TORONTO, May 19, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced today that it has secured an early exit from its leased facility, which formerly housed the Company’s FlexFlow operations, in Calgary’s Oxford Airport Business Park. This exit will be completed during the third quarter of 2022 and will result in net savings of approximately $15 million over the course of the next seven years. The Company’s Calgary-based activities will be consolidated into its remaining 54th Avenue location. The Company will incur one-time restructuring costs of approximately $2 million to execute this transaction, which will … Continue Reading

TORONTO, May 16, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today, in accordance with Toronto Stock Exchange requirements, the voting results from its Annual Meeting held May 13, 2022 in Toronto, Ontario.

A total of 34,425,010 common shares were voted at the meeting representing 48.83% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) reported today its operational and financial results for the three months ended March 31, 2022. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (MD&A) and interim consolidated financial statements for the three months ended March 31, 2022, which are available on the Company’s website and at www.sedar.com.

Highlights from the first quarter include:

TORONTO, May 09, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) today provided an update related to its Annual General Meeting (“AGM”), which will be hosted on May 13, 2022 at 2:00 pm ET. The Company will be conducting an administrative-only AGM that can be accessed via live webcast or in person, however, given recent outbreaks, continuing news, guidelines, and requirements related to COVID-19, and in consideration of the health and safety of our shareholders, employees, directors, and others, the Company strongly encourages shareholders not to attend the meeting in person. Shawcor will be strictly restricting physical access to the … Continue Reading

TORONTO, April 29, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that it expects to report its financial results for the period ended March 31st, 2022 on Thursday, May 12th, 2022 after the close of trading on the TSX.

A conference call/webcast to discuss these results will be held on Friday, May 13th, 2022 at 9:00am ET. Shawcor will use a presentation to accompany its conference call. The presentation can be found on the Company’s website in advance of the earnings call and can also be accessed via the conference call/webcast.

Please visit the Shawcor Investor Centre website … Continue Reading

TORONTO, April 05, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division has received a Letter of Intent (“LOI”) with Saipem for the Yellowtail development project, located in the Stabroek block offshore Guyana at a water depth of approximately 1,800 metres. The Company anticipates that it will receive a formal contract in the middle of 2022, subject to the necessary government authorizations. Project initiation is expected to begin in the first quarter of 2023 from Shawcor’s Veracruz, Mexico facility.

In addition to the LOI with Saipem, Shawcor has received formal … Continue Reading

TORONTO, March 09, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) reported today its operational and financial results for the three and twelve months ended December 31, 2021. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (MD&A) and audited consolidated financial statements for the years ended December 31, 2021 and 2020, which are available on the Company’s website and at www.sedar.com.

Highlights from the fourth quarter include:

TORONTO, Feb. 18, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division has been awarded a three year contract with Vallourec S.A. to apply the unique LotusFlo® technology to offshore downhole production tubulars designed for the Buzios oilfields. The Buzios oilfields are located off the coast of Brazil and operated by Petróleo Brasileiro S.A. (“Petrobras”). With this award, Shawcor will increase its total current orders for this technology, including additional orders in the Gulf of Mexico market, to a range of C$18M-C$25M. The work will be executed out of Shawcor’s … Continue Reading

TORONTO, Feb. 17, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that it expects to report its financial results for the period ended December 31st, 2021, on Wednesday, March 9th, 2022 after the close of trading on the TSX.

A conference call/webcast to discuss these results will be held on Thursday, March 10th, 2022 at 9:00am ET.

Please visit the Shawcor Investor Centre website at shawcor.com or use the following link http://investors.shawcor.com/event for further details.

Meghan MacEachern
Director, External Communications & ESG
Telephone: 437.341.1848
Email: meghan.maceachern@shawcor.com
shawcor.com

Source: Shawcor Ltd.

… Continue Reading

TORONTO, Jan. 13, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has successfully closed on the previously announced credit facility (the “Credit Facility”) with Toronto-Dominion Bank and National Bank Financial as co-lead arrangers and HSBC Bank Canada, JP Morgan Chase Bank and Export Development Bank as lenders. The Credit Facility provides for a US$300 million, four-year senior secured revolving facility. 

“We remain focused on strengthening our balance sheet to provide the financial flexibility required to effectively manage our business,” said Mike Reeves, Shawcor’s President and CEO. “The combination of our recently executed … Continue Reading

TORONTO, Dec. 20, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has sold its Shawcor Inspection Services (“SIS”) business to Superior Integrity Inc (“Superior”) for approximately C$11.5 million. The SIS business, reported within the Company’s Pipeline and Pipe Services segment, offers non-destructive testing services and related technologies to the US onshore pipeline market. It generated revenue of approximately C$38.4 million with a loss of C$3.3 million on an adjusted EBITDA basis in the twelve months ending September 30, 2021. Proceeds from the sale will be used to reduce the Company’s existing indebtedness.… Continue Reading

TORONTO, Dec. 17, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) today announced that its pipe coating division has received a formal notice to proceed from SAIPEM AUSTRALIA PTY LTD for the Scarborough Project, located offshore in Australia’s north-west.

The Scarborough gas resource is located in the Carnarvon Basin, approximately 375 km west-north-west of the Burrup Peninsula in Western Australia. The Scarborough gas resource will be developed through new offshore facilities connected by an approximately 430 km pipeline to a proposed second LNG train (Pluto Train 2) at the existing Pluto LNG onshore facility.

The Scarborough reservoir contains only ~0.1% … Continue Reading