Press release from PR Newswire
ShawCor Receives Contract for the Coating of the Julimar Development Project
Friday, May 18, 2012
ShawCor Receives Contract for the Coating of the Julimar Development Project11:28 EDT Friday, May 18, 2012TORONTO, May 18, 2012 /PRNewswire/ --ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced that its pipecoating division, Bredero Shaw, has received a contract from Apache in Australia with a value in excess of US$45 million to provide pipeline coatings and related products and services for the Julimar Development Project.The Apache-operated Julimar Development Project is a joint venture between Apache (65%) and Kuwait Foreign Petroleum Exploration Company - KUFPEC (35%). The project will supply raw gas from the Julimar and Brunello gas fields to the Chevron-operated Wheatstone Project in Western Australia. Apache and KUFPEC hold 13 percent and 7 percent respectively in the Wheatstone Project. The Wheatstone Project is one of Australia's largest resource projects and will consist of LNG export and domestic gas processing facilities.The contract involves coating 47 km of 18 inch pipe that will be protected with various configurations of three-layer polypropylene anticorrosion coating, Thermotite® five-layer polypropylene insulation and HeviCote® concrete weight coating. In addition Bredero Shaw has also received a contract for anode procurement and installation. Work will commence during the second quarter of 2013. The company will execute the work at Bredero Shaw's facility in Kuantan, Malaysia. The Kuantan facility is a technology-based, full service coating plant that was built specifically to process large, complex projects in the Asia Pacific region.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 seven divisions with over seventy manufacturing and service facilities located around the world.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 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 risks and uncertainties include, among other things, changes in global economic activity and changes in energy supply and demand which impact on the level of drilling activity and pipeline construction; political, economic and other risks arising from international operations; compliance with environmental, trade and other laws; liability claims; fluctuations in foreign exchange rates and fluctuations in raw material prices, as well as other risks and uncertainties that are more fully described in the company's Annual Information Form, annual and quarterly reports and other reports and filings made with securities regulatory authorities and available at http://www.sedar.com.For further information: ShawCor Ltd. Gary Love Vice President, Finance and CFO Tel: +1-416-744-5818 Email: firstname.lastname@example.org Website: http://www.shawcor.comSOURCE ShawCor Ltd.