Shawcor LTD. Announces Conditional Award For North Sea Development Project
Monday 22 March 2021
Shawcor Ltd. (TSX: SCL) announced today that its pipe coating division has secured a firm contract, pending project sanction, to provide a wet insulation coating system utilizing its proprietary ULTRA™ technology for a Development Project located in the North Sea.
The conditional award was secured following a technology development program to extend Shawcor’s ULTRA™ platform. The value of the award is in the range of C$40-$45 million, pending final investment decision which is expected to occur in the third quarter of 2021. The work is expected to be executed from Shawcor’s Okanger, Norway facility commencing in the third quarter of 2022.
Shawcor Ltd. is a global company serving various sectors of the Infrastructure, Energy and Transportation markets through three reporting segments: Pipeline and Pipe Services, Composite Systems and Automotive and Industrial. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.