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SOURCE ShawCor Ltd.
TORONTO, July 3, 2014 /PRNewswire/ - ShawCor Ltd. (TSX: SCL) announced today that its field-applied pipeline coatings and services division, Canusa-CPS, has received a contract with a value of approximately Cdn $30 million from Saipem SpA to provide field joint coating services for Line 1 of the South Stream Offshore Pipeline. The South Stream Offshore Pipeline system is comprised of 4 pipelines that will cross the Black Sea and transport gas from Russia to Bulgaria.
This contract involves the manufacture of 3-layer polypropylene heat shrink sleeves, and their application on each pipe weld of the 900 km 32" offshore pipeline utilizing the Canusa-CPS patented IntelliCOATTM automated system. Contract execution is expected to commence in 2014.
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 eight divisions with over seventy-five manufacturing and service facilities located around the world.
Canusa-CPS, ShawCor's provider of field-applied coatings, technologies and services, is the global leader in field-applied coatings for subsea pipelines. With representation in more than 70 countries, the division provides specialized field-applied coating systems and related services for corrosion and thermal protection of land and offshore pipelines, including the world's leading factory grade field-applied coating systems for 3-layer polyethylene and polypropylene coated pipelines.
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.
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