TORONTO, Canada, Sept. 21, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company“), (TSX: SCL) today announced that the Toronto Stock Exchange (the “TSX”) has approved the Company’s notice of intention to commence a normal course issuer bid (the “Bid”) for common shares of the Company (the “Common Shares”).

Pursuant to the Bid, Shawcor may purchase for cancellation up to 5,685,630 Common Shares, representing approximately 10% of Shawcor’s public float (the “Maximum”). Pursuant to the terms of the notes indenture dated December 10, 2021 governing Shawcor’s senior unsecured notes, Shawcor is limited to purchasing a maximum of C$25 million … Continue Reading

TORONTO, Sept. 16, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company“), (TSX: SCL) today announced that it has filed a notice of intention with the Toronto Stock Exchange (the “TSX”) to commence a normal course issuer bid (the “Bid”) for common shares of the Company (the “Common Shares”), the implementation of which remains subject to TSX approval.

Pursuant to the Bid, Shawcor intends to purchase for cancellation up to 10% of Shawcor’s public float, subject to a maximum of C$25 million in aggregate repurchases of Common Shares based on the actual price paid for such repurchased Common Shares … Continue Reading

TORONTO, Sept. 12, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it will seek to change its name to Mattr (the “Name Change”). The Name Change is expected to occur during the first half of 2023, conditional on regulatory and shareholder approvals, and it is anticipated that trading of the Company’s common shares will commence under a new ticker symbol. Further details regarding the Name Change, including the effective date of the Name Change and the new ticker symbol of the Company, will be announced over the coming months.

Concurrently, the Company has … Continue Reading

TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division (“Pipeline Performance Group” or “PPG”) has been awarded a definitive contract by Allseas to provide anti-corrosion, internal flow coat, and concrete weight coatings for the Darwin Pipeline Duplication project, located offshore Northern Australia. The value of the award is approximately C$35 million. The work will be executed from Shawcor’s Kabil, Indonesia facility, commencing in 2023.

“Shawcor has many years of experience successfully executing large, complex coating projects from our Kabil facility, including the Scarborough project which will be … Continue Reading

TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced that it has sold its Lake Superior Consulting (“LSC”) operating unit to a private investment group, including members of LSC management, in a transaction generating approximately C$8 million in gross proceeds. The LSC business, reported within the Company’s Pipeline and Pipe Services (“PPS”) segment, offers engineering, consulting and field inspection services to the US onshore pipeline and broader energy infrastructure markets. It generated revenue of approximately C$59 million with neutral adjusted EBITDA during the full year of 2021 and generated revenue of approximately C$26 … Continue Reading

TORONTO, Aug. 30, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced the publication of its 2021 Environmental, Social, and Governance (“ESG”) report. The report can be found on the Company’s website at https://www.shawcor.com/about/esg.

“I am very pleased to report Shawcor’s continued progress towards our 2030 ambitions, including reductions in our Scope 1&2 greenhouse (GHG) emissions, enhanced diversity within our senior management team and actions to ultimately deliver on our Incident and Injury Free safety vision,” said Mike Reeves, President and CEO of Shawcor. “Across this organization we are committed to continuous improvement, delivering … Continue Reading

TORONTO, Aug. 18, 2022 (GLOBE NEWSWIRE) — 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 … Continue Reading

TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) reported today its operational and financial results for the three and six months ended June 30, 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 and six months ended June 30, 2022, which are available on the Company’s website and at www.sedar.com. 

Highlights from the second quarter include:

TORONTO, Aug. 03, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that its pipe coating division has been awarded a definitive contract by Saipem to provide thermal insulation and anticorrosion coating services for the Yellowtail development project, located in the Stabroek block offshore Guyana at a water depth of approximately 1,800 meters.

The value of the award is in the range of C$40-$50 million and coating is scheduled to commence in the first quarter of 2023 from Shawcor’s Veracruz, Mexico facilities. Saipem previously awarded coating contracts to Shawcor for the first two phases of … Continue Reading

TORONTO, July 26, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that it expects to report its financial results for the period ended June 30th, 2022 on Thursday, August 11th, 2022 after the close of trading on the TSX.

A conference call/webcast to discuss these results will be held on Friday, August 12th, 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, June 28, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced it has finalized the sale and leaseback agreement for its Rexdale facility. Net proceeds for the transaction of approximately $49 million exceeded previously communicated expected proceeds and, concurrent with the sale of the facility, the Company has entered into a three-year leaseback agreement. This new arrangement facilitates operational continuity while the Company relocates to a modernized location in the Greater Toronto Area. Proceeds from the property sale will be used to reduce existing indebtedness.

“We continue to see accelerated demand for our products … Continue Reading

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