ShawCor Announces Settlement Of Alabama Lawsuit



    (TSX: SCL.A, SCL.B)

    TORONTO, July 17 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced
the settlement of the Alabama lawsuit brought by Dirt, Inc. against Bredero
Price Company, Bredero Shaw LLC, ShawCor Ltd. and Halliburton Energy Services,
Inc., which resulted in the previously announced verdict of US$100 million
compensatory damages and punitive damages of US$2 million against each
defendant plus interest. The matter was settled, at a mediation ordered by the
Alabama Supreme Court as part of the appeal proceedings, for a total of
US$43.5 million against all parties, an amount less than the reserve
previously established by ShawCor. ShawCor and its co-shareholder of Bredero
Price Company are now discussing apportionment of the settlement amount.

    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.

    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.





For further information:

For further information: ShawCor Ltd., Gary Love, Vice President,
Finance and CFO, Tel: (416) 744-5818, E-mail: glove@shawcor.com, Web site:
www.shawcor.com

Organization Profile

ShawCor Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890