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ShawCor Wins S Caucasus Pipeline Coating Contract From BP

|Includes: BP, Shawcor Ltd. (SAWLF)

ShawCor has secured a line pipe coating contract from a BP-led consortium for the South Caucasus pipeline expansion project, for $70 million. The scope of work includes coating approximately 491 km of predominately 48" pipe with 3-Layer Polyethylene and internal flow coating. Coating is expected to commence shortly and will be completed in late 2015.

The South Caucasus pipeline expansion project is located in the Azerbaijan sector of the Caspian Sea and is part of the Stage 2 development of Shah Deniz Field. The pipeline transports gas from the Shah Deniz Field to Turkey through Azerbaijan and Georgia.

In Jun-2012, ShawCor secured a contract worth $100 million to provide pipeline coatings and related products and services for the flowlines and tie-in spools for the Ichthys LNG Project.

In May-2012, ShawCor received a contract from Apache in Australia to provide pipeline coatings and related products and services for the Julimar development project, located in the Carnarvon basin, offshore Australia.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.