Shawcor Receives Contract Award for Yellowtail Development Project in Guyana

TORONTO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. ("Shawcor" or the "Company") (TSX: SCL) today announced that its pipe coating division has been awarded a definitive contract by Saipem to provide thermal insulation and anticorrosion coating services for the Yellowtail development project, located in the Stabroek block offshore Guyana at a water depth of approximately 1,800 meters.

The value of the award is in the range of C$40-$50 million and coating is scheduled to commence in the first quarter of 2023 from Shawcor's Veracruz, Mexico facilities. Saipem previously awarded coating contracts to Shawcor for the first two phases of the Liza development projects and the Payara project in Guyana in 2017, 2018 and 2020 respectively. 

"The award of work for the Yellowtail project follows deployment of our solution on the Liza Phases 1&2 development projects and the more recent Payara development project in Guyana," said Kevin Reizer, Pipeline Performance Group President. "This new contract validates our ability to bid, contract, and execute multiple deepwater projects globally, demonstrating the strength of our coating performance and confirming our Customers' confidence in Shawcor to deliver quality coating services."

About Shawcor

Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

For further information, please contact:

Meghan MacEachern
External Communications & ESG, Director
Telephone: 437.341.1848
Email: [email protected]
shawcor.com

Forward Looking Information

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.

Source: Shawcor Ltd.