Effective December 1st 2022, Shawcor completed the sale of its Socotherm Americas ("Socotherm") subsidiary in Argentina to Patagonia Shale Services ("PSS"). Since 1989 Socotherm Americas has delivered external and internal anti-corrosion coating and thermal insulation coating to the Argentine and regional pipeline and oilfield tubular markets from its base in Escobar, just outside Buenos Aires. Established in 2014, PSS is a privately owned Argentine company providing a variety of onshore pipeline services including thermal coatings and liners of pipes from facilities located in the provinces of San Luis and Neuquén in Argentina. The combination of Socotherm's capabilities and reputation with the dynamism of PSS will create an organization well positioned to serve this unique market.