The company announced an after tax impairment charge of up to C$80 million ($68 million) relating to the goodwill and intangible assets of the Socotherm coating facility and the carrying value of Socotherm’s 50% joint veture interest in Venezuela.
The value of the assets was assessed on the basis of anticipated market development in the Gulf, including the likelihood of project delays based on a recent decline in oil prices.
ShawCor
