HOUSTON, July 20, 2015 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) announced today that its Canada business segment has won new contracts expected to generate C$120 to C$150 million over the next three years. The Company has won a three-year Preferred Supplier Agreement for pipeline integrity work with a major Canadian pipeline operator. The scope of the contract is for assessment digs and preventative maintenance work on a network of existing pipeline infrastructure across Western Canada. This contract is yet another example of the commitment of the Canadian pipeline industry to ensuring the safety and reliability of its pipelines and the alignment of Willbros Canada with customer needs. Willbros has also won a construction contract for pipeline and off-site fabrication services to support tailings facility requirements at a major oil sands site. The contract is expected to begin in Q3 2015 and be completed by year-end 2016.
Andrew Jack, President of Willbros Canada, commented, "We are very excited to have been awarded the opportunity to work in a long term, multi-year service provider arrangement with a premier client, who values Willbros' commitment to safe, consistent execution in the field. Our experience in the oil sands has also resulted in additional tailings line work for our Construction and Maintenance group and we are pleased to be recognized for their safe, quality work record. We look forward to continuing to provide timely and relevant services to our customers and demonstrating to them that we are a contractor they can trust and rely upon."
John T. McNabb, II, Chairman and Chief Executive Officer, commented, "Our Canada operations have led the Company's performance for the past several years and we are pleased to see that they remain competitive and in good stead with their customer base. We are striving to bring all of Willbros to the level of performance demonstrated by Canada and we have targeted improving our operations, especially in Oil & Gas, where we have restructured the segment and exited the regional model, and strengthening our capital structure. These actions, in addition to reductions in corporate and segment G&A and operational improvements already taken, should not only make Willbros more predictable but also should enhance customer confidence in our long term future. Our plan to focus on North American energy infrastructure construction will benefit from the stronger balance sheet and financial flexibility the planned sale of our Professional Services segment will afford us. We continue to believe the completion of this sale can be achieved by the end of the third quarter and will create greater long-term value for Willbros customers and shareholders."
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.