- Shawcor’s (SCL) pipe coating division, Pipeline Performance Group, has received several project commitments with a total value of over $200 million
- The company has also completed the sale of its Socotherm Americas (Socotherm) subsidiary in Argentina to Patagonia Shale Services (PSS)
- Shawcor is a global material sciences company serving the Infrastructure, Energy, and Transportation markets
- Shawcor Ltd. (SCL) is up 4.28 per cent, trading at C$13.88 per share at 2:16 pm ET
Shawcor’s (SCL) pipe coating division, Pipeline Performance Group, has received several project commitments with a total value of over $200 million.
These commitments include:
- A Letter of Intent from Saipem for a deep-water development project in South America. The company anticipates a formal contract in the first half of 2023. Shawcor will provide thermal insulation and anticorrosion coating services from a Western Hemisphere facility. The company expects to start the project in the fourth quarter of 2023.
- Two binding letters of intent and two purchase orders for the provision of insulation coating services on four Brazilian offshore projects. One of the projects will utilize Shawcor’s proprietary ULTRA technology. Coating activity will begin in the first half of 2023, and the company expects to complete work by the end of 2024.
Fernando Ulecia, Pipeline Performance Group’s Vice President & General Manager – Western Hemisphere South, commented on the news.
“Shawcor has worked hard to earn a strong reputation in South America for providing high-value, technically differentiated and high-quality pipe coating services. The performance of our coating solutions on multiple critical projects in the region demonstrates that Shawcor’s products and execution capabilities are ideal for these challenging environments.”
The company has also completed the sale of its Socotherm Americas (Socotherm) subsidiary in Argentina to Patagonia Shale Services (PSS). PSS is a privately owned Argentine company that was established in 2014. It provides a variety of onshore pipeline services, including thermal coatings and liners of pipes, from facilities located in the provinces of San Luis and Neuquén in Argentina.
Shawcor is a global material sciences company serving the Infrastructure, Energy, and Transportation markets.
Shawcor Ltd. (SCL) is up 4.28 per cent, trading at C$13.88 per share at 2:16 pm ET.