FORM 8-K EXHIBIT 99


Exhibit 99     Text of registrant's press release dated May 22, 2000-

                                                   Contacts:
                                                   Michael Freitag/Wendi Kopsick
                                                   Kekst and Company
                                                   (212) 521-4800

FOR IMMEDIATE RELEASE


                      STONE & WEBSTER COMMON STOCK TRADING
                   ON OTC BULLETIN BOARD AND NQB "PINK SHEETS"

BOSTON,  Massachusetts,  May  22,  2000 -  Stone &  Webster,  Incorporated  (OTC
Bulletin Board:  SWBI) today announced that the Company's stock is trading as an
over-the-counter  ("OTC") equity  security  under the symbol  "SWBI."  Quotation
service is provided by the OTC Bulletin Board and the National Quotation Bureau,
LLC "Pink  Sheets."  Market makers are providing  orderly  trading of the stock.
Investors should call their brokers for daily pricing and volume information.

As previously  announced on May 8, 2000,  Stone & Webster has signed a letter of
intent with  Jacobs  Engineering  Group Inc.  (NYSE:  JEC)  regarding a proposed
transaction pursuant to which Jacobs would acquire  substantially all of Stone &
Webster's  assets in  exchange  for $150.0  million  in cash and stock,  and the
assumption of substantially all of the Company's  liabilities shown on its March
31, 2000 balance sheet,  standby letters of credit,  and its liabilities under a
new credit  facility  entered into on May 9, 2000  pursuant to which up to $50.0
million of credit is being made  available  to the  Company.  The $50.0  million
credit  facility  is  intended  to enable the  Company to  address  its  current
liquidity difficulties and continue to operate its business until the asset sale
is  consummated.  In addition,  in conjunction  with and as a condition to these
proposed  transactions with Jacobs,  Stone & Webster intends to file a voluntary
petition for reorganization  under Chapter 11 of the U.S.  Bankruptcy Code after
it signs a definitive  sale  agreement  with Jacobs,  which is expected to occur
later this month. Subsequent to making these announcements,  Stone & Webster was
notified by the New York Stock  Exchange  that it had  suspended  trading in the
Company's common stock and would apply to the Securities and Exchange Commission
to delist the stock.

Stone & Webster fully expects to continue operating its businesses in the normal
course both  before and during the  Chapter 11  process.  The Company and Jacobs
have had discussions  with many Stone & Webster clients about  continuing  their
work without interruption. The Company's operations have remained functional and
its employees are expected to transition smoothly into the Jacobs organization.

As Stone & Webster has previously stated, because the proposed sale of assets is
expected  to  occur in the  context  of a  pending  Chapter  11 case,  it is not
possible to determine at the present time what value, if any, will ultimately be
received by Stone & Webster's  stockholders.  Such a  determination  can only be
made after  negotiation of a definitive  sale  agreement,  the completion of the
competitive bid process provided for under Chapter 11, consummation of the asset
sale  transaction,   and  the  substantial   resolution  of  Stone  &  Webster's
contemplated Chapter 11 case.

Stone & Webster is a global leader in engineering,  construction  and consulting
services for power, process/industrial and environmental/infrastructure markets.


                                      # # #


Forward-Looking Information

The Private Securities  Litigation Reform Act of 1995 provides a safe harbor for
forward-looking  statements  made by or on  behalf  of the  Company.  Any of the
statements  or  comments  made in  this  release  that  refer  to the  Company's
estimated  or future  results  are forward  looking  and  reflect the  Company's
current analysis of existing trends and information. The Company cautions that a
variety of  factors,  including  but not limited to the  following,  could cause
business  conditions and results to differ  materially from what is contained in
forward-looking statements: changes in the rate of economic growth in the United
States and other major  international  economies,  changes in  investment by the
energy, power and environmental  industries,  the uncertain timing of awards and
contracts,  changes in regulatory  environments,  changes in project  schedules,
changes  in  trade,   monetary   and  fiscal   policies   world-wide,   currency
fluctuations, outcomes of pending and future litigation, protection and validity
of patents and other  intellectual  property rights,  increasing  competition by
foreign and domestic companies and other risks detailed from time to time in the
Company's  filings  with the  Securities  and Exchange  Commission.  The Company
undertakes   no   obligation   to  publicly   release  any   revisions   to  the
forward-looking  statements or reflect events or circumstances after the date of
this document.