Le Lézard
Classified in: Business
Subject: BUSINESS CONTRACTS

Shawcor Awarded $500 Million Pipe Coating Contract in Southeast Mexico


TORONTO, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. ("Shawcor" or the "Company") (TSX: SCL) today announced that its pipe coating division ("Pipeline Performance Group" or "PPG") has received a formal contract valued at approximately C$500 million from Transportadora de Gas Natural de la Huasteca, S. de R.L. de C.V. ("TGNH"), the Mexican subsidiary of TC Energy Corporation ("TC Energy"), to supply pipe coating services on the Southeast Gateway Pipeline project ("SGP"), an offshore natural gas pipeline in southeast Mexico.

In support of this project, which reached a final investment decision ("FID") this month, Shawcor will mobilize facilities and apply concrete weight coating to approximately 706 km of 36-inch diameter pipe that will connect the TGNH facilities in Tuxpan, Veracruz offshore to Coatzacoalcos, Veracruz and onward to Dos Bocas, Tabasco. Facility mobilization will start in Q3 2022 with coating expected to begin early in 2023 and take approximately one year to complete. The work will be conducted from a high-capacity concrete coating facility which Shawcor will re-establish in Altamira, Mexico.

John Highams, PPG's Vice President of Strategic Projects commented "Shawcor's ability to utilize its experience from the mobilization and execution of the Sur de Texas - Tuxpan transmission line, completed in 2018, provides TC Energy with the assurance to deliver this world-class project safely and reliably." Kevin Reizer, PPG President added "This project reinforces the trend of increased large project activations we are seeing globally and coupled with the recently announced Scarborough Gas Export Pipeline, will return Shawcor's conventional offshore pipe coating activity to levels not seen since the oil price collapse of 2015."

Shawcor leadership will share further details regarding the expected economic impact of this contract award in due course.

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
Director, External Communications & ESG
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.

 



These press releases may also interest you

at 05:40
Keep Inc. ("Keep" or the "Company"), the largest online fitness platform in China, today announced its audited annual results for the year ended December 31, 2023. Full Year 2023 Financial Highlights Total revenues were RMB2,137.8 million in 2023, a...

at 05:30
BrightPoint (BP) LLC, an 8(a) joint venture between Buchanan & Edwards (BE) and i3, is pleased to announce its successful bid for a position on the U.S. Department of Commerce's Commerce Acquisition for Transformational Technology Services (CATTS)...

at 05:30
The "High Net Worth (Hnw) Asset Allocation Trends 2024" report has been added to  ResearchAndMarkets.com's offering. Drawing on our 2023 Global Wealth Managers Survey, this report analyzes HNW asset allocation strategies in 24 key markets. In...

at 05:30
FinVolution Group ("FinVolution," or the "Company") , a leading fintech platform, today announced that its Philippines financial application, Juanhand, has entered into a strategic cooperation agreement with SeaBank Philippines Bank ("SeaBank"), an...

at 05:20
Engel & Völkers Florida today announced the outstanding achievement of Michael Ledwitz, Broker/Owner of Engel & Völkers Boca Raton, who has been recognized as the Top Advisor in GCI for his outstanding performance in 2023. This prestigious accolade...

at 05:05
Building upon its recent success in revamping its indices product offering, leading CFD broker Vantage Markets ("Vantage") is thrilled to announce the introduction of enhanced website features and app enhancements, further solidifying its position as...



News published on and distributed by: