(TSX: SCL.A, SCL.B)
TORONTO, Jan. 4 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced its subsidiary, Shaw Pipe Protection Ltd., has received a contract in excess of $40 million to provide negative buoyancy coating for EnCana Corporation's Deep Panuke offshore project in Nova Scotia. The award was made to Shaw & Shaw Limited, a Nova Scotia registered company, owned by Shaw Pipe Protection Ltd. of Calgary and The Shaw Group Limited of Halifax. Shaw & Shaw successfully provided coatings for the Sable Offshore Energy Tier 1 and 2 Projects in 1998 and 2002 respectively. The success of Shaw & Shaw in Atlantic Canada has been the result of combining Shaw Pipe Protection's global pipecoating expertise along with resources provided by the Shaw Group in Nova Scotia.
Working for EnCana, Shaw & Shaw will provide Concrete Weight Coating, Sacrificial Anode Installation and associated logistics for this 175km, 22" diameter pipeline. The pipeline will be installed in the waters off Nova Scotia and will transport gas from the production platform to Goldboro, Nova Scotia, where it will enter the Maritimes & Northeast Pipeline system.
Shaw Pipe Protection Ltd. is pleased to be re-mobilizing one of its Compression Coat Concrete Weight Coating plants to the previously utilized coating yard in Sheet Harbour, Nova Scotia. Shaw Pipe Protection's Compression Coat technology is the industry's leading concrete coating system for projects requiring rapid mobilization or coating near the pipeline right-of-way. Compression Coat uses a side-wrap application process making it ideal for both large and small diameter pipelines.
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 six divisions with over sixty manufacturing and service facilities located around the world. Shaw Pipe Protection Ltd. is a wholly owned unit of Bredero Shaw, ShawCor's largest division. Bredero Shaw 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", and similar terminology are used to identify forward-looking information. This forward looking information is based on assumptions, estimates and analysis made in 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 in other reports and filings made with securities regulatory authorities and available at www.sedar.com.