Shawcor renews normal course issuer bid

(TSX: SCL.A, SCL.B)

TORONTO, Nov. 30 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) announced today
that it has received approval from the Toronto Stock Exchange ("TSX") to renew
its normal course issuer bid for a further one year period. ShawCor's normal
course issuer bid will now expire on November 30th, 2007, in accordance with
rules of the TSX.
Under ShawCor's previously approved issuer bid entered into on December
1, 2004 and renewed on December 1, 2005, ShawCor has purchased an aggregate of
1,566,500 Class A Shares at a weighted average price of $14.99 all such shares
have been cancelled.
As approved by the TSX, during the period of December 1, 2006, to
November 30, 2007, ShawCor is now authorized to acquire up to 5,250,000 of the
currently issued and outstanding Class A Subordinate Voting Shares and up to
100,000 of the currently issued and outstanding Class B Multiple Voting
Shares. All shares purchased under the normal course issuer bid will be
cancelled.
The Board of Directors of ShawCor has initiated this normal course issuer
bid because the Board believes that the ShawCor shares are an attractive
investment at appropriate market prices, are a prudent use of funds and will
provide additional liquidity to shareholders.
As at October 31st, 2006 there were 60,676,953 Class A Subordinate Voting
Shares and 13,078,142 Class B Multiple Voting Shares issued and outstanding.

ShawCor Ltd. is a global energy services company specializing in products
and services for the pipeline, pipe services and the petrochemical and
industrial downstream sectors of the energy industry. The company operates
through six divisions with manufacturing and service facilities located around
the world.