ShawCor Ltd. announces the completion of approximately $30 million over-allotment option associated with its recently announced bought deal

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

(TSX: SCL)

TORONTO, Oct. 3, 2014 /CNW/ - ShawCor Ltd. ("ShawCor" or the "Company") (TSX: SCL) announced today that it has successfully closed the $30,030,375 over-allotment option from its previously announced $200 million bought deal prospectus offering, which closed September 19, 2014 (the "Offering").

The syndicate of underwriters led by TD Securities Inc. and including Cormark Securities Inc., RBC Dominion Securities Inc., AltaCorp Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc. (collectively, the "Underwriters"), exercised in full the over-allotment option and purchased an additional 547,500 common shares of the Company at a price of CAD$54.85 per common share.

The closing of the over-allotment option increases the total gross proceeds of the Offering to CAD$230,232,875.

This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About ShawCor Ltd.

ShawCor Ltd. is a global 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 now operates through nine divisions with over ninety manufacturing and service facilities located around the world.

Note Regarding Forward-Looking Statements

Certain statements contained or incorporated by reference in this press release may constitute forward-looking statements under applicable securities law, such as statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Although ShawCor believes that the expectations and assumptions on which such forward-looking statements and the information are reasonable, undue reliance should not be placed on the forward looking statements and information because ShawCor can give no assurance that such statements and information will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Please visit our website at www.shawcor.com for further details.

SOURCE: ShawCor Ltd.

Gary S. Love, Vice President, Finance and CFO, Telephone: [phone], E-mail: [email protected], Website: www.shawcor.com