ShawCor Announces Settlement Of Alabama Lawsuit
TORONTO, July 17 /PRNewswire-FirstCall/ — ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced the settlement of the Alabama lawsuit brought by Dirt, Inc. against Bredero Price Company, Bredero Shaw LLC, ShawCor Ltd. and Halliburton Energy Services, Inc., which resulted in the previously announced verdict of US$100 million compensatory damages and punitive damages of US$2 million against each defendant plus interest. The matter was settled, at a mediation ordered by the Alabama Supreme Court as part of the appeal proceedings, for a total of US$43.5 million against all parties, an amount less than the reserve previously established by ShawCor. ShawCor and its co-shareholder of Bredero Price Company are now discussing apportionment of the settlement amount.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with over seventy manufacturing and service facilities located around the world.
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” and similar terminology are used to identify forward looking information. This forward-looking information is based on assumptions, estimates and analysis made in 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 risks and uncertainties include, among other things, changes in global economic activity and changes in energy supply and demand which impact on the level of drilling activity and pipeline construction; political, economic and other risks arising from international operations; compliance with environmental, trade and other laws; liability claims; fluctuations in foreign exchange rates and fluctuations in raw material prices, as well as other risks and uncertainties that are more fully described in the company’s current Annual Information Form, annual and quarterly reports and in other reports and filings made with securities regulatory authorities and available at http://www.sedar.com/.
CONTACT: ShawCor Ltd., Gary Love, Vice President, Finance and CFO, Tel:(416) 744-5818, E-mail: email@example.com, Web site: http://www.shawcor.com/