Shawcor Wins $500 Million Pipe Coating Contract in Southeast Mexico | New

TORONTO, Aug. 18, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division (“Pipeline Performance Group” or “PPG”) has been awarded a formal contract valued at approximately C$500 million from Transportadora de Gas Natural de la Huasteca, S. de RL de CV (“TGNH”), the Mexican subsidiary of TC Energy Corporation (“TC Energy”), to provide pipe coating services on the Southeast Gateway Pipeline (“SGP”) project, an offshore gas pipeline located in southeastern Mexico.

In support of this project, which reached a final investment decision (“FID”) this month, Shawcor will mobilize facilities and apply concrete weight surfacing to approximately 706 km of 36-inch-diameter pipe which will connect the TGNH facilities at Tuxpan, Veracruz offshore to Coatzacoalcos, Veracruz and then to Dos Bocas, Tabasco. Mobilization of the facilities will begin in the third quarter of 2022 and coating is expected to begin in early 2023 and last approximately one year. Work will be carried out from a large capacity concrete paving facility that Shawcor will re-establish in Altamira, Mexico.

John Highams, Vice President of Strategic Projects, PPG, said, “Shawcor’s ability to utilize its experience mobilizing and executing the Texas Sur – Tuxpan transmission line, completed in 2018, gives TC Energy the assurance of carrying out this world-class project in complete safety. and reliably. Kevin Reizer, President of PPG, added, “This project reinforces the trend of increased major project activations that we are seeing globally and, together with the recently announced Scarborough Gas Export Pipeline, will bring the Shawcor’s conventional offshore pipe coating business at levels not seen since the 2015 oil price crash.”

Shawcor management will share more details regarding the expected economic impact of this contract award in due course.

About Shawcor

Shawcor Ltd. is a growth-oriented, global materials science company serving the infrastructure, energy and transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and improvement of critical infrastructure while reducing risk and environmental impact.

For more information, please contact:

Meghan MacEachern

Director, External Communications and ESG

Telephone: 437.341.1848

E-mail: [email protected]

Forward-looking information

This press 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 analyzes made in light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that the Company considers as reasonable and appropriate in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those anticipated, expressed or implied by the forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company undertakes no obligation to update or revise forward-looking information to reflect new events or circumstances, except as required by law.

Source: Shawcor Ltd.

Copyright 2022 GlobeNewswire, Inc.

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