FORM 8-K   EXHIBIT 99


Exhibit 99     Text of registrant's press release dated June 2, 2000-

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

FOR IMMEDIATE RELEASE

               STONE & WEBSTER FILES VOLUNTARY CHAPTER 11 PETITION
                     IN CONJUNCTION WITH JACOBS TRANSACTION

       Company's Operations Remain Open; Employees Will Be Paid As Usual

BOSTON,  Massachusetts,  June  2,  2000 -  Stone &  Webster,  Incorporated  (OTC
Bulletin  Board:  SWBI)  today  announced  that,  as  previously  indicated,  in
conjunction  with and as a condition  to its proposed  transactions  with Jacobs
Engineering  Group  Inc.  (NYSE:  JEC),  Stone & Webster  has filed a  voluntary
petition for  reorganization  under Chapter 11 of the U.S.  Bankruptcy Code. The
Chapter 11 filing, made today in Wilmington,  Delaware,  provides a constructive
procedure for the Company to maintain operations, protect employees and ordinary
course  vendors,  seek  rapid  resolution  of value  issues  and enable a smooth
melding of ongoing operations.

As previously announced,  Stone & Webster has signed a definitive sale agreement
with Jacobs  regarding a proposed  transaction  in which  Jacobs  would  acquire
substantially  all of Stone & Webster's  assets in exchange  for $150 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 million of credit is being made  available  to
the  Company.  The $50 million  credit  facility  with  Jacobs,  which is now in
effect,  is intended to enable Stone & Webster to operate its  businesses  until
the asset sale is consummated.

Stone & Webster fully expects to continue operating its businesses in the normal
course  during the Chapter 11 process.  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
will 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 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 Chapter 11 case.

Stone & Webster's common 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.

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


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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.