TORONTO, May 26, 2023 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) (“Shawcor” or the “Company”) announced today that its pipe coating division, Pipeline Performance Group (“PPG”), has received a formal contract award for a development project, located offshore in South America. The Company had previously announced its conditional award, pending project sanction, in late 2022. Shawcor will provide thermal insulation and anticorrosion coating services from a Western Hemisphere facility. Project initiation is expected to begin in the fourth quarter of 2023. The coating value of this project is estimated to exceed C$110M.
“This award follows successful execution of coating activities on numerous development projects in the region,” said Fernando Ulecia, PPG’s VP of Western Hemisphere. “Our differentiated coating solutions have proven to be well suited for these challenging deep-water environments.”
Kevin Reizer, Group President of PPG, added, “This award provides further confidence that offshore activity is accelerating, especially in deep-water. Our global network of coating and insulation facilities is well suited to significantly participate in this expansion.”
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.
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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.