Shawcor Ltd. Announces Conditional Award for North Sea Development Project

TORONTO, March 15, 2021 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX: SCL) announced today that its pipe coating division has secured a firm contract, pending project sanction, to provide a wet insulation coating system utilizing its proprietary ULTRA™ technology for a Development Project located in the North Sea.

The conditional award was secured following a technology development program to extend Shawcor’s ULTRA™ platform. The value of the award is in the range of C$40-$45 million, pending final investment decision which is expected to occur in the third quarter of 2021. The work is expected to be executed from Shawcor’s Okanger, Norway facility commencing in the third quarter of 2022.

Shawcor Ltd. is a global company serving various sectors of the Infrastructure, Energy and Transportation markets through three reporting segments:  Pipeline and Pipe Services, Composite Systems and Automotive and Industrial. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

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.

For further information, please contact:

Meghan MacEachern
External Communications & ESG, Director
Telephone: [phone]
Email: [e-mail]
shawcor.com

Source: Shawcor Ltd.