Shawcor to Complete Share Capital Investment in Socotherm S.p.A.

TORONTO, October 29, 2010 - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced that it has received
notice that the Court of Vicenza, following the hearing held on October 15,
2010, has issued a decree of homologation that effectively approves the share
capital investment in Socotherm S.p.A. ("Socotherm") that the Company had
previously announced on May 18, 2010. Upon execution of the capital increase,
to be completed within the next few days, ShawCor and its investment
partners, operating through a newly established holding company Fineglade
Limited, will acquire a 95% ownership interest in Socotherm. ShawCor will
hold a 40% interest in Fineglade with a total investment not expected to
exceed EUR30 million and intends to record its investment on an equity
accounting basis.

Headquartered in Vicenza, Italy, Socotherm S.p.A. is a global
pipe-coating contractor primarily serving the oil and gas industry. Socotherm
S.p.A. is a public company listed on the Italian Stock Exchange (SCTM.MI)
with revenue of

EUR137 million during its most recent fiscal year ended December 31,
2009.

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.

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 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: For further information: ShawCor Ltd., Gary
Love, Vice President, Finance and CFO, Tel: +1-416-744-5818, E-mail:
glove@shawcor.com, Web site: www.shawcor.com

(SCL.A. SCL.B.)

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