HOUSTON, Nov. 6, 2015 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) today announced that its Utility T&D segment has won two projects with aggregate contract value of approximately $29 million. One project is for the installation of 115KVA duct bank in a congested urban setting. Project work is expected to begin in January 2016 and scheduled for completion in 12 months. The second project is for the replacement of both steel and plastic gas mains and approximately 1,900 gas service connections, also in an urban setting. Project work is anticipated to start in the first quarter of 2016 and is expected to be completed in 2017.
Michael J. Fournier, President and Chief Operating Officer, commented, "These awards give us greater visibility through the end of 2016 and into 2017 in our WTD East distribution services business. These projects fit our skill sets, experience and available capacity and we are pleased that our client has recognized the value we can bring to these two important projects. We continue to see growth opportunities in this part of our business and expect additional contract awards as we move into 2016."
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; inability to complete the planned sale of the Professional Services segment or other discrete assets; inability to maintain compliance with the New York Stock Exchange continued listing standards; inability to timely collect contractually due receivables; 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.