(TSX: SCL)
TORONTO,
July 3, 2014 /PRNewswire/ - ShawCor
Ltd. (TSX: SCL) announced today that its field-applied pipeline
coatings and services division, Canusa-CPS, has received a contract
with a value of approximately Cdn $30
million from Saipem SpA to provide field joint coating
services for Line 1 of the South Stream Offshore Pipeline.
The South Stream Offshore Pipeline system is comprised of 4
pipelines that will cross the Black Sea and transport gas from
Russia to Bulgaria.
This contract involves the manufacture of
3-layer polypropylene heat shrink sleeves, and their application on
each pipe weld of the 900 km 32" offshore pipeline utilizing the
Canusa-CPS patented IntelliCOATTM automated system.
Contract execution is expected to commence in 2014.
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.
Canusa-CPS, ShawCor's provider of field-applied
coatings, technologies and services, is the global leader in
field-applied coatings for subsea pipelines. With
representation in more than 70 countries, the division provides
specialized field-applied coating systems and related services for
corrosion and thermal protection of land and offshore pipelines,
including the world's leading factory grade field-applied coating
systems for 3-layer polyethylene and polypropylene coated
pipelines.
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. The forward-looking information is
provided as of the date of this news release and the Company does
not assume any obligation to update or revise the forward-looking
information to reflect new events or circumstances, except as
required by law.
SOURCE ShawCor Ltd.