Willbros Announces Canada Awards of U.S. $87 Million
HOUSTON, Dec. 19, 2016 (GLOBE NEWSWIRE) -- Willbros Group, Inc. (NYSE:WG) today announced that its Canada segment has been awarded two contracts with an estimated value of U.S. $87 million. As referenced in Willbros’ Q3 2016 conference call, the Construction & Maintenance business unit formalized an MSA contract that provides for a five year extension of an oil sands maintenance agreement. Work will commence under this extension in February 2017. This business unit has also received a written Notice of Award to construct a new 48 inch, eight kilometer pipeline. Construction will begin in January 2017 and is anticipated to be completed during the third quarter of 2017.
Mike Fournier, President and CEO, said, “Receipt of these new Canadian awards in a very competitive environment is encouraging. Across the company, total backlog additions, net of adjustments, since September 30, 2016 now total $269 million, of which approximately $115 million is estimated to be earned during the next twelve months. The electrical transmission and distribution markets remain strong and there is renewed optimism and increased bid opportunities in our oil and gas segments.”
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 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. Breitigam VP Investor Relations Willbros 713-403-8172