TORONTO, June 30, 2014 /CNW/ - ShawCor Ltd. (TSX: SCL) today announced
its pipe coating division, Bredero Shaw, has received a contract with a
value of approximately US$50 million from Marubeni Sumitomo Consortium
for coating services for Line 2 of the South Stream Offshore Pipeline.
The South Stream Offshore Pipeline system is comprised of 4 pipelines
that will cross the Black Sea and transport gas from Russia to Bulgaria
and on to Central and Southern Europe. The contract will be executed at
a pipe coating facility in Bredero Shaw's EMAR region.
This contract involves coating approximately 342km of 32" pipe with
3-Layer Polypropylene and internal flow coating. Coating is expected
to commence in the third quarter of 2014 and be completed in 2015.
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.
Bredero Shaw, ShawCor's largest division, is the global leader in pipe
coating solutions and employs over 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" 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