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Jun. 13, 2011 (Canada NewsWire Group) --
SHAWCOR LTD.
(TSX: SCL.A, SCL.B)
TORONTO, June 13, 2011 /CNW/ - ShawCor Ltd. (TSX: SCL.A) (TSX: SCL.B)
today announced its pipecoating division, Bredero Shaw, has received a
contract with a value in excess of US$60 million from Welspun Corp
Limited, to provide pipeline coatings and related products and services
for the Zawtika Development Project operated by
PTTEP International Limited.
The contract will be executed at Bredero Shaw's facility in Kabil,
Indonesia. This facility is a technology-based, full service coating
plant that was built specifically to process large, complex projects in
the Asia Pacific region. Pipe shipments will utilize the two new berths
at the Kabil Offshore Deepwater Port, which became fully operational
during the second quarter of 2010.
The contract involves coating approximately 335 km of 10" to 28" pipe
that will be protected with three layer anticorrosion coating and
concrete weight coating.
ShawCor Ltd is an energy services company specializing in products and
services for the pipeline and pipe services and the petrochemical and
industrial segments of the oil and gas industry. The company operates
through seven divisions with over seventy manufacturing and service
facilities located around the world.
Bredero Shaw, ShawCor's largest division, is the global leader in pipe
coating solutions and employs approximately 4,000 permanent and
contract personnel located at offices and facilities in fifteen
countries. The division provides specialized coating systems and
related services for corrosion protection, insulation and weight
coating applications on land and marine pipelines including highly
engineered corrosion and insulation systems for deepwater applications.
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 risks and uncertainties include,
among other things, changes in global economic activity and changes in
energy supply and demand which impact on the level of drilling activity
and pipeline construction; political, economic and other risks arising
from international operations; compliance with environmental, trade and
other laws; liability claims; fluctuations in foreign exchange rates
and fluctuations in raw material prices, as well as other risks and
uncertainties that are more fully described in the company's Annual
Information Form, annual and quarterly reports and other reports and
filings made with securities regulatory authorities and available at www.sedar.com.
ShawCor Ltd.
Gary Love
Vice President, Finance and CFO
Tel: 416-744-5818
Email: glove@shawcor.com
Website: www.shawcor.com