FORM 8-K   EXHIBIT 99


Exhibit 99     Text of registrant's press release dated July 17, 2000

Contact:

For Stone & Webster:                    For Shaw:
Michael Freitag                         Christine R. Noel
Kekst and Company                  The Shaw Group Inc.
(212) 521-4800                     (225) 932-2500


FOR IMMEDIATE RELEASE


               SALE OF STONE & WEBSTER ASSETS
               TO THE SHAW GROUP INC. APPROVED

BOSTON,  Massachusetts,  July  17,  2000 - Stone &  Webster,  Incorporated  (OTC
Bulletin Board:  SWBIQ) today announced that the U.S.  Bankruptcy  Court for the
District of Delaware  approved the sale of  substantially  all of the  Company's
assets to The Shaw Group Inc.  (NYSE:  SGR) and the  transaction was effectively
closed on Friday,  July 14, 2000.

The Shaw Group was the successful  bidder for Stone & Webster's assets in a sale
proceeding under Chapter 11 of the U.S.  Bankruptcy Code.  Accordingly,  Stone &
Webster's  previously  announced  asset sale agreement  with Jacobs  Engineering
Group Inc.  (NYSE:  JEC) has been  terminated.  The sale  produced a topping bid
evaluated at  approximately  $147 million  over the previous  Jacobs  agreement.
Jacobs received a breakup fee of $10 million.

Under terms of The Shaw Group's successful bid, Shaw acquired  substantially all
of the assets and assumed certain liabilities of S&W, for a total purchase price
of approximately  $38 million in cash and  approximately  $105.8 million of Shaw
Common Stock  (approximately 2.2 million shares).  Shaw also assumed liabilities
with a book value of approximately  $450 million and acquired assets with a book
value of approximately $600 million.  Shaw has agreed to complete  substantially
all of Stone & Webster's contracts for current and future projects.

Stone &  Webster  filed  for  court  protection  under  Chapter  11 of the  U.S.
Bankruptcy Code on June 2, 2000. As the Company has previously  stated,  because
the sale of assets is occurring 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  substantial  resolution of Stone & Webster's  Chapter 11
reorganization.

Stone & Webster's Chairman and CEO, H. Kerner Smith, stated "We are pleased that
the value of the Company's assets was maximized through the bid process,  and we
believe  that  the  combination  with  The  Shaw  Group  will  provide  a strong
competitor in the markets served, and provide opportunities for growth. "

Stone & Webster's common stock is trading as an over-the- counter ("OTC") equity
security  under the symbol  "SWBIQ."  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.

# #  #  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.