Energy services company ShawCor Ltd. says an independent committee has been assembled to consider strategic alternatives for the company, which could include a sale.
The Toronto-based company said Wednesday that controlling shareholder Virginia Shaw could also sell her shares in a potential transaction.
Ms. Shaw is also part of the company's board of directors.
A timeline hasn't been set for the strategic review, and neither proposals nor discussions have been made with other parties, the company said.
ShawCor specializes in products and services for the pipeline and oil and gas industries.
The company's A shares closed up 16 cents to $35.08 on the Toronto Stock Exchange before the announcement.