SCL.TO ShawCor Ltd.

Shawcor Announces Contract Awards for the Sangomar and Baltic Pipe Projects

Shawcor Announces Contract Awards for the Sangomar and Baltic Pipe Projects

TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX: SCL) is announcing today that its pipe coating division has entered into a contract with Subsea 7 to provide thermal insulation coating services for the Woodside Sangomar Offshore Project in Senegal.  The value of the award is in the range of CAD$30-$50 million.  The work is scheduled to be executed from Shawcor’s Orkanger, Norway facility commencing in the first quarter of 2021 and completing in the second quarter of 2021.

Further to its announcement in January of a letter of intent for the Baltic Pipe Project valued at approximately CAD$67 million, Shawcor is announcing that it has now entered into the definitive contract for such project.

Shawcor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services segment of the oil and gas industry and related products for the petrochemical and industrial market. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

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. Specifically, this news release contains forward looking information in respect of, the entering into and completion of the pipe coating contract with Europipe and the timing thereof. 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 and readers are cautioned not to unduly rely on 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.

For further information, please contact:

Shawcor Ltd.

Paul Pierroz

Senior Vice President, Corporate & Investor Relations

Tel: 416-744-5540

Email:

Website:

EN
24/02/2020

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