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SHAWCOR ANNOUNCES LETTER OF INTENT TO PROVIDE PIPE COATING SERVICES FOR THE PROPOSED PAYARA PROJECT

Posted by Shawcor Ltd. | Oil and Gas Posts on November 15, 2019 11:32:25 AM

SHAWCOR ANNOUNCES LETTER OF INTENT TO PROVIDE PIPE COATING SERVICES FOR THE PROPOSED PAYARA PROJECT
SHAWCOR ANNOUNCES LETTER OF INTENT TO PROVIDE PIPE COATING SERVICES FOR THE PROPOSED PAYARA PROJECT

TORONTO, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX: SCL) today announced that its pipe coating division has entered into a detailed letter of intent with Saipem for the proposed Payara development project located in the Stabroek block offshore Guyana. The coating value of this phase is estimated to be similar to the individual phases of the Liza development that have already been awarded. As previously announced the combined coating value of Liza phase 1 and phase 2 was approximated at C$110 million.

Subject to government approvals, project sanction by ExxonMobil subsidiary Esso Exploration and Production Guyana Limited and its partners HESS Guyana Exploration Ltd and CNOOC Nexen Petroleum Guyana Ltd, an authorization to proceed with the final phase, and execution of the definitive coating agreement, Shawcor will provide thermal insulation and anticorrosion coating services from its Veracruz, Mexico facility.

Before the necessary government approvals and project sanction, the definitive contract is expected to allow a limited release of funds to enable procurement activities.

Saipem previously awarded Shawcor coating contracts for the first two phases of the Liza development in Guyana in 2017 and 2018, respectively. Coating work under the Liza 2 project is currently in progress at Shawcor’s Channelview, Texas and Veracruz, Mexico facilities and is expected to be completed during the first quarter of 2020.

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