ShawCor to Acquire the Coating Business of Altus Energy Services

By Shawcor Ltd., PRNE
Thursday, March 17, 2011

TORONTO, March 18, 2011 - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced that its subsidiary,
Shaw Pipe Protection Limited, has entered into an agreement to acquire the
coating assets and business of Altus Energy Services Partnership, Altus
Energy Services Ltd. and Nusco Northern Manufacturing Ltd. (collectively
"Altus"). The coating business, formerly known as CSI, provides shop applied
coatings at its modern facility in Nisku, Alberta and provides field coating
services throughout Western Canada.

CSI specializes in the internal and external coating of bends, fittings,
elbows and short spools of pipe including the internal corrosion coating of
long straight lengths of pipe. The acquisition of the CSI assets will allow
Shaw Pipe Protection to supply a broad range of internal and external custom
coating solutions that are complementary to its current range of
anticorrosion, flow efficiency and insulation coatings for oil and gas
gathering and transmission lines. This acquisition will also allow Shaw Pipe
Protection to provide a full range of custom coating solutions for the oil
sands and for pipeline rehabilitation applications.

The transaction will be effected by means of a court approved sale of
assets under the Companies' Creditors Arrangement Act (CCAA) pursuant to a
motion to the Court of Queen's Bench of Alberta, brought by Altus, for an
Approval and Vesting Order that is scheduled to be heard on March 24, 2011.
It is anticipated that, upon the receipt of final court approval and the
satisfaction of other customary closing conditions, this transaction will be
completed on April 6, 2011.

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 seventy manufacturing and service facilities
located around the world.

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:

    ShawCor Ltd.
    Gary Love
    Vice President, Finance and CFO
    Telephone: +1-416-744-5818

For further information: ShawCor Ltd., Gary Love, Vice President, Finance and CFO, Telephone: +1-416-744-5818, E-mail: glove at

will not be displayed