Shawcor Announces Contract to Provide Pipe Coating Services for the Zawtika Development Project
By Shawcor Ltd., PRNESunday, June 12, 2011
TORONTO, June 13, 2011 -
SHAWCOR LTD.
(TSX: SCL.A, SCL.B)
ShawCor Ltd. (TSX: SCL.A) (TSX: SCL.B) today announced its
pipecoating division, Bredero Shaw, has received a contract with a
value in excess of US$60 million from Welspun Corp Limited, to
provide pipeline coatings and related products and services for the
Zawtika Development Project operated by
PTTEP International Limited.
The contract will be executed at Bredero Shaw’s facility in Kabil,
Indonesia. This facility is a technology-based, full service
coating plant that was built specifically to process large, complex
projects in the Asia Pacific region. Pipe shipments will utilize
the two new berths at the Kabil Offshore Deepwater Port, which
became fully operational during the second quarter of 2010.
The contract involves coating approximately 335 km of 10″ to 28″
pipe that will be protected with three layer anticorrosion coating
and concrete weight coating.
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
For further information:
ShawCor Ltd.
Gary Love
Vice President, Finance and CFO
Tel: 416-744-5818
Email:
Website:
(SCL.A. SCL.B.)
.
