(TSX: SCL.A, SCL.B)
TORONTO, Feb. 17 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced
its Bredero Shaw division has received contract amendments increasing the
value of contracts that were previously announced with a value in excess of
$60 million on October 15, 2008. The revised contracts with Welspun Gujarat
Stahl Rohren Limited and Tenaris Global Services S.A. total in excess of $80
million and are to provide Concrete Weight Coatings and anode installation for
the National Gas Company of Trinidad & Tobago Ltd's North East Offshore (NEO)
and Tobago Pipeline Projects. The increase in the contract values is the
result of a change in the coating thickness for the pipelines. Bredero Shaw
will mobilize two Compression Coat Technology (CCT) concrete weight coating
plants to Trinidad and will commence coating for these projects in the second
quarter of 2009.
The North East Offshore Pipeline Project will consist of approximately 94
km of 36" pipe that will transport natural gas from the Angostura Gas Export
Platform to Mayaro Bay and then to Beachfield on the east coast of Trinidad.
The Tobago Pipeline Project will consist of approximately 54 km of 12" pipe
that will transport natural gas from BHP Billiton's Gas Export platform to
Columbus Point on the south coast of Tobago. Bredero Shaw will provide
Concrete Weight Coating using Compression Coat mobile coating technology.
Compression Coat is the pipeline industry's leading coating system for
projects requiring rapid mobilization or coating near the right-of-way. This
concrete coating system is designed to provide negative buoyancy and
mechanical protection for pipelines in submarine and wet environments.
Compression Coat uses a side-wrap application process making it ideal for both
small and large 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
seven divisions with over seventy manufacturing and service facilities located
around the world.
Bredero Shaw, ShawCor's largest division, 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
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.
For further information:
For further information: ShawCor Ltd., Gary Love, Vice President,
Finance and CFO, Tel: (416) 744-5818, E-mail: email@example.com, Website: