ShawCor Announces Settlement Of Alabama Lawsuit

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[{"type":"text","content":"\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, July 17 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced\nthe settlement of the Alabama lawsuit brought by Dirt, Inc. against Bredero\nPrice Company, Bredero Shaw LLC, ShawCor Ltd. and Halliburton Energy Services,\nInc., which resulted in the previously announced verdict of US$100 million\ncompensatory damages and punitive damages of US$2 million against each\ndefendant plus interest. The matter was settled, at a mediation ordered by the\nAlabama Supreme Court as part of the appeal proceedings, for a total of\nUS$43.5 million against all parties, an amount less than the reserve\npreviously established by ShawCor. ShawCor and its co-shareholder of Bredero\nPrice Company are now discussing apportionment of the settlement amount.\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\nseven divisions with over seventy manufacturing and service facilities located\naround the world.\n\n\nThis news 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\nforward-looking information is based on assumptions, estimates and analysis\nmade in light of the company's experience and its perception of trends,\ncurrent conditions and expected developments, as well as other factors that\nare believed by the company to be reasonable and relevant in the\ncircumstances. Forward-looking information involves known and unknown risks,\nuncertainties and other factors which may cause actual results, performance or\nachievements to be materially different from those predicted, expressed or\nimplied by the forward-looking information. The risks and uncertainties\ninclude, among other things, changes in global economic activity and changes\nin energy supply and demand which impact on the level of drilling activity and\npipeline construction; political, economic and other risks arising from\ninternational operations; compliance wi...

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