TORONTO, Sept. 26, 2014 (GLOBE NEWSWIRE) -- ShawCor Ltd. (TSX:SCL) today announced that its Bredero Shaw pipe coating division has received contracts with a value of approximately US$200 million from BP Exploration (Shah Deniz) Limited for pipeline coating and other services in connection with the Shah Deniz Stage 2 development project. The contracts are scheduled to be executed from plants within Bredero Shaw's EMAR region.
The contracts awarded involve the application of a full suite of coatings, including "Thermotite" multilayer polypropylene insulation, anti-corrosion and concrete weight coatings. Coating will commence in late 2014 and continue through the 2015 to 2018 period.
In addition to the contracts announced today, Bredero Shaw is currently bidding on other contracts relating to the Shah Deniz Stage 2 project.
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 nine divisions with over ninety manufacturing and service facilities located around the world.
Bredero Shaw, ShawCor's largest division, is the global leader in pipe coating solutions and employs over 4,000 permanent and contract personnel located at offices and facilities in fifteen countries. The division provides specialized coating systems and related services for corrosion protection, insulation and weight coating applications on land and marine pipelines including highly engineered corrosion and insulation systems for deepwater applications.
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 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.