SOURCE: Willbros Group, Inc.

September 11, 2007 16:52 ET

Michael F. Curran Retires From Willbros Board

Willbros Board of Directors Elects John T. McNabb, II Chairman

HOUSTON, TX--(Marketwire - September 11, 2007) - Willbros Group, Inc. (NYSE: WG) announced that Michael F. Curran has elected to retire from the Willbros Board of Directors, effective immediately. The Willbros Board of Directors has elected John T. McNabb, II, an independent director of Willbros, non-executive Chairman of the Board of Directors, succeeding Mr. Curran. McNabb, who joined the Willbros Board in August 2006 and served as chairman of the Audit Committee, holds B.A. and M.B.A degrees from Duke University and is Founder and Chairman of the Board of Growth Capital Partners, L.P. and a Director of Hiland Partners, L.P.

A highly recognized industry executive, Mr. Curran, 66, who had been CEO for 5 years when he retired from Willbros at the end of 2006, joined Willbros in 2000 as Vice Chairman, President and Chief Operating Officer. Curran was elected to the additional office of CEO in May 2002 and assumed the role of Chairman in 2004. During his tenure at Willbros, Mr. Curran led the Company's growth in revenue capacity from less than $200 million in 1999, established Willbros as a premier provider of engineering, procurement and construction ("EPC") services and returned the Company to prominence in cross-country pipeline construction in North America. Mr. Curran led the withdrawal of Willbros from a high risk market in Nigeria and oversaw both the introduction of new directors and a smooth transition to a new management team.

Mr. Curran commented, "I am leaving Willbros, now celebrating its Centennial, in good shape, with great opportunity in North America, and I have the greatest confidence in the new management team."

Randy Harl, Willbros President and CEO, commented, "Mike and the Board have given us the opportunity to participate in the best market for pipeline construction in years. We thank him for his personal involvement and contributions and wish him the best in his retirement. John McNabb is a seasoned and experienced energy executive, whose career began with Mobil Oil in its exploration and production division. Having served on the boards of six public companies and in the executive decision-making process of multiple energy companies in both the production and services sectors, John is a leader whose knowledge of the energy markets and experience providing strategic direction enable him to provide valuable counsel to Willbros. We are pleased to have his guidance for the Company as it enters its next one hundred years."

Willbros Group, Inc. is an independent contractor serving the oil, gas and power industries, providing engineering, construction and EPC services to industry and government entities worldwide. 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 those discussed above and such things as the potential for additional investigations; the possible losses arising from the discontinuation of operations and the sale of the Nigeria assets; fines and penalties by government agencies; the outcome of the current Securities and Exchange Commission and Department of Justice investigations; the identification of one or more other issues that require restatement of one or more prior period financial statements; the existence of material weaknesses in internal controls over financial reporting; availability of quality management; availability and terms of capital; changes in, or the failure to comply with, government regulations; ability to remain in compliance with, or obtain waivers under, the Company's loan agreements and indentures; 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, the effective tax rate of the different countries where the work is being conducted, development trends of the oil, gas and power industries, changes in the political and economic environment of the countries in which the Company has operations, 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.

Contact Information

  • CONTACT:
    Michael W. Collier
    Vice President - Investor Relations
    Willbros USA, Inc.
    (713) 403-8016

    Connie Dever
    Director, Strategic Planning
    Willbros USA, Inc.
    (713) 403-8035