Shawcor Releases 2021 Environmental, Social and Governance Report

Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced the publication of its 2021 Environmental, Social, and Governance (“ESG”) report. The report can be found on the Company’s website at https://www.shawcor.com/about/esg.

"I am very pleased to report Shawcor’s continued progress towards our 2030 ambitions, including reductions in our Scope 1&2 greenhouse (GHG) emissions, enhanced diversity within our senior management team and actions to ultimately deliver on our Incident and Injury Free safety vision,” said Mike Reeves, President and CEO of Shawcor. “Across this organization we are committed to continuous improvement, delivering year-over-year enhancement across the full spectrum of business performance, including reducing our impact on the environment, contributing positively to our communities and further elevating our ability to attract and develop diverse talent. Shawcor employees should be very proud of their accomplishments in these areas during 2021.”

Shawcor released its long-term ESG oriented ambitions last year, which included:

• A 50% reduction in Scope 1&2 GHG Emissions from its 2019 baseline by 2030
• A 20 percentage point increase in diverse representation within the senior management team from its 2019 baseline by 2030
• An enduring vision of an Incident and Injury Free workplace

Within its 2021 ESG report, the Company has utilized the Sustainable Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) frameworks and has expanded reporting to include United Nations Sustainable Development Goals (UN SDGs). The Company remains committed to enhancing ESG disclosures over time, focused on those factors which are most material to the organization, its stakeholders and the communities within which it works.

Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

For further information, please contact

Meghan MacEachernExternal Communications & ESG, DirectorTelephone: 437.341.1848Email: [e-mail]: Shawcor Ltd.