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TORONTO, Aug. 8 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced
that its Bredero Shaw division has completed the acquisition of a 50% equity
interest in Eupec Brasil Ltda. from Eupec PipeCoatings GmbH, subject to the
receipt of regulatory approvals in Brazil. As a result of the acquisition, the
company has been renamed Bredero Shaw Revestimentos de Tubos Ltda. The
remaining 50% equity interest in the company is owned by Delta Premium Trading
Corp., the principal shareholders of which are currently the partners in
Bredero Shaw's existing Brazilian joint venture, Thermotite Brasil Ltda. Both
the Bredero Shaw Revestimentos de Tubos and Thermotite Brasil coating
operations are located adjacent to the Vallourec & Mannesmann pipe mill in
Belo Horizonte, Brazil.
Prior to the completion of this transaction, Bredero Shaw's participation
in the Brazilian pipe coating market has been focused on the provision of
specialized insulation products for offshore pipelines. These projects include
the current contract being performed by Thermotite Brasil Ltda. for the
Petrobras PDEG project. With the acquisition of the 50% interest in Eupec
Brasil Ltda., Bredero Shaw will be able to offer a complete range of
anticorrosion coatings and linings along with high performance insulation
coatings to serve both the onshore and offshore segments of the Brazilian
pipeline market.
ShawCor Ltd. is an 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 operates through
six divisions with manufacturing and service facilities located around the
world.
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 the widest array
of highly engineered corrosion and insulation systems for deepwater
applications. This investment in Bredero Shaw Revestimentos de Tubos Ltda. is
a key part of the company's overall strategy to serve growing South American
oil and gas markets with leading pipe coating technologies.
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 current Annual Information Form, annual and
quarterly reports and in other reports and filings made with securities
regulatory authorities and available at www.sedar.com.
