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

TORONTO, Dec. 10, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has successfully closed its previously announced private offering (the “Offering”) of C$150 million aggregate principal amount of 9.00% senior unsecured notes due 2026 (the “Notes”). As previously stated, the Company will utilize net proceeds of the Offering to repay amounts outstanding under its existing syndicated credit facility.

The Offering was underwritten by a syndicate of underwriters, led by National Bank Financial and TD Securities.

The Notes were offered for sale in Canada to accredited investors on a private placement basis, in … Continue Reading

TORONTO, Dec. 02, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has entered into an underwriting agreement to sell, pursuant to a private placement offering (the “Offering”), C$150 million aggregate principal amount of 9.00% senior unsecured notes due 2026 (the “Notes”). The Notes will be issued at a price of C$1,000 per C$1,000 principal amount of Notes.

Shawcor will use the net proceeds of the Offering to repay amounts outstanding under its existing syndicated credit facility (the “Existing Facility”). Concurrent with issuance of the Notes, Shawcor will amend the Existing Facility to … Continue Reading

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced its plan to expand and modernize its manufacturing capabilities in the Greater Toronto Area. Shawcor has received a Letter of Intent (“LOI”) from a third party to purchase its Rexdale property in Toronto, ON and is in the process of negotiating a definitive purchase and leaseback agreement that is expected to generate net proceeds in excess of C$45 million. Pursuant to the LOI, the Company would be required to enter into a three-year leaseback arrangement for the Rexdale property to facilitate operational continuity … Continue Reading

TORONTO, Nov. 16, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced the publication of its 2020 Environmental, Social, and Governance (“ESG”) report. The report can be found on the Company’s website at https://www.shawcor.com/about/sustainability.

“We continue to focus on improving our ESG performance and delivering innovative solutions that enable more responsible and efficient operations for our customers,” said Mike Reeves, President and CEO of Shawcor. “We are proud to share our early ESG progress and establish our sustainability aspirations for the longer-term. The entire Shawcor team is committed to ensuring our ESG initiatives reduce … Continue Reading

TORONTO, Nov. 15, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that its pipe coating division has entered into a contract to provide thermal insulation coating services for a Development Project in the Gulf of Mexico. The contract award is valued at roughly C$25 million. The work will be executed from Shawcor’s Channelview, Texas facility, commencing in the fourth quarter of 2021.

“Our coating solution is well suited to support this ultra-deepwater installation, as it was specifically designed to be compatible with the chosen installation technology,” said Kevin Reizer, Pipeline Performance Group President. “This contract award follows our … Continue Reading

TORONTO, Nov. 09, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) reported today its operational and financial results for the three and nine months ended September 30, 2021. 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 nine months ended September 30, 2021, which are available on the Company’s website and at www.sedar.com.

Highlights from the third quarter include:

TORONTO, Oct. 21, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that it expects to report its financial results for the period ended September 30th, 2021 on Tuesday, November 9th, 2021 after the close of trading on the TSX.

A conference call/webcast to discuss these results will be held on Wednesday, November 10th, 2021 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, Oct. 08, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that Gaston Tano, Senior Vice President Finance & Chief Financial Officer, has elected to step down and will depart the Company effective May 31, 2022.

Shawcor also announced that Thomas R. Holloway will join the Company as Vice President & Chief Accounting Officer, commencing on or about December 1, 2021 and is expected to succeed Mr. Tano as the Senior Vice President Finance & Chief Financial Officer.

In his interim role, Mr. Holloway will immediately assume responsibility for the Company’s financial accounting and … Continue Reading

TORONTO, Aug. 10, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) reported today its operational and financial results for the three months ended June 30, 2021. 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 June 30, 2021, which are available on the Company’s website and at www.sedar.com.