ShawCor Announces Completion of Plan of Arrangement Eliminating its Dual Class Share Structure

ShawCor Announces Completion of Plan of Arrangement Eliminating its Dual Class
                               Share Structure

PR Newswire

TORONTO, March 21, 2013

(TSX: SCL.A, SCL.B)

TORONTO, March 21, 2013 /PRNewswire/ - ShawCor Ltd. (TSX: SCL.A, SCL.B)
("ShawCor" or the "Company") is pleased to announce the successful completion,
effective March 20, 2013, of the Company's previously announced plan of
arrangement whereby, among other things, ShawCor has eliminated its dual-class
share structure (the "Arrangement").

The Arrangement was overwhelmingly  approved by shareholders  of ShawCor at  a 
special meeting held on March 14, 2013. The Ontario Superior Court of Justice
(Commercial List) issued a  final order approving  the Arrangement on  Monday, 
March 18, 2013.

ShawCor is also pleased  to announce the closing  of its previously  announced 
unsecured senior note private  placement in the amount  of US$350 million  and 
the increase of  its existing  unsecured revolving credit  facility by  US$100 
million to US$250 million, the extension of the facility's term to five  years 
and the reduction in interest rates payable thereunder.

The Board of Directors  of ShawCor has declared  that the special dividend  of 
$1.00 per common share of ShawCor payable pursuant to the Arrangement will  be 
payable on April 19, 2013 to shareholders  of record at the close of  business 
on April 4, 2013.

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 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.

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.

SOURCE ShawCor Ltd.

Contact:

ShawCor Ltd.
William Buckley
President and Chief Executive Officer
Tel: (416) 744-5815
Email:bbuckley@shawcor.com
Website:www.shawcor.com
 
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