Page 1

SHAWCOR SHAWCOR LTD . ( TSX : SCL ) PRESS RELEASE May 13th , 2021 • • • • • SHAWCOR LTD . ANNOUNCES FIRST QUARTER 2021 RESULTS First quarter 2021 revenue was $ 279 million , 12 % lower than the $ 319 million reported in the first quarter of 2020 . Adjusted EBITDA¹ in the first quarter of 2021 was $ 18.6 million , 199 % higher than the $ 6.2 million reported in the first quarter of 2020. The current quarter includes $ 2.4 million of COVID - 19 related government wage subsidies . Net loss² in the first quarter of 2021 was $ 15.4 million ( or loss per share of $ 0.22 diluted ) compared with a net loss of $ 234.9 million ( or $ 3.35 loss per share diluted ) in the first quarter of 2020. Adjusted net loss¹² in the first quarter of 2021 was $ 10.9 million ( or adjusted loss per share ¹² of $ 0.15 ) compared with adjusted net loss¹ of $ 32.9 million ( or $ 0.47 adjusted loss per share¹² ) in the first quarter of 2020 . 1,2 The Company's order backlog was $ 521 million at March 31 , 2021 , compared to the backlog of $ 453 million at December 31 , 2020 . Subsequent to the quarter , the Company repaid $ 75 million of its credit facility . Mr. Steve Orr , Chief Executive Officer of Shawcor Ltd. remarked “ First quarter Adjusted EBITDA was $ 18.6 million , reflecting continued strong performance across the Company's non - oil & gas businesses , offset by lower than expected , but still profitable , pipe coating activity which saw some impacts from weather and non - weather related project delays . Supported by secured work and rising order levels within our book and turn businesses , the second quarter results are expected to strengthen compared to this quarter . ” Mr. Orr added " Although there will be continued volatility in quarterly performance driven by project timing , seasonal cycles and supply chain impacts , we remain confident that the Company will deliver stronger financial performance in 2021 compared to 2020. Supportive long - term fundamentals across the majority of our diverse portfolio , coupled with a strong backlog and intense focus on cost control , will ensure the Company delivers sustainable financial results while keeping our employees safe and supporting our customers . " ¹ EBITDA , Adjusted EBITDA , adjusted net income or loss and adjusted earnings or loss per share are Non - GAAP measures . Non - GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies . See Section 6.0 - Reconciliation of Non - GAAP Measures for further details and a reconciliation of these Non - GAAP measures . 2 Net Loss attributable to shareholders of the Company . 25 Bethridge Road Toronto , Ontario M9W 1M7 Canada o +1 416 743 7111 f +1 416 743 7199 Shawcor.com