Form 8-K                                4          Stone & Webster, Incorporated


                                     EXHIBIT

Exhibit (99)  Text of registrant's press release dated April 15, 1999 -


For Immediate Release                              For Information Contact
                                                       Thomas L. Langford
                                                       (617) 589-7424

          STONE & WEBSTER ANNOUNCES PRELIMINARY FIRST QUARTER RESULTS

BOSTON, MA, April 15, 1999 - Stone & Webster,  Incorporated  (NYSE:SW) announced
that,  based on preliminary  analysis of its results for the quarter ended March
31, 1999, it expects to report an operating  loss for the quarter.  Based upon a
reevaluation  of the costs to complete two projects,  the Company now expects to
report an operating loss of approximately $4.50 per share for the first quarter.

"The quarter's results reflect  provisions of approximately $74 million to cover
the  anticipated  costs of completing  two  international  projects" said Kerner
Smith,  Chairman,  President and Chief Executive Officer.  "We had believed that
the provisions made at the end of 1998 would be sufficient,  however, during the
first  quarter  of 1999 the  continuing  effects  of the  delay  and  disruption
resulting from changes in work scope and jobsite  conditions,  and the rework of
certain deficiencies,  principally with vendor supplied equipment,  have exposed
the Company to  increased  costs and have led to these  results.  Without  these
provisions,  earnings  would have been  approximately  $.25 per share,  which is
within the range of analysts' estimates for the quarter."

These  statements  regarding  estimated  results  are  preliminary.  The Company
expects to announce its final results on April 27, 1999.

Business Outlook

"While the  quarter's  financial  results  are  extremely  disappointing  to the
Company's management, its employees and its shareholders, the two projects which
have severely impacted what otherwise would have been positive operating results
from our engineering and construction business should be essentially complete by
the third  quarter of 1999," Mr.  Smith said.  "We expect the  improved  margins
included in our substantial backlog of work to be performed,  and our continuing
drive to reduce costs and operating expenses, to produce improved results in the
second half of this year. In addition, we intend to aggressively pursue recovery
of the extra costs  incurred in completing  the projects  which have  negatively
impacted our operating results.  The Company's  expectations are that, excluding
the provisions mentioned above,  earnings per share for the year would have been
approximately $2.13 per share, which is consistent with the First Call analysts'
estimates."

Company Background

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

Safe Harbor  statement  under the Private  Securities  Litigation  Reform Act of
1995: Any forward-looking statements made in this release represent management's
best judgment as to what may occur in the future.  However, the Company's actual
results  for  the  current  and  future  fiscal  periods  and  other   corporate
developments  will  depend  upon a number  of  economic,  competitive  and other
factors including some of which will be outside the control of the Company. Such
factors could cause the Company's  actual  results for future  periods to differ
materially from those  expressed in any forward looking  statements made in this
release.

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