ShawCor Declares Quarterly Dividend

TORONTO, March 3, 2011 - (TSX: SCL.A, SCL.B)

The Board of Directors today declared a dividend
of seven and a half cents (7.5 cents) per Class A Subordinate Voting Share
and six and eight hundred and eighteen one thousandths cents (6.818 cents)
per Class B Multiple Voting Share payable on the 31st day of March 2011, to
shareholders of record at the close of business on the 18th day of March
2011.

For Canadian resident shareholders, these dividends are designated as
"eligible dividends" for purposes of the enhanced dividend tax credit rules
contained in the Income Tax Act (Canada) and any corresponding provincial and
territorial tax legislation.

ShawCor will be hosting a Shareholder and Analyst Conference Call and
Webcast on Friday March 4th, at 10:00 AM EST, which will discuss the
company's fourth quarter 2010 financial results.

Please visit our website at www.shawcor.com for further details.

For further information:

    Gary S. Love
    Vice President, Finance and CFO
    Telephone: +1-416-744-5818
    e-mail: glove@shawcor.com

website: www.shawcor.com

Gary S. Love, Vice President, Finance and CFO, Telephone: +1-416-744-5818, e-mail: glove at shawcor.com