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Shawcor Announces Contract To Provide Gulf Of Mexico Pipe Coating And Insulation Services For The Jack/St. Malo Project

December 22, 2010

TORONTO, Dec. 22 /PRNewswire/ – ShawCor Ltd. (TSX: SCL.A, SCL.B) today
announced its pipe coating division, Bredero Shaw, has received a
contract with a value in excess of US$40 million to provide subsea
insulation coatings for the Jack/St. Malo project, operated by Chevron
North America Exploration and Production Company. The subsea flowlines
and risers will be installed approximately 250 miles (400 km) southwest
of New Orleans in water depths up to 7,200 ft (2,200 m).

The work will be executed at the Bredero Shaw pipe coating facility in
Beaumont, Texas. The site is being upgraded with the addition of a new
Brigden(TM) modular coating facility capable of applying FBE and
multi-layer anti-corrosion systems, as well as Thermotite(R) syntactic
polypropylene, solid and foam polypropylene and Thermotite(R) ULTRA(TM)
subsea thermal insulation systems.

This contract includes ID blasting and coating of approximately 92 km of
10″ pipe with a 3-layer polypropylene anticorrosion coating and
syntactic polypropylene thermal insulation. Qualification activities
will commence during the first quarter of 2011, with full production
planned from the third quarter of 2011 through the second quarter of
2012.

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.

Bredero Shaw, ShawCor’s largest division, is the global leader in pipe
coating solutions and employs approximately 4,000 permanent and
contract personnel located at offices and facilities in fifteen
countries. The division provides specialized coating systems and
related services for corrosion protection, insulation and weight
coating applications on land and marine pipelines including highly
engineered corrosion and insulation systems for deepwater applications.

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 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 Annual
Information Form, annual and quarterly reports and other reports and
filings made with securities regulatory authorities and available at www.sedar.com.

SOURCE ShawCor Ltd.


Source: newswire



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