ShawCor Provides Update on Review of Strategic Alternatives

         ShawCor Provides Update on Review of Strategic Alternatives

  PR Newswire

  TORONTO, December 3, 2012

TORONTO, December 3, 2012 /PRNewswire/ --

(TSX: SCL.A, SCL.B )

ShawCor Ltd. (TSX: SCL.A, SCL.B) ("ShawCor" or the "Company") today provided
an update on the review of strategic alternatives presently being conducted by
the special committee of independent directors (the "Special Committee") of
the Board of Directors of ShawCor as originally announced on September 5,
2012.

Since the commencement of the strategic review, the Special Committee has
conducted a review of several strategic alternatives potentially available to
ShawCor. After careful analysis, consideration and advice from its independent
financial and legal advisors, and discussions with the controlling
shareholder, the Special Committee and the Board have concluded that an
acceptable sale transaction for all of the shares of ShawCor, while always a
possibility, is highly unlikely at this time. The Special Committee is
continuing to review and consider a range of strategic alternatives, however,
there can be no assurance that any particular transaction will occur.

ShawCor does not intend to comment further regarding the strategic review
until such time, if any, as ShawCor enters into a definitive decision in
respect of a particular transaction or otherwise determines that disclosure is
appropriate or required.

In the meantime, ShawCor continues to conduct its business as usual and
remains fully focussed on delivering its products and services to its
customers.

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
eight divisions with over seventy manufacturing and service facilities located
around the world.

Forward Looking Information

This document includes certain statements that reflect the Board's and the
Special Committee's expectations and objectives for the Company's future
performance, opportunities and growth, which statements constitute
forward-looking information under applicable securities laws. Such
statements, other than statements of historical fact, are predictive in nature
or depend on future events or conditions. Forward looking information involves
estimates, assumptions, judgments and uncertainties. These statements may be
identified by the use of forward-looking terminology such as ″may″, ″will″,
″should″, ″anticipate″, ″expect″, ″believe″, ″predict″, ″estimate″,
″continue″, ″intend″, ″plan″, "possibility", "unlikely" and variations of
these words or other similar expressions.

Forward looking information involves known and unknown risks and uncertainties
that could cause actual results to differ materially from those predicted by
the forward-looking information. We caution readers not to place undue
reliance on forward looking information as a number of factors could cause
actual events, results and prospects to differ materially from those expressed
in or implied by the forward looking information. Significant risks facing
the Company include, but are not limited to: changes in global or regional
economic activity and changes in energy supply and demand, which impact on the
level of drilling activity and pipeline construction; exposure to product and
other liability claims; shortages of or significant increases in the prices of
raw materials used by the Company; compliance with environmental, trade and
other laws; political, economic and other risks arising from the Company's
international operations; fluctuations in foreign exchange rates, as well as
other risks and uncertainties, as more fully described under the heading
"Risks and Uncertainties" in the Company's annual MD&A; as well as the
possible effects of a change of control or other significant transaction.

When considering the forward looking information in making decisions with
respect to the Company, readers should carefully consider the foregoing
factors and other uncertainties and potential events. The Company does not
assume the obligation to revise or update forward looking information after
the date of this document or to revise it to reflect the occurrence of future
unanticipated events, except as may be required under applicable securities
laws.

For further information:

ShawCor Ltd.William Buckley President and Chief Executive Officer Tel:
+1-416-744-5815 Email: bbuckley@shawcor.com Website: http://www.shawcor.com
 
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