(TSX: SCL.A, SCL.B)
TORONTO, March 22, 2012 /PRNewswire/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced its pipecoating division, Bredero Shaw, has received contracts with a value in excess of US$30 million from PEARLOIL (Sebuku) Limited, a wholly-owned subsidiary of Pearl Energy, which is the Southeast Asia operating arm of Mubadala Oil & Gas, a business unit of Mubadala Development Company, to provide pipeline coatings and related products and services for the Ruby Gas Field Development Project. The Ruby Field Development export pipeline will connect the offshore gas field to a dedicated receiving terminal in North Bontang, East Kalimantan, Indonesia and a tie-in pipeline will connect the receiving terminal to Total's onshore facilities at Senipah in East Kalimantan. The contracts will be executed at Bredero Shaw's facilities in Kabil, Indonesia and Kuantan, Malaysia. These facilities are technology-based, full service coating plants that were built specifically to process large, complex projects in the Asia Pacific region.
The export pipeline and related tie-in pipeline contracts involve coating approximately 240 km of 14" diameter pipe that will be protected with three layer and asphalt enamel anticorrosion coatings and concrete weight coating. In addition Bredero Shaw has also received a contract for anode procurement and installation as well as custom coating. The project will commence during 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.