SCL ShawCor Ltd

Shawcor Ltd. (TSX: SCL) today announced that its pipe coating division has received a formal notice to proceed from SAIPEM AUSTRALIA PTY LTD for the Scarborough Project, located offshore in Australia’s north-west.

The Scarborough gas resource is located in the Carnarvon Basin, approximately 375 km west-north-west of the Burrup Peninsula in Western Australia. The Scarborough gas resource will be developed through new offshore facilities connected by an approximately 430 km pipeline to a proposed second LNG train (Pluto Train 2) at the existing Pluto LNG onshore facility.

The Scarborough reservoir contains only ~0.1% carbon dioxide, and together with the adoption of highly efficient and proven technology in design at Pluto Train 2, the development will be amongst the lowest-carbon intensity LNG sources globally for delivery into North Asia. The first cargo is expected to be delivered in 2026.

Shawcor Ltd. had, in February 2020, signed a contract with SAIPEM AUSTRALIA Pty Ltd, conditional on a final investment decision [FID] by the Scarborough Joint Venture, which was taken on 22 November 2021. The contract is a large project1 for Shawcor that will include provision of internal, anticorrosion, and concrete weight coating services to be executed from Shawcor’s Kabil, Indonesia facility commencing in the fourth quarter of 2022, with delivery continuing into 2024.

About ScarboroughThe Scarborough Joint Venture comprises Woodside Energy Scarborough Pty Ltd (73.5%) and BHP Petroleum (Australia) Pty Ltd (26.5%). Woodside and BHP announced on 22 November 2021 that a final investment decision has been made by the Scarborough Joint Venture to proceed with the Scarborough Project.

About ShawcorShawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

For further information, please contact

Meghan MacEachernExternal Communications & ESG, DirectorTelephone: 437.341.1848Email: meghan.maceachern@shawcor.comshawcor.com

1A large project is defined as a contract award with a complete scope valued in excess of C$100 million

Forward Looking Information

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.

Source: Shawcor Ltd.