ShawCor Ltd. - Dividend Declaration

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

TORONTO, May 5 /CNW/ - The Board of Directors today declared a semi-
annual dividend of four and fifty one hundredths cents (4.50 cents) per
Class A Subordinate Voting Share and four and nine one hundredths cents
(4.09 cents) per Class B Multiple Voting Share to be paid on the 31st day of
May 2005, to shareholders of record at the close of business on the 17th day
of May 2005.

WEBCAST

ShawCor will be hosting a Shareholder and Analyst Conference Call and
Webcast on Friday, the 6th day of May 2005 at 10:00 a.m. EDT to discuss the
company's First Quarter 2005 Financial Results.
Please visit our website at www.shawcor.com under "Investor Relations"
for further details.