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 by law.
SOURCE: ShawCor Ltd.
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