Press Release: Lsconsulting : Shawcor Sells its Lake Superior Consulting Business

TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. ("Shawcor" or the "Company") (TSX: SCL) announced that it has sold its Lake Superior Consulting ("LSC") operating unit to a private investment group, including members of LSC management, in a transaction generating approximately C$8 million in gross proceeds. The LSC business, reported within the Company's Pipeline and Pipe Services ("PPS") segment, offers engineering, consulting and field inspection services to the US onshore pipeline and broader energy infrastructure markets. It generated revenue of approximately C$59 million with neutral adjusted EBITDA during the full year of 2021 and generated revenue of approximately C$26 million with an adjusted EBITDA loss of C$1 million during the first half of 2022. Proceeds from the sale will be used to reduce the Company's existing indebtedness.