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ShawCor Receives USD 30 Mn Pipeline Coating Contract from Statoil Norway

Published on 2013-07-01. Author : SpecialChem

TORONTO -- ShawCor Ltd. (TSX: SCL) recently announced that its pipe coating division, Bredero Shaw, has received a contract with a value of approximately US$30 million from Statoil Norway to provide pipeline coatings for the Edvard Grieg Oil Pipeline project and the Utsira High Gas Pipeline project. These pipelines will transport oil and gas from the Edvard Grieg and Ivar Aasen fields. The gas will be transported to St. Fergus through a tie in of the Utsira High Gas Pipeline to the Sage system and the oil will be transported to Sture, Norway, through a tie in of the Edvard Grieg Oil Pipeline to the existing Grane Oil Pipeline. The Edvard Grieg field (formerly Luno) is located in the Utsira High area of the Norwegian North Sea. The contract will be executed at the Bredero Shaw pipe coating facility in Leith, Scotland.

This contract involves coating approximately 98km of 16" pipe and 46km of 29" pipe with 3-layer polypropylene anticorrosion coating, internal flow efficiency coating and concrete weight coating. Coating will commence during the fourth quarter of 2013.

About ShawCor Ltd

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.

About Bredero Shaw

Bredero Shaw, ShawCor's largest division, is one of the global leaders 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 deep-water applications.

Forward looking statements

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.

Source: ShawCor


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