ShawCor Completes Acquisition of Flexpipe Systems

Shawcor Ltd. announced the completion of the previously announced acquisition of all of the outstanding shares of Flexpipe Systems Inc. for a total consideration of approximately $130 million. Flexpipe Systems is a leading manufacturer of spoolable, composite line pipe which is used by oil and gas producers in applications that benefit from the product's ease and speed of installation and its pressure and corrosion resistance capabilities.

The transaction was effected by means of a court approved plan of arrangement following the approval by 100% of Flexpipe Systems' security holders. Under the terms of the arrangement, shareholders of Flexpipe Systems will receive a cash payment of $7.75 per Flexpipe Systems share. Holders of options or warrants to acquire shares of Flexpipe Systems, which were not exercised prior to today, will receive a cash payment equal to the difference between $7.75 and the exercise price of the option or warrant.