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OSHAWCOR SHAWCOR LTD . ( TSX : SCL ) PRESS RELEASE SHAWCOR LTD . ANNOUNCES THIRD QUARTER 2021 RESULTS TORONTO , November 9 , 2021 Shawcor Ltd. ( " Shawcor ” or the “ Company ” ) ( TSX : SCL ) reported today its operational and financial results for the three and nine months ended September 30 , 2021. This press release should be read in conjunction with the Company's Management Discussion and Analysis ( MD & A ) and interim consolidated financial statements for the three and nine months ended September 30 , 2021 , which are available on the Company's website and at www.sedar.com . Highlights from the third quarter include : • • • • Adjusted EBITDA¹ in the third quarter of 2021 was $ 31.8 million , 79 % higher than the $ 17.8 million of Adjusted EBITDA reported in the third quarter of 2020 , which included $ 17.0 million of COVID - 19 related government wage subsidies . Order backlog increased by 4 % to $ 507 million as at September 30 , 2021 , compared to $ 489 million at June 30 , 2021 . The Company has repaid $ 130 million of its outstanding Credit Facility debt in the current year . This includes a $ 35 million repayment made in the third quarter of 2021 and an additional $ 20 million repayment made subsequent to the end of the third quarter . Third quarter 2021 consolidated revenue was $ 291 million , 9 % higher than the $ 268 million reported in the third quarter of 2020. Non - oil and gas businesses grew to 40 % of total revenue . Net Loss² in the third quarter of 2021 was $ 8.3 million ( or loss per share of $ 0.12 diluted ) compared with a net loss of $ 18.3 million ( or $ 0.26 loss per share diluted ) in the third quarter of 2020 . “ The key macro drivers for our businesses continue to evolve favourably , with increasing global investment in critical infrastructure , accelerating demand for premium and electric vehicles , and strengthening commodity price fundamentals which underpin our confidence in a multi - year upcycle for virtually all of Shawcor's product lines , ” said Mike Reeves , President and CEO of Shawcor . “ In the immediate term , seasonal cycles , an expected slowdown in pipe coating project activity , and increasingly significant tension in raw material supply chains are expected to yield slightly lower earnings in Q4-2021 and Q1-2022 than were seen in Q1-2021 . Despite these near - term effects and the elimination of government subsidies , which enhanced 2021 earnings performance , I am confident that our full year 2022 Adjusted EBITDA¹ will be greater than 2021 with weighting to the second half of the year . " " During the third quarter we delivered revenue growth from all three segments of our operations compared with the prior year . Shawcor generated Adjusted EBITDA¹ of $ 31.8 million on $ 291.4 million of revenue reflecting robust demand for many products within our Automotive & Industrial and Composite Systems segments , partially offset by expected lower activity within our Pipeline & Pipe Services segment and increasingly tight supply chain impacts across several business lines , ” said Mr. Reeves . “ The Company continues to focus on debt repayment , business efficiencies and cost reductions . ” 1 EBITDA and Adjusted EBITDA 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 5.0 - 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 .