Shawcor Announces Contract Award for Gulf of Mexico Development Project

TORONTO, Nov. 15, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that its pipe coating division has entered into a contract to provide thermal insulation coating services for a Development Project in the Gulf of Mexico. The contract award is valued at roughly C$25 million. The work will be executed from Shawcor’s Channelview, Texas facility, commencing in the fourth quarter of 2021.

“Our coating solution is well suited to support this ultra-deepwater installation, as it was specifically designed to be compatible with the chosen installation technology,” said Kevin Reizer, Pipeline Performance Group President. “This contract award follows our successful execution of multiple deepwater projects in the region, demonstrating the strength of our position within the Gulf of Mexico and re-iterating our Customers’ confidence in Shawcor to deliver quality coating services.”

Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “predict”, “estimate” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

For further information, please contact

Meghan MacEachern
External Communications & ESG, Director
Telephone: 437.341.1848
Email: [email protected]
Source: Shawcor Ltd.

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