shaw A/DE, Inc.
    
    Louisiana
    
    Shaw Fronek Company (FCI), Inc.
    
    
    100.0000Shaw Aiton Australia Pty Limited
    
    New South Wales-Australia
    
    The Shaw Group Inc.
    
    
    99.9998Shaw Alaska, Inc.
    
    Alaska
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Alloy Piping Products, LLC
    
    Louisiana
    
    Shaw Fabrication & Manufacturing, Inc.
    
    
    100.0000
    
    
    XShaw Americas, L.L.C.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw APP Tubeline, Inc.
    
    New Jersey
    
    Shaw Alloy Piping Products, LLC
    
    
    100.0000Shaw AREVA Mox Services, LLC
    
    South Carolina
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    30.0000Shaw AREVA Mox Services, LLC
    
    South Carolina
    
    Shaw Project Services Group, Inc.
    
    
    40.0000Shaw Beale Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw Beneco, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Biofuels, L.L.C.
    
    Louisiana
    
    Shaw Capital, Inc.
    
    
    100.0000Shaw California, L.L.C.
    
    Louisiana
    
    Shaw Environmental, Inc.
    
    
    100.0000Shaw Canada L.P.
    
    Ontario
    
    Stone & Webster Canada Holding One (N.S.), ULC
    
    
    99.0000Shaw Capital (Cayman)
    
    Cayman Islands
    
    Shaw Capital, Inc.
    
    
    100.0000Shaw Capital, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw CENTCOM Services, L.L.C.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    60.0000
 Exhibits and Schedules  Page 22




---



##### 



Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesShaw CMS, Inc.
    
    Delaware
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Coastal, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Connex, Inc.
    
    Delaware
    
    Prospect Industries (Holdings) Inc.
    
    
    100.0000Shaw Constructors, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Consultants International Limited
    
    England & Wales
    
    Shaw Energy & Chemicals Limited
    
    
    100.0000
    
    
    XShaw Consultants International, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000Shaw Dunn Limited
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Shaw E & I International Ltd.
    
    Cayman Islands
    
    Shaw International, Inc.
    
    
    100.0000Shaw E & I Investment Holdings, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw East Tennessee Solutions, LLC
    
    Tennessee
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Energy & Chemicals France SAS
    
    France
    
    Shaw Energy & Chemicals Limited
    
    
    100.0000Shaw Energy & Chemicals International, Inc.
    
    Louisiana
    
    Shaw International, Inc.
    
    
    100.0000
    
    
    XShaw Energy & Chemicals Limited
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Shaw Energy & Chemicals, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Energy Services, Inc.
    
    Louisiana
    
    Shaw Transmission & Distribution Services, Inc.
    
    
    100.0000Shaw Environmental & Infrastructure International, LLC
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Environmental & Infrastructure Massachusetts, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Environmental & Infrastructure, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Environmental International, Inc.
    
    Louisiana
    
    Shaw Environmental, Inc.
    
    
    100.0000Shaw Environmental Liability Solutions, L.L.C.
    
    Louisiana
    
    Shaw E & I Investment Holdings, Inc.
    
    
    100.0000Shaw Environmental, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
    
    
    XShaw Europe, Inc.
    
    Louisiana
    
    Shaw Environmental, Inc.
    
    
    100.0000Shaw Export Company, S. de R. L. de C.V.
    
    Mexico
    
    Shaw Mexican Holdings, S. de R.L. de C.V.
    
    
    99.0000Shaw Fabrication & Manufacturing International, Inc.
    
    Louisiana
    
    Shaw International, Inc.
    
    
    100.0000Shaw Fabrication & Manufacturing, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Fabricators, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Facilities, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Far East Services, LLC
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Field Services, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw FMG, LLC
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Fronek Company (FCI), Inc.
    
    Delaware
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Fronek Power Services, Inc.
    
    Louisiana
    
    Shaw Fronek Company (FCI), Inc.
    
    
    100.0000Shaw Ft. Leonard Wood Housing II, L.L.C.
    
    Louisiana
    
    Shaw Ft. Leonard Wood Housing, L.L.C.
    
    
    100.0000Shaw Ft. Leonard Wood Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw GBB International, LLC
    
    Alabama
    
    Shaw GBB, LLC
    
    
    100.0000Shaw GBB Maintenance, Inc.
    
    Alabama
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
 Exhibits and Schedules  Page 23




---



##### 



Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesShaw GBB, LLC
    
    Alabama
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
    
    
    XShaw Global Energy Services, LLC
    
    Louisiana
    
    Shaw Environmental, Inc.
    
    
    100.0000
    
    
    XShaw Global Offshore Services, Inc.
    
    Louisiana
    
    Shaw Global Energy Services, LLC
    
    
    100.0000Shaw Global Services, LLC
    
    Louisiana
    
    Shaw Far East Services, LLC
    
    
    100.0000Shaw Global, L.L.C.
    
    Delaware
    
    Shaw Overseas (Far East) Ltd.
    
    
    100.0000Shaw Group Power Limited
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Shaw Group UK Holdings
    
    England & Wales
    
    Shaw Global, L.L.C.
    
    
    100.0000Shaw Group UK International Services, Ltd.
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Shaw Group UK Limited
    
    England & Wales
    
    Shaw Group UK Holdings
    
    
    100.0000Shaw GRP of California
    
    California
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Hanscom Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw Heat Treating Service, C.A.
    
    Venezuela
    
    Manufacturas Shaw South America, C.A.
    
    
    99.9000Shaw Home Louisiana, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw India Limited
    
    Maharashtra - India
    
    Shaw Pacific Pte. Ltd.
    
    
    50.0000Shaw India Limited
    
    Maharashtra - India
    
    Stone & Webster, Inc.
    
    
    50.0000Shaw Industrial Supply Co., Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Infrastructure, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
    
    
    XShaw Intellectual Property Holdings, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw International Management Services Two, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    50.0000Shaw International Management Services Two, Inc.
    
    Louisiana
    
    Shaw International, Inc.
    
    
    50.0000Shaw International, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw International, Ltd.
    
    Cayman Islands
    
    Shaw International, Inc.
    
    
    100.0000Shaw JV Holdings, L.L.C.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Lancas, C.A.
    
    Venezuela
    
    Shaw International, Inc.
    
    
    100.0000Shaw Liquid Solutions LLC
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Little Rock Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw Maintenance, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Managed Services, LLC
    
    Louisiana
    
    Shaw Fabrication & Manufacturing, Inc.
    
    
    100.0000Shaw Management Services One, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Manpower, S. de R.L. de C.V.
    
    Mexico
    
    Shaw Mexican Holdings, S. de R.L. de C.V.
    
    
    99.0000Shaw Matamoros Fabrication and Manufacturing, S. de R.L. de C.V.
    
    Matamoros, Tamauilipas - Mexico
    
    Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
    
    
    99.0000Shaw Mexican Holdings, S. de R.L. de C.V.
    
    Mexico
    
    Shaw Mexico, L.L.C.
    
    
    99.0000Shaw Mexico Employment Recruiters, S. de R.L. de C.V.
    
    Mexico
    
    Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
    
    
    99.0000Shaw Mexico Real Estate Holdings, S. de R.L. de C.V.
    
    Mexico
    
    Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
    
    
    99.0000Shaw Mexico, L.L.C.
    
    Delaware
    
    Shaw Americas, L.L.C.
    
    
    100.0000Shaw Mid States Pipe Fabricating, Inc.
    
    Arkansas
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Morgan City Terminal, Inc.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000
 Exhibits and Schedules  Page 24




---



##### 



Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesShaw NAPTech, Inc.
    
    Delaware
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw NC Company, Inc.
    
    North Carolina
    
    Shaw Transmission & Distribution Services, Inc.
    
    
    100.0000Shaw North Carolina, Inc.
    
    North Carolina
    
    Stone & Webster, Inc.
    
    
    100.0000
    
    
    XShaw Northeast Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw Northwest Housing, L.L.C.
    
    Louisiana
    
    Shaw Infrastructure, Inc.
    
    
    100.0000Shaw Nuclear Energy Holdings (UK), Inc.
    
    Louisiana
    
    Shaw Transmission & Distribution Services, Inc.
    
    
    100.0000Shaw Nuclear Services, Inc.
    
    Louisiana
    
    Shaw Power, Inc.
    
    
    100.0000Shaw Overseas (Far East) Ltd.
    
    Cayman Islands
    
    Shaw International, Inc.
    
    
    100.0000Shaw Overseas (Middle East) Ltd.
    
    Cayman Islands
    
    Shaw International, Inc.
    
    
    100.0000Shaw Pacific Pte. Ltd.
    
    Singapore
    
    Shaw International, Inc.
    
    
    100.0000Shaw Pipe Supports, Inc.
    
    Texas
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Power Delivery Systems, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Power International, Inc.
    
    Louisiana
    
    Shaw International, Inc.
    
    
    100.0000Shaw Power Services Group, L.L.C.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Power Services, LLC
    
    Louisiana
    
    Shaw Fabrication & Manufacturing, Inc.
    
    
    100.0000
    
    
    XShaw Power Technologies, Inc.
    
    Louisiana
    
    Shaw Consultants International, Inc.
    
    
    100.0000Shaw Power, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Process and Industrial Group, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Process Fabricators, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Project Services Group, Inc.
    
    Delaware
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    100.0000Shaw Property Holdings, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Remediation Services, L.L.C.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw Rio Grande Holdings, L.L.C.
    
    Louisiana
    
    Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
    
    
    100.0000Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
    
    Louisiana
    
    Shaw Power Services, LLC
    
    
    100.0000
    
    
    XShaw Services, L.L.C
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Shaw SKE&C Middle East, Ltd.
    
    Cayman Islands
    
    The Shaw Group International Inc.
    
    
    53.0000Shaw SSS Fabricators, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000
    
    
    XShaw Stone & Webster Arabia Co., Ltd.
    
    Saudi Arabia
    
    Shaw International, Ltd.
    
    
    80.0000Shaw Sunland Fabricators, LLC
    
    Louisiana
    
    Shaw Fabrication & Manufacturing, Inc.
    
    
    100.0000
    
    
    XShaw Transmission & Distribution Services International, Inc.
    
    Delaware
    
    Shaw Transmission & Distribution Services, Inc.
    
    
    100.0000Shaw Transmission & Distribution Services, Inc.
    
    Louisiana
    
    Shaw Power Delivery Systems, Inc.
    
    
    100.0000Shaw Tulsa Fabricators, Inc.
    
    Oklahoma
    
    The Shaw Group Inc.
    
    
    100.0000Shaw-Robotic Environmental Services, L.L.C.
    
    Louisiana
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    70.0000So-Glen Gas Co., LLC
    
    Ohio
    
    EMCON/OWT, Inc.
    
    
    100.0000Stone & Webster Asia, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000
    
    
    XStone & Webster Canada Holding One (N.S.), ULC
    
    Nova Scotia
    
    Stone & Webster Holding One, Inc.
    
    
    50.0000Stone & Webster Canada Holding One (N.S.), ULC
    
    Nova Scotia
    
    Stone & Webster Holding Two, Inc.
    
    
    50.0000Stone & Webster Canada Holding Two, Inc.
    
    New Brunswick
    
    Stone & Webster Holding One, Inc.
    
    
    50.0000Stone & Webster Canada Holding Two, Inc.
    
    New Brunswick
    
    Stone & Webster Holding Two, Inc.
    
    
    50.0000
 Exhibits and Schedules  Page 25




---



##### 



Domestic
    
    
    
    Percent
    
    MaterialSubsidiary Name
    
    Jurisdiction
    
    Subsidiary Owner Name
    
    Owned
    
    SubsidiariesStone & Webster Construction Services, L.L.C.
    
    Louisiana
    
    Stone & Webster Construction, Inc.
    
    
    100.0000Stone & Webster Construction, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000
    
    
    XStone & Webster Engineering (Thailand) Ltd.
    
    Thailand
    
    Stone & Webster International, Inc.
    
    
    100.0000Stone & Webster Engineering Projects Private Limited
    
    New Delhi - India
    
    Stone & Webster International B.V.
    
    
    99.9979Stone & Webster Holding One, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Stone & Webster Holding Two, Inc.
    
    Louisiana
    
    The Shaw Group Inc.
    
    
    100.0000Stone & Webster Insaat ve Muhendislik Limited Sirketi
    
    Turkey
    
    Shaw Energy & Chemicals Limited
    
    
    50.0000Stone & Webster Insaat ve Muhendislik Limited Sirketi
    
    Turkey
    
    Stone & Webster International B.V.
    
    
    50.0000Stone & Webster International B.V.
    
    Netherlands
    
    Stone & Webster International Holdings, Inc.
    
    
    100.0000Stone & Webster International Holdings, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000Stone & Webster International, Inc.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000
    
    
    XStone & Webster Massachusetts, Inc.
    
    Massachusetts
    
    Stone & Webster, Inc.
    
    
    100.0000Stone & Webster Mauritius Limited
    
    Mauritius
    
    Stone & Webster International, Inc.
    
    
    100.0000Stone & Webster Michigan, Inc.
    
    Michigan
    
    Stone & Webster, Inc.
    
    
    100.0000Stone & Webster Process Technologies B.V.
    
    Amsterdam - Netherlands
    
    Stone & Webster International B.V.
    
    
    100.0000Stone & Webster Process Technology, Inc.
    
    Louisiana
    
    Stone & Webster Holding One, Inc.
    
    
    50.0000Stone & Webster Process Technology, Inc.
    
    Louisiana
    
    Stone & Webster Holding Two, Inc.
    
    
    50.0000Stone & Webster Services, L.L.C.
    
    Louisiana
    
    Stone & Webster, Inc.
    
    
    100.0000Stone & Webster, Inc.
    
    Louisiana
    
    Stone & Webster Holding One, Inc.
    
    
    50.0000
    
    
    XStone & Webster, Inc.
    
    Louisiana
    
    Stone & Webster Holding Two, Inc.
    
    
    50.0000
    
    
    XThe LandBank Group, Inc.
    
    Louisiana
    
    Shaw E & I Investment Holdings, Inc.
    
    
    100.0000
    
    
    XThe Shaw Group International Inc.
    
    Cayman Islands
    
    Shaw International, Inc.
    
    
    100.0000The Shaw Group UK 1997 Pension Scheme Limited
    
    England & Wales
    
    Shaw Group UK Limited
    
    
    100.0000The Shaw Group UK 2001 Pension Plan Limited
    
    England & Wales
    
    Shaw Group UK Limited
    
    
    100.0000The Shaw Group UK Pension Plan Limited
    
    England & Wales
    
    Shaw Group UK Limited
    
    
    100.0000TVL Lender II, Inc.
    
    Delaware
    
    The Shaw Group Inc.
    
    
    100.0000United Conversion Services, LLC
    
    Delaware
    
    Shaw Environmental & Infrastructure, Inc.
    
    
    53.0000Whessoe Piping Systems Limited
    
    England & Wales
    
    Shaw Group UK Limited
    
    
    100.0000Whippany Venture I, L.L.C.
    
    Louisiana
    
    LandBank Properties, L.L.C.
    
    
    100.0000World Industrial Constructors, Inc.
    
    Virgin Islands (US)
    
    Shaw International, Inc.
    
    
    50.0000World Industrial Constructors, Inc.
    
    Virgin Islands (US)
    
    The Shaw Group Inc.
    
    
    50.0000
 Exhibits and Schedules  Page 26




---



##### 



SCHEDULE 5.12
 MATERIAL AGREEMENTS
  Exhibits and Schedules  Page 27




---



##### 



SCHEDULE 6.11(b)  Indebtedness
  February 28, 2011Short-term
    
    
    Long-termNotes payable on purchases of equipment
    
    $
    80
    
    
    $
    Capital lease obligations
    
    
    363
    
    
    
    808Westinghouse Bonds
    
    
    1,579,876
    
    
    
    Total
    
    $
    1,580,319
    
    
    $
    808
 Exhibits and Schedules  Page 28




---



##### 



SCHEDULE 6.14(b)  Investments
  Exhibits and Schedules  Page 29




---



##### 



SCHEDULE 6.15(c)  Liens
  February 28,2011Contractually required by projects
    
    $
    2,861Voluntarily used to secure letters of credit to avoid bank fees
    
    
    292,501Secure contingent obligations in lieu of letters of credit
    
    
    20,611Assets held in trust and other
    
    
    29,144$
    345,117
  Exhibits and Schedules  Page 30




---



##### 



SCHEDULE 6.18(d)  Contingent Obligations
 Employment Obligations
 1.
    
    The Borrower has entered into employment agreements with each of our senior corporate
executives and certain other key employees. In the event of termination, these individuals
may be entitled to receive their base salaries, bonuses, and certain other benefits for the
remaining term of their agreement and all options and similar awards may become fully
vested. Additionally, for certain executives, in the event of death, their estates are
entitled to certain payments and benefits.2.
    
    We deposited cash of $1.8 million and $1.1 million during the years ended August 31,
2010 and August 31, 2009, respectively, for a limited number of key employees under the
terms of our Deferred Compensation Plans. These are non-qualified plans for a select group
of our highly compensated employees and are utilized primarily as vehicles to provide
discretionary deferred compensation amounts, subject to multi-year cliff vesting
requirements, in connection with the recruitment or retention of key employees. These
long-term deferral awards are evidenced by individual agreements with the participating
employees and generally require the employee to maintain continuous employment with us or
an affiliate for a minimum period of time. Participating employees direct the funds into
investment options, and earnings and losses related to the investments are reflected in
each participating employees account. At August 31, 2010, other assets include $7.8
million related to these plans.3.
    
    The Borrower previously deposited $15.0 million for our Chief Executive Officer into an
irrevocable trust (often referred to as a Rabbi Trust) for purposes of a non-compete
agreement. At August 31, 2010, other current assets included $18.4 million related to this
non-compete agreement. The amount of the initial deposit was previously expensed.4.
    
    In addition to our contributions to the Deferred Compensation Plan, we deposited cash
of $1.0 million as of August 31, 2008 into interest bearing accounts pursuant to employment
agreements entered into with certain employees. As of August 31, 2010, other assets
included $1.0 million related to these employment agreements.5.
    
    Any other existing or future obligation of the Borrower or its Subsidiaries with
respect to employment arrangements of a type similar to those described in items (1)
through (4) above.
 Other Contingent Obligations
 1.
    
    Guarantees of certain subsidiaries obligations under working capital overdraft
facilities as evidenced by indemnification agreements as part of a European cash pooling
arrangement.2.
    
    Customary indemnification obligations undertaken by the Borrower and/or its
Subsidiaries in connection with acquisitions prior to the effective date of this Agreement.3.
    
    Novation Indemnification Agreement dated May 3, 2003, by Shaw Environmental &
Infrastructure, Inc.; Shaw Environmental, Inc.; and Shaw Infrastructure, Inc.; to IT Group;
OHM Remediation Services Corporation; GTI Inc.; and IT Corporation, relating to assumed
completed contracts.
 Exhibits and Schedules  Page 31