ShawCor Ltd. Acquires Desert NDT

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| Source: ShawCor Ltd.

TORONTO, July 8, 2014 (GLOBE NEWSWIRE) -- ShawCor Ltd. (TSX:SCL) (ShawCor) today announced that it has completed the acquisition of all of the outstanding shares of Desert NDT LLC ("Desert"), first announced on May 8, 2014, for a total consideration of approximately US$260 million, subject to adjustment for changes in working capital. Desert is a Houston-based provider of non-destructive testing ("NDT") services for new oil and gas gathering pipelines and infrastructure integrity management services. Desert operates through 18 branches located in major U.S. oil and gas basins. 

The acquisition was funded with cash and through available revolving credit facilities. Post-closing, ShawCor may consider raising equity to repay a portion of its outstanding revolving debt. The transaction is expected to be accretive to ShawCor's earnings per share within the next 12 months.

Mr. Steve Orr, President and CEO of ShawCor stated: "Desert will operate as ShawCor's ninth division and we look forward to working with the Desert team as we advance our integrity management strategy of providing management and data centric solutions for our customer's production, processing and pipeline assets."

ShawCor Ltd. is a global 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 now operates through nine divisions with over ninety manufacturing and service facilities located around the world.

This news release contains forward-looking information within the meaning of applicable securities laws. 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 forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

ShawCor Ltd.
Gary Love
Vice President, Finance & CFO
Tel: 416-744-5818
Email: 
Website: www.shawcor.com