ShawCor Ltd. announces completion of the sale of its OMSCO division

(TSX: SCL.SV.A, SCL.MV.B)

TORONTO, Sept. 30 /CNW/ - ShawCor Ltd. (TSX: SCL.SV.A, SCL.MV.B) today
announced completion of the sale of its OMSCO division to OMSCO, Inc., a
subsidiary of Vallourec & Mannesmann Tubes S.A.
The purchase price of US$120 million was paid in cash on closing. This
amount will be subject to a working capital adjustment following completion of
the closing financial statements that is not anticipated to be material. It is
expected that the proceeds from the sale of OMSCO will ultimately be invested
in the company's core businesses and for general corporate purposes.
ShawCor Ltd. is a Canadian energy services company specializing in
products and services for the pipeline, exploration and production, and
petrochemical and industrial segments of the oil and gas industry. The
company, with headquarters in Toronto, Canada, operates through six divisions
with manufacturing and service facilities located around the world.
Simmons & Company International served as financial advisor to ShawCor
for this transaction.

This document contains forward looking statements, which are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those reflected in the statements.