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.
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:
External Communication & ESG, Director
Phone number: 437.341.1848
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Source: Shawcor Ltd.
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