TORONTO, June 9, 2015 (GLOBE NEWSWIRE) -- ShawCor Ltd. (TSX:SCL) announced today that its Bredero Shaw pipe coating division has received notification from Europipe GmbH that the suspension of the work on its contract with Europipe for the concrete weight coating of Line 1 of the South Stream Pipeline has been lifted with immediate effect and that work on this contract is to be resumed.
In December 2014, ShawCor Ltd. had announced the suspension of the majority of the work on its South Stream Pipeline contracts with Europipe and with Marubeni Sumitomo Consortium (with a combined value of approximately US$100 million) and with Saipem SpA (with a value of approximately C$30 million).
As of this date, all of the Company's contracted work for Line 1 of the South Stream Pipeline, with a value remaining to be executed of approximately C$65 million, has been reinstated, and all of the Company's contracted work for Line 2 of the South Stream Pipeline, with a value remaining to be executed of approximately C$60 million, continues to be suspended.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company operates through nine divisions with over ninety manufacturing and service facilities located around the world.
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.