ShawCor Completes Acquisition Of Flexpipe Systems

    (TSX: SCL.A, SCL.B)

    TORONTO, June 27 /CNW/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced
the completion of the previously announced acquisition of all of the
outstanding shares of Flexpipe Systems Inc. for a total consideration of
approximately $130 million. Flexpipe Systems is a leading manufacturer of
spoolable, composite line pipe which is used by oil and gas producers in
applications that benefit from the product's ease and speed of installation
and its pressure and corrosion resistance capabilities.
    The transaction was effected by means of a court approved plan of
arrangement following the approval by 100% of Flexpipe Systems' security
holders represented at a special meeting held on June 26, 2008. Under the
terms of the arrangement, shareholders of Flexpipe Systems will receive a cash
payment of $7.75 per Flexpipe Systems share. Holders of options or warrants to
acquire shares of Flexpipe Systems, which were not exercised prior to today,
will receive a cash payment equal to the difference between $7.75 and the
exercise price of the option or warrant.

    ShawCor Ltd. is an energy service 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 sixty manufacturing and service facilities located
around the world.

    Flexpipe Systems Inc. is based in Calgary and has sales offices and
service depots in Saskatchewan, Colorado and Texas. The company manufactures
and sells a proprietary, flexible, non-metallic, corrosion-resistant pipeline
product marketed primarily to oil and natural gas producers in Canada and the
United States.

    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 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 ShawCor Annual Information Form, annual and quarterly
reports and in other reports and filings made with securities regulatory
authorities and available at

For further information:

For further information: ShawCor Ltd., Gary Love, Vice President,
Finance and CFO, Telephone: (416) 744-5818, E-mail:

Organization Profile

ShawCor Ltd.

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