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ShawCor And Nord Stream AG Unable To Agree On Pricing And Other Terms For Nord Stream Pipeline Project
TSX: SCL.A, SCL.B TORONTO, Feb. 18 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) advises that its Bred...
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\nTSX: SCL.A, SCL.B\n\n\nTORONTO, Feb. 18 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) advises that\nits Bredero Shaw division does not now expect to participate in the pipe\ncoating for the Nord Stream pipeline project. Nord Stream AG has announced\nthat it will enter into a letter of intent with EUPEC PipeCoatings S.A. by the\nend of February for the supply of concrete weight coating and logistics\nservices for the Nord Stream pipeline. Bredero Shaw and Nord Stream were\nunable to agree on project pricing and certain contractual terms for this\nproject. Bredero Shaw understands that the pricing at which the pipe coating\nwork will be awarded is below the level it requires to obtain a satisfactory\nfinancial return and ensure timely and adequate execution, given the scope and\nrisks associated with meeting Nord Stream's requirement that the project be\nexecuted through new greenfield facilities in Germany and Finland. Further\ninformation regarding the Nord Stream announcement can be found on the Nord\nStream web site (www.nord-stream.com).\n\n\nShawCor Ltd. is an energy services company specializing in products and\nservices for the pipeline and pipe services and the petrochemical and\nindustrial segments of the oil and gas industry. The company operates through\nsix divisions with over sixty manufacturing and service facilities located\naround the world.\n\n\nBredero Shaw, ShawCor's largest division, is the global leader in pipe\ncoating solutions. The division provides specialized coating systems and\nrelated services for corrosion protection, insulation and weight coating\napplications on land and marine pipelines including highly engineered\ncorrosion and insulation systems for deepwater applications.\n\n\nThis new release contains forward-looking information within the meaning\nof applicable securities laws. Words such as "may", "will", "should",\n"anticipate", "plan", "expect", "believe", "predict", "estimate", and similar\nterminology are used to identify forward-looking information. This forward\nlooking information is based on assumptions, estimates and analysis made in\nlight of the company's experience and its perception of trends, current\nconditions and expected developments, as well as other factors that are\nbelieved by t...