Willbros Announces New President of Chapman Construction
HOUSTON, June 4, 2015 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) is pleased to announce that Stanley Tedder has been promoted to President of Chapman Construction effective June 1, 2015. Mr. Tedder comes to Chapman with 40 years of experience in the T&D construction and maintenance business. He has held numerous positions during his career including President and CEO and Owner of 3 Phase Construction, headquartered in New Hampshire for 17 years. His knowledge of the business and the ability to guide the growth and expansion of Chapman Construction is a welcome addition to a company that is rich in history and performance under the past leadership of Calvin Hargrave. Along with the promotion of Mr. Tedder, the Company is pleased to announce the promotion of Darrell Hallmark to Senior VP Operations, Jeremy Kirk to VP of Substation operations and Johnny Grimm to VP of the Wireless Division within Chapman. These three individuals have played a huge part in Chapman's past success and they have earned key roles in the organization. The overall leadership team at Chapman is now stronger and more focused on achieving the vision of growth and expansion. We are also pleased to announce that Gena Steelman has joined Chapman to lead the finance and administration team. Her years of experience in the industry will bring great value to successful implementation of our business plan for the future.
This new team is focused on a successful future for Chapman Construction with a vision of growth and continuing exceptional performance. After successfully completing the CREZ projects for ONCOR which included approximately 33 projects, almost 1800 circuit miles of transmission lines and numerous substations upgrades, the organization is now focused on fully supporting its alliance relationship with ONCOR, and leveraging its CREZ success to introduce the company's capabilities and experience into new geographic markets, principally in the states contiguous to Texas and the region from Texas to the East and North, encompassing the Atlantic seaboard, up to the Company's presence in the Virginia and Maryland areas.
"Oncor is very proud to have constructed more miles of transmission lines than any other utility in Texas in the last five years, and we have successfully implemented one of the largest transmission programs in the United States," stated Jim Greer, Chief Operating Officer of Dallas-based Oncor Electric Delivery LLC. "Having strong relationships and alliance agreements with companies such as Chapman Construction are key factors in allowing us to complete this work on time. And with the challenging and damaging weather we have experienced here in Texas this spring, our alliance agreements allow Oncor to respond to unexpected system needs in a timely manner and restore service to our customers as quickly and as safely as possible."
Johnny Priest, President, Willbros Utility T&D, commented, "The changes we have made in our` Chapman unit include the addition of management leadership with relevant experience in the new markets we have targeted and an experienced financial professional with long experience in our industry. We made these changes to give new life to an organization which needed diversification and growth in market share. Under this new leadership, Chapman is continuing to transition to be a regional provider of transmission construction services, anchored by its strong work commitments with Oncor. Our staff levels fluctuate seasonally and are appropriate for the work opportunities we currently see and now at approximately 570 professional, technical, administrative and craft, down from 620 at the end of 2014. As we enter the peak generating season we will manage staff levels, and we expect long term growth as we advance our diversification strategy. Revenue run rates are comparable to 2014 and we continue to see steady backlog for our services in the industry along with numerous growth opportunities. Recent storms in Texas have provided for mixed levels of activity with some restoration work and some interruption of routine activity. We believe the net effect has been positive, and we are energized to develop the transmission opportunities we see outside of our alliance agreement. We are very optimistic about our future."
Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Our offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), maintenance, facilities development and operations 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 waivers under, the Company's existing loan agreements; ability to dispose of businesses and assets in a timely manner at reasonable valuations; the existence of other material weaknesses in internal control over financial reporting; contract and billing disputes; new legislation or regulations detrimental to the economic operation of refining capacity in the United States; 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; poor refinery crack spreads; delay of planned refinery outages and upgrades and development trends of the oil, gas, power, refining and petrochemical 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:
Michael W. Collier
SVP Investor Relations
Marketing & Communications
Willbros
713-403-8038
SOURCE Willbros Group, Inc.
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