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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">As filed with the Securities
and Exchange Commission on May 4, 2004.<BR>
<B>Registration No.&nbsp;333-</B> <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>


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<DIV align="center" style="font-size: 14pt; margin-top: 4px"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


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<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B>
</DIV>
<DIV align="center" style="font-size: 12pt">REGISTRATION STATEMENT UNDER</DIV>


<DIV align="center" style="font-size: 12pt">THE SECURITIES ACT OF 1933</DIV>



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<P align="center" style="font-size: 24pt"><B>THE SHAW GROUP INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of issuer as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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<TR valign="bottom">
    <TD align="center" valign="top"><B>Louisiana</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>72-1106167</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>4171 Essen Lane, Baton Rouge, Louisiana 70809</B><BR>
(Address of Principal Executive Offices) (Zip Code)



<P align="center" style="font-size: 10pt"><B>The Shaw Group Inc.<BR>
2001 Employee Incentive Compensation Plan<BR>
and<BR>
The Shaw Group Inc.<BR>
1996 Non-Employee Director Stock Option Plan</B><BR>
(Full Title of the Plans)



<P align="center" style="font-size: 10pt"><B>Gary P. Graphia<BR>
Secretary and General Counsel<BR>
4171 Essen Lane<BR>
Baton Rouge, LA 70809</B><BR>
(Name and address of agent for service)



<P align="center" style="font-size: 10pt"><B>(225)&nbsp;932-2500</B><BR>
(Telephone number, including area code, of agent for service)



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<DIV align="center" style="font-size: 10pt">Copy to:</DIV>


<DIV align="center" style="font-size: 10pt"><B>J. Michael Robinson, Jr.</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Kantrow, Spaht, Weaver &#038; Blitzer</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(A Professional Law Corporation)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>P.O. Box 2997</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Baton Rouge, LA 70821-2997</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(225)&nbsp;383-4703</B></DIV>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top">Title of securities<BR>
to be registered
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Amount to<BR>
be registered
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Proposed maximum<BR>
offering price<BR>
per share (4)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Proposed maximum<BR>
aggregate<BR>
offering price (4)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Amount of<BR>
registration fee</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Common stock, no<BR>
par value (5)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2,000,000 shares (1)(3)<BR>
150,000 shares (2)(3)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$12.30
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$26,445,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$3,351.00
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="4" noshade>&nbsp;</TD>
</TR>


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<P align="left" style="font-size: 10pt">(1)&nbsp;An aggregate of 3,500,000 shares of common stock issuable pursuant to
the terms of the registrant&#146;s 2001 Employee Incentive Compensation Plan were
previously registered pursuant to (i)&nbsp;a Registration Statement on Form S-8
(File No.&nbsp;333-62856) and (ii)&nbsp;a Registration Statement on Form S-8 (File No.
333-105520).


<P align="left" style="font-size: 10pt">(2)&nbsp;An aggregate of 150,000 shares of common stock issuable pursuant to the
terms of the registrant&#146;s 1996 Non-Employee Director Stock Option Plan were
previously registered on (i)&nbsp;a Registration Statement on Form S-8 (File No.
333-36315) and (ii)&nbsp;a Registration Statement on Form S-8 (File No.&nbsp;333-62852).


<P align="left" style="font-size: 10pt">(3)&nbsp;There are also being registered hereunder such additional indeterminate
number of shares as may be issuable under the registrant&#146;s 2001 Employee
Incentive Compensation Plan and the registrant&#146;s 1996 Non-Employee Director
Stock Option Plan by reason of stock dividends or through recapitalization
resulting in stock split-ups, combinations or exchange of shares.


<P align="left" style="font-size: 10pt">(4)&nbsp;Based upon total of 2,150,000 shares of common stock. Pursuant to
paragraphs (c)&nbsp;and (h)&nbsp;of Rule&nbsp;457, the proposed maximum offering price per
share and the proposed maximum aggregate offering price have been computed
based on the average of the high and low sale prices of the common stock
reported on the New York Stock Exchange on April&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">(5)&nbsp;Includes preferred share purchase rights. Until the occurrence of certain
prescribed events, none of which has occurred, the preferred share purchase
rights are not exercisable, are evidenced by certificates representing shares
of the common stock, and will be transferred only with shares of the common
stock. The value, if any, attributable to the rights is included in the market
price of the common stock.



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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><A HREF="#000">EXPLANATORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">MATTERS RELATED TO ARTHUR ANDERSEN LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d14883exv5w1.txt">Opinion of Kantrow, Spaht, Weaver & Blitzer (APLC)</A></TD></TR>
<TR><TD colspan="9"><A HREF="d14883exv23w2.txt">Consent of Ernst & Young LLP</A></TD></TR>
</TABLE>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt">EXPLANATORY NOTE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement registers an additional 2,150,000 shares of
the registrant&#146;s common stock, no par value per share, (i)&nbsp;2,000,000 shares
issuable pursuant to the registrant&#146;s 2001 Employee Incentive Compensation Plan
(the &#147;Employee Plan&#148;) and (ii)&nbsp;150,000 issuable pursuant to the registrant&#146;s
1996 Non-Employee Director Stock Option Plan (the &#147;Director Plan&#148;). Pursuant
to General Instruction E of Form S-8, the contents of (a)&nbsp;the registrant&#146;s
Registration Statement on Form S-8, SEC File No.&nbsp;333-62856, which was filed
with the Securities and Exchange Commission (the &#147;SEC&#148;) on June&nbsp;12, 2001 (the
&#147;Initial Employee Plan Registration Statement&#148;) and (b)&nbsp;the registrant&#146;s
Registration Statement on Form S-8, SEC File No.&nbsp;333-36315, which was filed
with the SEC on September&nbsp;24, 1997 (the &#147;Initial Director Plan Registration
Statement&#148;, and together with the Initial Employee Plan Registration Statement,
the &#147;Initial Registration Statements&#148;) are hereby incorporated by reference,
including each of the documents filed by the registrant with the SEC and
incorporated or deemed incorporated by reference in the Initial Registration
Statements.

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<P align="center" style="font-size: 10pt">MATTERS RELATED TO ARTHUR ANDERSEN LLP



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of The Shaw Group Inc. for the
fiscal year ended August&nbsp;31, 2001 incorporated by reference in this
registration statement have been audited by Arthur Andersen LLP, independent
public accountants, as indicated in their report with respect thereto. Each of
the Initial Registration Statements incorporated herein by reference contains a
consent of Arthur Andersen LLP. We are unable to obtain the written consent of
Arthur Andersen to the inclusion of their report in this registration
statement, and we have dispensed with the requirement to file their consent in
reliance on Rule&nbsp;437A promulgated under the Securities Act. Arthur
Andersen LLP has not consented to the inclusion of their report in this
registration statement. Because of Arthur Andersen LLP&#146;s current
financial position,  you may not be able to recover against Arthur
Andersen LLP for any claims you may have under securities or other laws as a
result of Arthur Andersen LLP&#146;s activities during the period in which it acted
as the registrant&#146;s independent public accountants.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt">PART II



<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">

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    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Exhibit No.</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description of Document</U></B></TD>
</TR>


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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Series&nbsp;A Junior Participating Preferred Stock Purchase Rights
(incorporated by reference to Exhibit&nbsp;1 of the Company&#146;s
Registration Statement on Form&nbsp;8-A filed with the Securities and
Exchange Commission on July&nbsp;30, 2001).</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Shaw Group Inc. 2001 Employee Incentive Compensation Plan
(as amended and restated through March&nbsp;8, 2004) (incorporated by
reference to the designated Exhibit to the Company&#146;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended February&nbsp;29, 2004).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Shaw Group Inc. 1996 Non-Employee Director Stock Option
Plan (as amended and restated through January&nbsp;30, 2004)
(incorporated by reference to the designated Exhibit to the
Company&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended
February&nbsp;29, 2004).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kantrow, Spaht, Weaver &#038; Blitzer (A Professional
Law Corporation) (filed herewith).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kantrow, Spaht, Weaver &#038; Blitzer (A Professional
Law Corporation) (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature page of this
Registration Statement).</TD>
</TR>


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</DIV>



<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Baton Rouge, State of Louisiana on May 4, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE SHAW GROUP INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ GARY P. GRAPHIA</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary P. Graphia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary and General Counsel</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">POWER OF ATTORNEY



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby authorizes Robert L. Belk
and Gary P. Graphia and each of them acting individually, with full power of
substitution, to file one or more amendments, including post-effective
amendments, to this registration statement, and to file the same, with all
exhibits thereto, and all documents in connection therewith with the Securities
and Exchange Commission, which amendments, may make such changes as Robert L.
Belk or Gary P. Graphia deem appropriate; and each person whose signature
appears below, individually and in each capacity stated below, hereby appoints
Robert L. Belk and Gary P. Graphia, and either of them acting individually,
with full power of substitution, as Attorney-in-Fact to execute in his name and
on his behalf any such amendments to this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Signature</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Title</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Date</U></B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;J.M. BERNHARD, JR.<BR>
<HR size="1" noshade>
J.M. Bernhard, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board and<BR>
Chief Executive Officer (Principal<BR>
Executive Officer)
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 4, 2004
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;ROBERT L. BELK<BR>
<HR size="1" noshade>
Robert L. Belk</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Executive Vice President, Chief<BR>
Financial Officer and Treasurer<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 4, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;T.A. BARFIELD, JR.<BR>
<HR size="1" noshade>
T.A. Barfield, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
President, Chief Operating Officer<BR>
and Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 4, 2004
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;JAMES F. BARKER<BR>
<HR size="1" noshade>
James F. Barker</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">April 29, 2004
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;L. LANE GRIGSBY<BR>
<HR size="1" noshade>
L. Lane Grigsby</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 4, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;DAVID W. HOYLE<BR>
<HR size="1" noshade>
David W. Hoyle</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 4, 2004</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Signature</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Title</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Date</U></B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;ALBERT MCALISTER<BR>
<HR size="1" noshade>
Albert McAlister</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">April 28, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top"><BR>
<HR size="1" noshade>
Charles E. Roemer, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 2004</TD>
</TR>


<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/&nbsp;JOHN W. SINDERS, JR.<BR>
<HR size="1" noshade>
John W. Sinders, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">May 3, 2004</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Exhibit No.</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description of Document</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><U>Page</U></B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Series&nbsp;A Junior Participating Preferred Stock
Purchase Rights (incorporated by reference to Exhibit&nbsp;1
of the Company&#146;s Registration Statement on Form&nbsp;8-A
filed with the Securities and Exchange Commission on
July&nbsp;30, 2001).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Shaw Group Inc. 2001 Employee Incentive
Compensation Plan (as amended and restated through
March&nbsp;8, 2004) (incorporated by reference to the
designated Exhibit to the Company&#146;s Quarterly Report on
Form&nbsp;10-Q for the quarter ended February&nbsp;29, 2004).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Shaw Group Inc. 1996 Non-Employee Director
Stock Option Plan (as amended and restated through
January&nbsp;30, 2004) (incorporated by reference to the
designated Exhibit to the Company&#146;s Quarterly Report on
Form&nbsp;10-Q for the quarter ended February&nbsp;29, 2004).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kantrow, Spaht, Weaver &#038; Blitzer (A
Professional Law Corporation) (filed herewith).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kantrow, Spaht, Weaver &#038; Blitzer (A
Professional Law Corporation) (included in Exhibit
5.1).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature
page of this Registration Statement).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">II-4
</DIV>


</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities
and Exchange Commission on May 4, 2004.
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
THE SHAW GROUP INC.
(Exact name of issuer as specified in its charter)
Louisiana
(State or other jurisdiction of
incorporation or organization)
72-1106167
(I.R.S. Employer Identification No.)
4171 Essen Lane, Baton Rouge, Louisiana 70809
(Address of Principal Executive Offices) (Zip Code)
The Shaw Group Inc.
2001 Employee Incentive Compensation Plan
and
The Shaw Group Inc.
1996 Non-Employee Director Stock Option Plan
(Full Title of the Plans)
Gary P. Graphia
Secretary and General Counsel
4171 Essen Lane
Baton Rouge, LA 70809
(Name and address of agent for service)
(225) 932-2500
(Telephone number, including area code, of agent for service)
Copy to:
J. Michael Robinson, Jr.
Kantrow, Spaht, Weaver & Blitzer
(A Professional Law Corporation)
P.O. Box 2997
Baton Rouge, LA 70821-2997
(225) 383-4703
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to
be registered
Proposed maximum
offering price
per share (4)
Proposed maximum
aggregate
offering price (4)
Amount of
registration fee
Common stock, no
par value (5)
2,000,000 shares (1)(3)
150,000 shares (2)(3)
$12.30
$26,445,000
$3,351.00
(1) An aggregate of 3,500,000 shares of common stock issuable pursuant to
the terms of the registrant's 2001 Employee Incentive Compensation Plan were
previously registered pursuant to (i) a Registration Statement on Form S-8
(File No. 333-62856) and (ii) a Registration Statement on Form S-8 (File No.
333-105520).
(2) An aggregate of 150,000 shares of common stock issuable pursuant to the
terms of the registrant's 1996 Non-Employee Director Stock Option Plan were
previously registered on (i) a Registration Statement on Form S-8 (File No.
333-36315) and (ii) a Registration Statement on Form S-8 (File No. 333-62852).
(3) There are also being registered hereunder such additional indeterminate
number of shares as may be issuable under the registrant's 2001 Employee
Incentive Compensation Plan and the registrant's 1996 Non-Employee Director
Stock Option Plan by reason of stock dividends or through recapitalization
resulting in stock split-ups, combinations or exchange of shares.
(4) Based upon total of 2,150,000 shares of common stock. Pursuant to
paragraphs (c) and (h) of Rule 457, the proposed maximum offering price per
share and the proposed maximum aggregate offering price have been computed
based on the average of the high and low sale prices of the common stock
reported on the New York Stock Exchange on April 30, 2004.
(5) Includes preferred share purchase rights. Until the occurrence of certain
prescribed events, none of which has occurred, the preferred share purchase
rights are not exercisable, are evidenced by certificates representing shares
of the common stock, and will be transferred only with shares of the common
stock. The value, if any, attributable to the rights is included in the market
price of the common stock.
TABLE OF CONTENTS
EXPLANATORY NOTE
MATTERS RELATED TO ARTHUR ANDERSEN LLP
PART II
Item 8. Exhibits
SIGNATURES
EXHIBIT INDEX
Opinion of Kantrow, Spaht, Weaver & Blitzer (APLC)
Consent of Ernst & Young LLP
Table of Contents
EXPLANATORY NOTE
This Registration Statement registers an additional 2,150,000 shares of
the registrant's common stock, no par value per share, (i) 2,000,000 shares
issuable pursuant to the registrant's 2001 Employee Incentive Compensation Plan
(the "Employee Plan") and (ii) 150,000 issuable pursuant to the registrant's
1996 Non-Employee Director Stock Option Plan (the "Director Plan"). Pursuant
to General Instruction E of Form S-8, the contents of (a) the registrant's
Registration Statement on Form S-8, SEC File No. 333-62856, which was filed
with the Securities and Exchange Commission (the "SEC") on June 12, 2001 (the
"Initial Employee Plan Registration Statement") and (b) the registrant's
Registration Statement on Form S-8, SEC File No. 333-36315, which was filed
with the SEC on September 24, 1997 (the "Initial Director Plan Registration
Statement", and together with the Initial Employee Plan Registration Statement,
the "Initial Registration Statements") are hereby incorporated by reference,
including each of the documents filed by the registrant with the SEC and
incorporated or deemed incorporated by reference in the Initial Registration
Statements.
MATTERS RELATED TO ARTHUR ANDERSEN LLP
The consolidated financial statements of The Shaw Group Inc. for the
fiscal year ended August 31, 2001 incorporated by reference in this
registration statement have been audited by Arthur Andersen LLP, independent
public accountants, as indicated in their report with respect thereto. Each of
the Initial Registration Statements incorporated herein by reference contains a
consent of Arthur Andersen LLP. We are unable to obtain the written consent of
Arthur Andersen to the inclusion of their report in this registration
statement, and we have dispensed with the requirement to file their consent in
reliance on Rule 437A promulgated under the Securities Act. Arthur
Andersen LLP has not consented to the inclusion of their report in this
registration statement. Because of Arthur Andersen LLP's current
financial position,  you may not be able to recover against Arthur
Andersen LLP for any claims you may have under securities or other laws as a
result of Arthur Andersen LLP's activities during the period in which it acted
as the registrant's independent public accountants.
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 8. Exhibits
Exhibit No.
Description of Document
4.1
Series A Junior Participating Preferred Stock Purchase Rights
(incorporated by reference to Exhibit 1 of the Company's
Registration Statement on Form 8-A filed with the Securities and
Exchange Commission on July 30, 2001).
4.2
The Shaw Group Inc. 2001 Employee Incentive Compensation Plan
(as amended and restated through March 8, 2004) (incorporated by
reference to the designated Exhibit to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 29, 2004).
4.3
The Shaw Group Inc. 1996 Non-Employee Director Stock Option
Plan (as amended and restated through January 30, 2004)
(incorporated by reference to the designated Exhibit to the
Company's Quarterly Report on Form 10-Q for the quarter ended
February 29, 2004).
5.1
Opinion of Kantrow, Spaht, Weaver & Blitzer (A Professional
Law Corporation) (filed herewith).
23.1
Consent of Kantrow, Spaht, Weaver & Blitzer (A Professional
Law Corporation) (included in Exhibit 5.1).
23.2
Consent of Ernst & Young LLP (filed herewith).
24.1
Powers of Attorney (included on the signature page of this
Registration Statement).
II-1
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Baton Rouge, State of Louisiana on May 4, 2004.
THE SHAW GROUP INC.
By:
/s/ GARY P. GRAPHIA
Gary P. Graphia
Secretary and General Counsel
POWER OF ATTORNEY
Each person whose signature appears below hereby authorizes Robert L. Belk
and Gary P. Graphia and each of them acting individually, with full power of
substitution, to file one or more amendments, including post-effective
amendments, to this registration statement, and to file the same, with all
exhibits thereto, and all documents in connection therewith with the Securities
and Exchange Commission, which amendments, may make such changes as Robert L.
Belk or Gary P. Graphia deem appropriate; and each person whose signature
appears below, individually and in each capacity stated below, hereby appoints
Robert L. Belk and Gary P. Graphia, and either of them acting individually,
with full power of substitution, as Attorney-in-Fact to execute in his name and
on his behalf any such amendments to this registration statement.
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.
Signature
Title
Date
/s/ J.M. BERNHARD, JR.
J.M. Bernhard, Jr.
Chairman of the Board and
Chief Executive Officer (Principal
Executive Officer)
May 4, 2004
/s/ ROBERT L. BELK
Robert L. Belk
Executive Vice President, Chief
Financial Officer and Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
May 4, 2004
/s/ T.A. BARFIELD, JR.
T.A. Barfield, Jr.
President, Chief Operating Officer
and Director
May 4, 2004
/s/ JAMES F. BARKER
James F. Barker
Director
April 29, 2004
/s/ L. LANE GRIGSBY
L. Lane Grigsby
Director
May 4, 2004
/s/ DAVID W. HOYLE
David W. Hoyle
Director
May 4, 2004
II-2
Table of Contents
Signature
Title
Date
/s/ ALBERT MCALISTER
Albert McAlister
Director
April 28, 2004
Charles E. Roemer, III
Director
, 2004
/s/ JOHN W. SINDERS, JR.
John W. Sinders, Jr.
Director
May 3, 2004
II-3
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description of Document
Page
4.1
Series A Junior Participating Preferred Stock
Purchase Rights (incorporated by reference to Exhibit 1
of the Company's Registration Statement on Form 8-A
filed with the Securities and Exchange Commission on
July 30, 2001).
4.2
The Shaw Group Inc. 2001 Employee Incentive
Compensation Plan (as amended and restated through
March 8, 2004) (incorporated by reference to the
designated Exhibit to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 29, 2004).
4.3
The Shaw Group Inc. 1996 Non-Employee Director
Stock Option Plan (as amended and restated through
January 30, 2004) (incorporated by reference to the
designated Exhibit to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 29, 2004).
5.1
Opinion of Kantrow, Spaht, Weaver & Blitzer (A
Professional Law Corporation) (filed herewith).
23.1
Consent of Kantrow, Spaht, Weaver & Blitzer (A
Professional Law Corporation) (included in Exhibit
5.1).
23.2
Consent of Ernst & Young LLP (filed herewith).
24.1
Powers of Attorney (included on the signature
page of this Registration Statement).
II-4