ShawCor Announces Acquisition of Fineglade Limited

              ShawCor Announces Acquisition of Fineglade Limited

  PR Newswire

  TORONTO, October 24, 2012

TORONTO, October 24, 2012 /PRNewswire/ --

(TSX: SCL.A, SCL.B)

SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced the acquisition of the
remaining 60% of Fineglade Limited. Fineglade Limited, which currently holds
approximately 96% of the outstanding shares of Socotherm S.p.A, was previously
owned 40% by ShawCor Ltd. and 60% by an entity controlled by Sophia Capital.

The purchase price to acquire Sophia Capital's interest in Fineglade was
approximately C$135 million and was satisfied by a cash payment of
approximately C$77 million and the set-off of a pre-existing loan from ShawCor
to Sophia Capital in the amount of approximately C$58 million.

Socotherm S.p.A., headquartered in Italy, is an international pipe coating
contractor primarily serving the oil and gas industry from active operations
in Brazil, Argentina, Venezuela, the Gulf of Mexico and Italy.

ShawCor Ltd. is an energy services company specializing in products and
services for the pipeline and pipe services and the petrochemical and
industrial segments of the oil and gas industry. The company operates through
seven divisions with over seventy manufacturing and service facilities located
around the world.

For further information:

ShawCor Ltd.

Gary Love Vice President, Finance and CFO Tel: +1-416-744-5818 Email:
glove@shawcor.com Website: http://www.shawcor.com
 
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