Shawcor Provides Update on Outstanding Pipe Coating Bids
(Thomson Reuters ONE) -
TORONTO, July 08, 2016 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX:SCL) is providing
an update on two large pipe coating projects that it has recently bid.
The Company is announcing today that it has been awarded a conditional contract
with a value in excess of C$300 million from Infraestructura Marina del Golfo
(IMG), a Mexican company majority-owned by TransCanada Corporation and partially
owned by IEnova, for pipeline coating for the CFE Sur de Texas - Tuxpan gas
pipeline project, a 690 km offshore pipeline that will run from the USA/Mexico
international border near Brownsville, Texas to a location near Tuxpan, Mexico.
The contract is expected to be finalized shortly and is scheduled to be executed
from 2 coating plants in Altamira, Mexico and involves the application of
concrete weight coating. Coating is expected to commence in early 2017 with
completion expected by the end of 2017.
Shawcor is also announcing today that it does not expect to participate in the
pipe coating for the Nord Stream 2 pipeline project. Further information
regarding the Nord Stream 2 project can be found on the Nord Stream 2 website
(www.nord-stream2.com).
Shawcor Ltd. is a global services company specializing in products and services
for the pipeline and pipe services segment of the oil and gas industry and
related products for the petrochemical and industrial market. 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:
Shawcor Ltd.
Steve Orr
President & CEO
Tel: 416-744-5782
Email: steve.orr(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
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