TORONTO, Feb. 25, 2014 /CNW/ - ShawCor Ltd. (TSX: SCL) today announced
that its Socotherm pipe coating division has received a contract with a
value in excess of US$40 million from Tenaris to provide pipeline
coatings for the Moho Nord Oil Pipeline project. The Moho Nord project
is located in water depths of 650 to 1,150 metres approximately 75
kilometers off the Congo coast in West Africa. The contract will be
executed primarily at the Socotherm pipe coating facility in Pozzallo,
Italy with additional work to be completed at Socotherm's facilities in
Adria, Italy and Escobar, Argentina.
This contract involves coating approximately 165 kms of 6" to 16" pipe
with 3-layer polypropylene anticorrosion coating, 42 kms of 8" to 10"
pipe with 5-layer syntactic polypropylene coating and 19 kms of 16"
pipe with 3-layer polypropylene anticorrosion coating together with
concrete weight coating. Coating is expected to commence during the
second quarter of 2014.
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 eight divisions with over seventy-five manufacturing and
service facilities located around the world.
Socotherm S.p.A., a division of ShawCor Ltd. headquartered in Italy, is
an international pipe coating contractor primarily serving the oil and
gas industry from active operations in Italy, Argentina, the Gulf of
Mexico and Venezuela.
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" or similar terminology are used to identify forward-looking
information. This forward looking information is based on assumptions,
estimates and analysis made in the 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 forward-looking information is
provided as of the date of this news release and the Company does not
assume any obligation to update or revise the forward-looking
information to reflect new events or circumstances, except as required
SOURCE: ShawCor Ltd.
For further information:
Vice President, Finance and CFO