Shawcor Announces Strategic Review Of Business And Name Change

Canadian oil field services company Shawcor (SCL) has announced a strategic review of its
pipeline and oil field assets as it explores a potential sale.

The Toronto-based company, which also has a wastewater division, said that a potential sale of
one or all three of its business units could unlock value for the company and its shareholders.

Shawcor’s business units include the Pipeline Performance Group, Shaw Pipeline Services, and
an Oilfield Asset Management unit. The company has hired investment bank Goldman Sachs
(GS) as its advisor in the strategic review of its Pipeline Performance Group.

The company said there’s no guarantee that any sales will take place and did not specify a
timeline for a transaction.

Shawcor also announced plans to rebrand itself under the new name “Mattr” going forward. The
name change is expected to take place in the first half of next year (2023), subject to regulatory
and shareholder approvals.

Shawcor’s stock is up 59% this year and trading at $8.06 a share.