SOURCE: Willbros Group, Inc.

Willbros Group, Inc.

June 18, 2009 09:20 ET

Willbros to Acquire the Engineering Business of Wink Companies LLC

HOUSTON, TX--(Marketwire - June 18, 2009) - Willbros Group, Inc. (NYSE: WG) announced today that it has entered into a definitive agreement to acquire the engineering business of Wink Companies LLC, Baton Rouge, Louisiana. The transaction is subject to normal closing conditions and is expected to close early in the third quarter of this year. The transaction will be funded from cash on hand; however, other terms of the agreement were not disclosed. Wink provides program management, project management and engineering services to the refining and petrochemical industries through offices located in the southern United States. Wink was ranked number 137 in the most recent ENR Top 500 Design Firms ranking for 2009.

Randy Harl, President and Chief Executive Officer, remarked, "Consistent with our key strategic objectives, this acquisition, when combined with our existing downstream construction capabilities, completes our integrated engineering, procurement and construction ('EPC') offering. The addition of Wink engineering will enable us to self-perform EPC projects which offer greater schedule and price certainty to the markets served by our Downstream segment. We expect this EPC offering to improve our competitive position while expanding the market opportunity available to Willbros. We are pleased to welcome the high quality team at Wink into the Willbros group of companies and look forward to participating in the growth opportunities this strategic acquisition makes possible."

Willbros Group, Inc. is an independent contractor serving the oil, gas, power, refining and petrochemical industries, providing engineering, construction, turnaround, maintenance, life cycle extension services and facilities development and operations 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 the potential for additional investigations; the disruptions to the global credit markets; the current global recession; the possible losses arising from the discontinuation of operations and the sale of the Nigeria assets; fines and penalties by government agencies; 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 refinery crack spread and planned refinery outages and upgrades, the effective tax rate of the different countries where the work is being conducted, development trends of the oil, gas, power, refining and petrochemical 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:
    Connie Dever
    Director Strategic Planning
    Willbros
    713-403-8035

    Michael W. Collier
    Vice President Investor Relations
    Sales & Marketing
    Willbros
    713-403-8038