Shares of Shawcor (SCL) are up 28% on news that the Canadian oilfield services company has
won a $500-million contract to provide pipe coating services to a natural gas project in Mexico.
Shawcor’s pipe coating division will cover 706 kilometres of a 36-inch diameter pipeline with a
concrete coating.
The coating is expected to begin early next year and will take a full year to complete, the
company said in a news release.
The Southeast Gateway Pipeline Project is owned by a Mexican subsidiary of TC Energy (TRP)
and will join multiple offshore natural gas facilities in southern Mexico.
Shawcor shares are now up 56% this year and trading at $7.89 apiece.
