HOUSTON, May 03, 2017 (GLOBE NEWSWIRE) -- As referenced yesterday in its press release reporting first quarter of 2017 results, Willbros Group, Inc. (NYSE: WG ) has executed new contracts valued at an estimated $70 million.
Approximately $28 million of these new awards were consummated in late Q1 2017 and are included in March 31, 2017 backlog as follows:
- The Tank services business executed a new tank construction contract valued at $21 million; and
- Oil & Gas segment was awarded facility work approximating $7 million.
Work on both of these projects commenced in March.
New awards received in April 2017 totals approximately $42 million:
- Our Utility Transmission & Distribution segment has been awarded its first wind farm contract which is valued at approximately $22 million. Work consists of a new collector substation and 15 miles of a new 345kV transmission line. Work will commence immediately and is anticipated to be completed by the end of September 2017;
- The Construction & Maintenance business unit in our Canada segment was awarded a line relocation project valued at approximately $14 million from a strategic client. Work is anticipated to begin in June 2017 and will be completed in December 2017; and
- The Oil & Gas segment has won smaller diameter jobs in its Lineal and pipeline business units valued at approximately $6 million.
In addition, our Canada segment executed a 3-year MSA agreement to provide general mechanical construction services to a key client. Work releases against this framework agreement will initiate through a bid process and these releases will trigger backlog additions. Finally, our Oil & Gas segment completed execution of the $45 million contract to construct a pipeline in the Northeast, previously announced as a notification of award. Construction has begun and work is expected to be completed during the third quarter of 2017. Mike Fournier, President and CEO, said “We have solid visibility in our Utility T&D segment and the markets for the Oil & Gas and Canada segments are improving as evidenced by the bidding opportunities. We are pleased with receipt of these early Q2 awards.”
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
