Shawcor Awarded $500 Million Pipe Coating Contract in Southeast Mexico
August 18 2022 - 7:07PM
Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today
announced that its pipe coating division (“Pipeline Performance
Group” or “PPG”) has received a formal contract valued at
approximately C$500 million from Transportadora de Gas Natural de
la Huasteca, S. de R.L. de C.V. (“TGNH”), the Mexican subsidiary of
TC Energy Corporation (“TC Energy”), to supply pipe coating
services on the Southeast Gateway Pipeline project (“SGP”), an
offshore natural gas pipeline in southeast Mexico.
In support of this project, which reached a
final investment decision (“FID”) this month, Shawcor will mobilize
facilities and apply concrete weight coating to approximately 706
km of 36-inch diameter pipe that will connect the TGNH facilities
in Tuxpan, Veracruz offshore to Coatzacoalcos, Veracruz and onward
to Dos Bocas, Tabasco. Facility mobilization will start in Q3 2022
with coating expected to begin early in 2023 and take approximately
one year to complete. The work will be conducted from a
high-capacity concrete coating facility which Shawcor will
re-establish in Altamira, Mexico.
John Highams, PPG’s Vice President of Strategic
Projects commented “Shawcor’s ability to utilize its experience
from the mobilization and execution of the Sur de Texas - Tuxpan
transmission line, completed in 2018, provides TC Energy with the
assurance to deliver this world-class project safely and reliably.”
Kevin Reizer, PPG President added “This project reinforces the
trend of increased large project activations we are seeing globally
and coupled with the recently announced Scarborough Gas Export
Pipeline, will return Shawcor’s conventional offshore pipe coating
activity to levels not seen since the oil price collapse of
2015.”
Shawcor leadership will share further details
regarding the expected economic impact of this contract award in
due course.
About Shawcor
Shawcor Ltd. is a growth-oriented, global material sciences
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 enhancement of
critical infrastructure while lowering risk and environmental
impact.
For further information, please contact:
Meghan MacEachernDirector, External Communications &
ESGTelephone: 437.341.1848Email:
meghan.maceachern@shawcor.comshawcor.com
Forward Looking Information
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.
ShawCor (TSX:SCL)
Historical Stock Chart
From Jul 2024 to Aug 2024
ShawCor (TSX:SCL)
Historical Stock Chart
From Aug 2023 to Aug 2024