Shawcor Announces Closure of New Credit Facility

TORONTO, March 13, 2019 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX: SCL) is announcing today that it has closed on the previously announced credit facility (the “Credit Facility”) with The Toronto-Dominion Bank and National Bank of Canada as co-lead arrangers and HSBC Bank Canada, JPMorgan Chase Bank, The Bank of Nova Scotia and Export Development Bank as lenders. The Credit Facility replaces Shawcor’s existing credit facility and provides for a US$500 million, four-year senior unsecured revolving facility.  The Credit Facility will be used to fund the previously announced acquisition of ZCL Composites Inc. and for other general corporate purposes.  Shawcor also confirms the previously announced repayment on March 7, 2019 of its Senior Notes debt, including accrued interest and make whole payment, in the total amount of US$205 million.

Shawcor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services segment of the oil and gas industry and related products for the petrochemical and industrial market. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

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.

For further information, please contact:

Shawcor Ltd.Gaston TanoSenior Vice President, Finance and CFOTel: 416-744-5539Email: [email protected]Website: www.shawcor.com

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