GlobeNewswire Inc | Mar 3, 2021 07:42AM EST

March 03, 2021

TORONTO, March 03, 2021 (GLOBE NEWSWIRE) -- Shawcor Ltd. (Shawcor or the Company) (TSX: SCL) today announced the appointment of Michael E. Reeves as the new President of Shawcor. Stephen M. Orr, will continue to serve as the Chief Executive Officer of the Company. This change is part of Shawcors ongoing management succession planning.

In his role as President, Mr. Reeves will report to the Chief Executive Officer and will assume responsibility for all of Shawcors operating segments: Pipeline and Pipe Services, Composite Systems and Automotive and Industrial, effective immediately.

Mr. Reeves joins Shawcor with over twenty-five years of industry experience in progressively senior leadership roles at companies such as NOV and Schlumberger, culminating with his current role as President and CEO of Rubicon Oilfield International, a privately held enterprise. Mr. Reeves brings to Shawcor a wealth of management expertise and global experience with a proven track record in the development and execution of strategic initiatives to drive stakeholder value. Mr. Reeves holds a bachelors degree in civil engineering from Imperial College in London.

Shawcor Ltd. is a global company serving various sectors of the Infrastructure, Energy and Transportation markets through three reporting segments:Pipeline and Pipe Services, Composite Systems and Automotive and Industrial. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

For further information, please contact:

Shawcor Ltd. Meghan MacEachernDirector, External Communications & ESGTel: 437-341-1848Email: meghan.maceachern@shawcor.comWebsite: www.shawcor.com

Source: Shawcor Ltd.