Shawcor receives Guyana’s yellowtail development project intent, Canadian Business Journal

Toronto, April 5, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or “Company”) (TSX: SCL) today announced that the Pipe Coating Department has received a Letter of Intent (“LOI”) with Saipem. The Buri Development Project is located in the Stabroke block off the coast of Guyana and is approximately 1,800 meters deep. We plan to enter into a formal contract in mid-2022, subject to the required government approval. The project will begin in the first quarter of 2023 at the Veracruz facility in Shawcor, Mexico.

In addition to the LOI with Saipem, Shawcor has received formal contract awards from other customers for two small projects in the Gulf of Mexico. Shawcor will provide coating services for these projects starting from our Veracruz facility in the second quarter of 2022.

Kevin Riser, President of the Pipeline Performance Group, said: .. “These awards follow the successful execution of multiple deep-sea projects around the world, demonstrating the strength of coating performance and for Shawcor’s provision of high-quality coating services. It supports trust. “

In total, the LOI and contract rewards above are worth more than C $ 50 million, with Buri being the largest component.

About Shawcor

Shawcor Ltd. is a global growth-oriented materials sciences company serving the infrastructure, energy and transportation markets. We operate through a network of fixed and mobile manufacturing and service facilities. Its three business segments, complex systems, automotive and industry, pipelines and pipeline services, enable responsible renewal and enhancement of critical infrastructure while reducing risk and environmental impact.

For more information, please contact:

Meghan MacEachern
External Communication & ESG, Director
Phone number: 437.341.1848

Information about future prospects

This news release contains information about the future outlook in the sense of applicable securities law. Terms such as “may,” “do,” “should,” “expect,” “plan,” “expect,” “believe,” “predict,” and “estimate.” Used to identify information about future prospects. This forward-looking information is based on assumptions, estimates and assumptions made in the light of our experience and trends, our perceptions of the status quo and expected developments, and other factors we believe are reasonable and relevant. Based on analysis. Status. Forward-looking information includes known and unknown risks, uncertainties, and other factors, and actual results, performance, or outcomes are predicted, represented, or implied by forward-looking information. It can be very different from the one. Forward-looking information is provided as of the date of this news release and, unless required by law, we update or revise forward-looking information to reflect new events or circumstances. I shall not be obliged to do so.

Source: Shawcor Ltd.

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Shawcor receives Guyana’s yellowtail development project intent, Canadian Business Journal

Source link Shawcor receives Guyana’s yellowtail development project intent, Canadian Business Journal

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