BATON ROUGE, La.--(BUSINESS WIRE)--The Shaw Group Inc. (NYSE: SHAW) has acquired Coastal Planning & Engineering Inc. (CPE), a leader in coastal engineering and restoration, in an all-cash transaction valued at approximately $26 million.
Our existing project management capabilities and ports and harbors expertise, now combined with CPEs coastal engineering services, allow Shaw to capitalize on multiple opportunities, including restoration of the Gulf Coast, port expansions and offshore energy support globally.
Based in Boca Raton, Fla., CPEs full range of services includes coastal modeling, oceanographic measurements, marine biology, geotechnical surveys, hydrographic surveys and marine geology. CPEs 27-year history of coastal projects includes beach nourishment and island restoration following hurricanes and other erosion, offshore sand inventory and ship maneuvering studies for new and existing ports.
The company has worked with Shaw on multiple coastal engineering projects, including the most recent sand berm project for the state of Louisiana. Additionally, this acquisition includes a presence in Brazil for Shaw, which can accommodate the countrys needed coastal restoration, port redevelopment and expansion, as well as oil and gas development.
The acquisition of Coastal Planning & Engineering positions Shaw as a clear leader in coastal restoration services, said George Bevan, president of Shaw's Environmental & Infrastructure Group. Our existing project management capabilities and ports and harbors expertise, now combined with CPEs coastal engineering services, allow Shaw to capitalize on multiple opportunities, including restoration of the Gulf Coast, port expansions and offshore energy support globally.
Shaws own coastal experience includes strategic planning, design, construction and project monitoring in various coastal terrains, including Louisiana and Florida. Currently, Shaw is leading the largest design-build civil works project ever awarded by the U.S. Army Corps of Engineers, the Inner Harbor Navigation Canal Surge Barrier in New Orleans. The massive barrier is a key component in the Corps' Hurricane and Storm Damage Risk Reduction System, which is intended to provide 100-year storm-surge protection for the greater New Orleans area when completed. Shaw also provided expertise in response to the Deepwater Horizon oil spill with the creation of sand berms off the coast of Louisiana, the largest coastal sand barrier project in U.S. history.
The transaction, which is subject to post-closing adjustments, was completed in Shaws third quarter of fiscal year 2011.
The Shaw Group Inc. (NYSE: SHAW) is a global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2010 annual revenues of $7 billion, Shaw has approximately 27,000 employees around the world and is the power sector industry leader according to Engineering News-Records list of Top 500 Design Firms. For more information, please visit Shaws website at www.shawgrp.com.