ShawCor Provides Update on the South Stream Offshore Pipeline Project
(Thomson Reuters ONE) -
TORONTO, June 9, 2015 (GLOBE NEWSWIRE) -- ShawCor Ltd. (TSX:SCL) announced today
that its Bredero Shaw pipe coating division has received notification from
Europipe GmbH that the suspension of the work on its contract with Europipe for
the concrete weight coating of Line 1 of the South Stream Pipeline has been
lifted with immediate effect and that work on this contract is to be resumed.
In December 2014, ShawCor Ltd. had announced the suspension of the majority of
the work on its South Stream Pipeline contracts with Europipe and with Marubeni
Sumitomo Consortium (with a combined value of approximately US$100 million) and
with Saipem SpA (with a value of approximately C$30 million).
As of this date, all of the Company's contracted work for Line 1 of the South
Stream Pipeline, with a value remaining to be executed of approximately C$65
million, has been reinstated, and all of the Company's contracted work for Line
2 of the South Stream Pipeline, with a value remaining to be executed of
approximately C$60 million, continues to be suspended.
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 nine divisions with
over ninety 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" 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.
CONTACT: ShawCor Ltd.
Steve Orr
President and Chief Executive Officer
Tel: 416-744-5782
Email: sorr(at)shawcor.com
Website: www.shawcor.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ShawCor Ltd. via GlobeNewswire
[HUG#1927328]
Datum: 09.06.2015 - 15:13 Uhr
Sprache: Deutsch
News-ID 399225
Anzahl Zeichen: 3486
contact information:
Town:
Toronto
Kategorie:
Business News
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"ShawCor Provides Update on the South Stream Offshore Pipeline Project"
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