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ShawCor Provides Update on the South Stream Offshore Pipeline Project

Source: www.gulfoilandgas.com 6/9/2015, Location: Asia

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ShawCor Ltd. announced 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.

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