Shawcor Receives Contract Award for Darwin Pipeline Duplication Project, Offshore Northern Australia

TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division (“Pipeline Performance Group” or “PPG”) has been awarded a definitive contract by Allseas to provide anti-corrosion, internal flow coat, and concrete weight coatings for the Darwin Pipeline Duplication project, located offshore Northern Australia. The value of the award is approximately C$35 million. The work will be executed from Shawcor’s Kabil, Indonesia facility, commencing in 2023.

“Shawcor has many years of experience successfully executing large, complex coating projects from our Kabil facility, including the Scarborough project which will be underway imminently,” said Simon Dewey, PPG’s Senior Vice President - Eastern Hemisphere. “We believe this experience, combined with our market leading technology and highest quality standards, positions Shawcor to be a strong partner to Allseas.”

Kevin Reizer, PPG President added “The global offshore pipeline construction industry is entering a multi-year period of robust activity, driven by the rising need for energy supply and energy security. As the world’s leading provider of offshore pipeline coating solutions, Shawcor is excited to be involved in this project. Today’s award, in combination with the recently announced Southeast Gateway Pipeline contract and many other smaller projects, serves to strengthen our already substantial backlog while ensuring our worldwide footprint of coating facilities move a step closer to full utilization.”

About Shawcor

Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

For further information, please contact:

Meghan MacEachern
External Communications & ESG, Director
Telephone: 437.341.1848

Forward Looking Information

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.

Source: Shawcor Ltd.