Shawcor Awarded Pipe Coating Contract for South American Development Project, Valued at Over $110M

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.

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