Shawcor Sells its Oilfield Asset Management Business

TORONTO, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced that it has sold its Oilfield Asset Management (“OAM”) operating unit to Force Inspection Services Inc. (“Force”), in a transaction generating at least C$15 million in gross proceeds. Shawcor will retain OAM related Western Canadian real-estate assets which it may elect to sell at a future date. As part of the transaction, Shawcor has agreed to lease these properties to Force. The OAM business, reported within the Company’s Composite Systems (“CS”) segment, is a provider of downhole tubular inspection, repair and inventory management services to the Western Canadian energy market. It generated revenue of approximately C$38.1 million with an adjusted EBITDA of approximately C$5.3 million in the first nine months of 2022. Proceeds from the sale will be used to reduce the Company’s existing indebtedness and fund high-value growth opportunities.

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