Shawcor Announces Contract to Provide Gulf of Mexico Pipe Coating and Insulation Services for the Jack/St. Malo Project

TORONTO, December 22, 2010 - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced its pipe coating
division, Bredero Shaw, has received a contract with a value in excess of
US$40 million to provide subsea insulation coatings for the Jack/St. Malo
project, operated by Chevron North America Exploration and Production
Company. The subsea flowlines and risers will be installed approximately 250
miles (400 km) southwest of New Orleans in water depths up to 7,200 ft (2,200
m).

The work will be executed at the Bredero Shaw pipe coating facility in
Beaumont, Texas. The site is being upgraded with the addition of a new
Brigden(TM) modular coating facility capable of applying FBE and multi-layer
anti-corrosion systems, as well as Thermotite(R) syntactic polypropylene,
solid and foam polypropylene and Thermotite(R) ULTRA(TM) subsea thermal
insulation systems.

This contract includes ID blasting and coating of approximately 92 km of
10" pipe with a 3-layer polypropylene anticorrosion coating and syntactic
polypropylene thermal insulation. Qualification activities will commence
during the first quarter of 2011, with full production planned from the third
quarter of 2011 through the second quarter of 2012.

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 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 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 other reports and
filings made with securities regulatory authorities and available at
www.sedar.com.

    For further information:

    ShawCor Ltd.
    Gary Love
    Vice President, Finance and CFO
    Tel: +1-416-744-5818
    Email: glove@shawcor.com

Website: www.shawcor.com

For further information: ShawCor Ltd., Gary Love, Vice President, Finance and CFO, Tel: +1-416-744-5818
Email: glove at shawcor.com