Willbros UTD Segment Announces Bookings of $105 Million
December 13 2016 - 4:15PM
Willbros Group, Inc. (NYSE:WG) today announced that its Utility
Transmission & Distribution segment has been awarded two new
awards with an estimated value of $105 million. The first is the
formalization of a discrete contract for the construction of an
underground transmission duct bank referenced in Willbros’ Q3 2016
conference call. Construction by the WTD East business unit has
commenced in the fourth quarter of 2016 and is anticipated to be
completed during the second quarter of 2017. The second award
was also secured by the WTD East business unit to convert overhead
lines to underground and will be performed under an MSA
agreement over a three year period.
Mike Fournier, President and CEO, said “These awards support our
strategic plan of growing our Utility T&D business.”
About Willbros
Willbros is a specialty energy infrastructure contractor serving
the oil and gas and power industries with offerings that primarily
include construction, maintenance and facilities development
services. For more information on Willbros, please visit our web
site at www.willbros.com.
This announcement contains forward-looking statements. All
statements, other than statements of historical facts, which
address activities, events or developments the Company expects or
anticipates will or may occur in the future, are forward-looking
statements. A number of risks and uncertainties could cause
actual results to differ materially from these statements,
including unanticipated accounting or other issues regarding any
material weaknesses in internal control over financial reporting;
inability of the Company or its independent auditor to confirm
relevant information or data; unanticipated issues that prevent or
delay the Company’s independent auditor from completing its review
of financial statements or that require additional efforts,
procedures or review; the untimely filing of financial statements;
pending and potential investigations and lawsuits; the
identification of one or more issues that require restatement of
one or more other prior period financial statements; ability to
remain in compliance with, or obtain additional waivers or
amendments under, the Company's existing loan agreements; the
existence of other material weaknesses in internal control over
financial reporting; contract and billing disputes; availability of
quality management; availability and terms of capital; changes in,
or the failure to comply with, government regulations; the
promulgation, application, and interpretation of environmental laws
and regulations; future E&P capital expenditures; oil, gas, gas
liquids, and power prices and demand; the amount and location of
planned pipelines; development trends of the oil and gas, and power
industries; as well as other risk factors described from time to
time in the Company's documents and reports filed with the
SEC. The Company assumes no obligation to update publicly
such forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
CONTACT:
Stephen W. Breitigam
VP Investor Relations
Willbros
713-403-8172