Willbros Announces Awards Valued at $68 Million
June 22 2017 - 4:49PM
Willbros Group, Inc. (NYSE:WG) today announced its Oil & Gas
segment has executed two contracts and its Utility T&D segment
has finalized multiple extensions of existing Master Service
Agreements (“MSA”).
- Oil & Gas Segment
- The first award is to construct approximately 24 miles of
pipeline, ranging predominantly in size from 20” to 30”, in the
Northeast. Construction is expected to commence early in the third
quarter of 2017 with completion by the end of the year.
- This segment has also been selected to construct five new
booster stations in the Midwest. This facility work will commence
immediately and is expected to be completed during the second
quarter of 2018.
These awards, with an estimated value of $50 million, will be
added to backlog during June 2017.
- Utility T&D Segment
- Multiple MSA extensions, varying in length from 1 to 2 years,
have been executed and are included in the May 2017 backlog with an
estimated value of $18 million. All three Distribution operating
units participated in these contract extensions.
Mike Fournier, President and CEO, said, “We continue to see
opportunities in our Oil & Gas and Utility T&D segments
while the Canadian market remains challenging. We are pleased that
these clients have selected Willbros to perform this work. Building
quality backlog remains a key focus across all of our
businesses.
These new Oil & Gas awards are in addition to our May 2017
twelve-month and total backlog amounts of $513 million and $790
million, respectively.”
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