ShawCor Declares Quarterly Dividend

(TSX: SCL.A, SCL.B)

TORONTO, November 2, 2010 - The Board of Directors today declared a dividend of seven and fifty one
hundredths cents (7.50 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 30th day of
November, 2010, to shareholders of record at the close of business on the 17th
day of November, 2010.

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 Wednesday, November 3rd at 10:00 AM EDT, which will discuss the
company's Third 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

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