(TSX: SCL)
TORONTO,
May 22, 2014 /CNW/ - ShawCor Ltd.
(TSX: SCL) today announced its pipe coating division, Bredero Shaw,
has received a contract with a value of approximately US$70 million from BP Exploration (Shah Deniz)
Ltd. for and on behalf of the South Caucasus Pipeline Company Ltd.
for coating services for the South Caucasus Pipeline Expansion
(SCPX) project. The objective of the SCPX Project is to expand the
capacity of the existing SCP system to accommodate additional gas
throughput from the Shah Deniz Stage 2 development in the
Azerbaijan sector of the Caspian
Sea.
This contract involves coating approximately
491km of predominately 48" pipe with 3-Layer Polyethylene and
internal flow coating. Coating is expected to commence in 2014 and
be completed in late 2015.
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 eight divisions with
over seventy-five manufacturing and service facilities located
around the world.
Bredero Shaw, ShawCor's largest division, is the
global leader in pipe coating solutions and employs over 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 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.
