Industry News

ShawCor Ltd. Announces a Contract to provide Pipeline Coating Services for the KOC Crude Oil Export Facilities Project

Published on 2006-02-24. Author : SpecialChem

TORONTO -- ShawCor Ltd. (TSX: SCL.SV.A - News, SCL.MV.B - News) announced that its subsidiary, Bredero Shaw Middle East Ltd., has been awarded a Letter of Intent with a value of approximately US$44 million to provide offshore pipe coating services for the KOC Crude Oil Export Facilities Project in Kuwait. The offshore pipelines consist of a 73 kilometer large diameter pipeline coated with coal tar enamel and concrete and an 18 kilometer pipeline concrete coated after pipe in pipe and polyurethane foam insulation. Clients served on the pipeline projects include Kuwait Oil Company and Hyundai Heavy Industries Co. Ltd. The pipe will be coated at Bredero Shaw's pipe coating facility in Ras Al Khaimah, U.A.E., commencing in June 2006.

The Crude Oil Export Facilities Project, with a crude oil production and export capability of 3 million barrels per day, is one of the largest projects in the Kuwait energy sector and the Gulf area. The project includes the installation of new storage tanks with an operating capacity of 11.4 million barrels, gravity lines, metering systems, offshore pipelines and other related facilities and will significantly enhance Kuwait's oil exporting capability.

With 27 plants around the world, Bredero Shaw is the Global Leader in pipe coating solutions. The company has provided pipeline coatings for oil and gas projects in the Middle East for over fifteen years. With further investments in Jubail, Saudi Arabia and Ras Al Khaimah, UAE, Bredero Shaw continues to serve the needs of the growing Middle East pipeline market with technologically advanced products including anti-corrosion coatings, concrete weight coatings and other related services.

ShawCor Ltd. is an energy services company specializing in products and services for the pipeline, exploration and production, and downstream sectors of the energy industry wherever these products and services are required. Bredero Shaw, ShawCor's largest division, is the global leader in pipe coating solutions and employs approximately 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 document contains forward looking statements, which are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in such statements.

Source: ShawCor Ltd.

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