Shawcor Secures Five Pipe Coating Contract Awards and One Letter of Intent, Collectively Valued at Over $150M

Jun 27, 2023

TORONTO, May 31, 2023 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX: SCL) ("Shawcor" or the "Company") announced today that its pipe coating division, Pipeline Performance Group ("PPG"), has received five formal contract awards and one letter of intent ("LOI") for development projects in South America, Mexico and the Ivory Coast. The coating value of these projects collectively exceeds $150M. These commitments include:

"Utilization in all facilities continues to improve as we enter the second half of 2023 and into 2024 and beyond, as numerous projects continue to be sanctioned," said Kevin Reizer, Group President of PPG. "These commitments provide evidence that our differentiated technologies are well-positioned to meet the complex requirements for offshore installations in virtually all geographies as offshore activity levels continue to accelerate."

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 Email: [email protected] shawcor.com

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.