Shawcor to rebrand and seek alternatives to several oilfield businesses
by CM Staff
Shawcor says it will announce further details regarding the name change like the effective date of the change and new ticker symbol over the coming months.
TORONTO — Shawcor Ltd. says it will be changing its name to Mattr as early as the first half of 2023, conditional on regulatory and shareholder approvals.
The company anticipates that trading of the company’s common shares will commence under a new ticker symbol. Shawcor says it will announce further details regarding the name change like the effective date of the change and new ticker symbol over the coming months.
Concurrently, the company has commenced a review of strategic alternatives for its pipeline performance group, shaw pipeline services and oilfield asset management operating units.
Shawcor is currently considering a range of options, including the potential sale of all three operating units. Shawcor’s PPG and SPS operating units currently form the entirety of the company’s pipeline & pipe services reporting segment, while the OAM operating unit is a component of the composites systems reporting segment.
“The steps announced here are important elements in our ongoing strategy to unlock long-term profitable growth and demonstrate our commitment to continuing the transformation of our company; by simplifying our portfolio, lowering volatility and elevating full-cycle margins and free cash flow,” said Mike Reeves, president and CEO of Shawcor in a statement.