Willbros Reaches Agreement on Sale of U.S. Pipeline Assets
January 12 2018 - 6:00AM
Willbros Group, Inc. (NYSE:WG) announced today that it has signed a
definitive agreement to sell certain U.S. mainline pipeline assets
to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC.
Willbros continues to serve the U.S. oil & gas industry
through its Facilities, Pipeline Integrity and Lineal businesses.
Assets included in the sale consist primarily of cross-country
pipeline construction equipment. Valuation is based upon
independent third party appraisals and funding will occur in stages
throughout the first quarter of 2018 as Willbros completes existing
pipeline projects. Some senior management, including the Oil
& Gas segment President Harry New, are joining WB Pipeline, LLC
immediately; while others may join WB Pipeline, LLC once existing
pipeline projects have been completed. WB Pipeline, LLC is to
operate under the name Willbros Pipeline, an affiliate of Meridien
Energy, LLC.
Michael Fournier, Willbros President and CEO, commented, “The
sale of these mainline pipeline assets, coupled with our recently
completed U.S. tank sale, reduces our risk profile in our U.S. oil
and gas operations.”
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 a reduction in anticipated proceeds from asset sales;
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. BreitigamSVP Investor
RelationsWillbros713-403-8172