- Oil & Gas awards total $50 million
- UTD contract extensions of $18 million
HOUSTON, June 22, 2017 (GLOBE NEWSWIRE) -- 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
