Toronto, Ontario -- Energy services provider ShawCor Ltd announced 29 Oct that the court in Vicenza, Italy, has effectively approved its share capital investment in Socotherm SpA, announced 18 May 2010.
ShawCor and its investment partners, operating through a new holding company Fineglade Ltd, will acquire a 95-percent ownership interest in Italian pipe-coating company Socotherm. ShawCor will hold a 40-percent interest in Fineglade, with a total investment not expected to exceed Euro 30 million ($42 million).
Socotherm, headquartered in Vicenza, is a global pipe-coating contractor, primarily serving the oil and gas industry. It is a public company listed on the Italian Stock Exchange, with revenue of Euro 137 million in the fiscal year ended 31 Dec 2009.
ShawCor is a globally active energy services operator, specialising in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company has seven divisions, with over 70 manufacturing and service facilities around the world.
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