HOUSTON, Aug. 17, 2015 /PRNewswire/ -- Willbros
Group, Inc. (NYSE: WG) announced today that it received
notification on August 11, 2015 from
the New York Stock Exchange ("NYSE") that the price of Willbros
common stock has fallen below the NYSE's continued listing
standard, which requires the average closing price of a listed
company's common stock to be at least $1.00 per share over a consecutive 30-day trading
period.
Willbros intends to respond to the NYSE within 10 business days
with a plan to cure the deficiency. The Company has six months, or
in certain circumstances, until it can take shareholder action at
its next annual meeting, to regain compliance with the NYSE
continued listing requirements. During the cure period, Willbros
common stock will continue to be listed and traded on the NYSE,
subject to compliance with the other listing standards. The NYSE
notification does not conflict with or violate any of the Company's
credit or debt obligations.
John T. McNabb, II, Chairman and
Chief Executive Officer, commented, "The current share price does
not reflect the intrinsic value of Willbros. Our share price has
been under pressure due to macro events which have affected the
global energy industry as well as events specific to Willbros'
financial performance. Over the last 11 months, at the direction of
the Board of Directors, management has taken aggressive actions to
reduce G&A costs, exit non-performing businesses, sell non-core
assets in order to reduce debt, bolster operating staff and
management, and streamline operations. Our previously disclosed
plan to sell our Professional Services segment remains on track and
we believe we should have an agreement in place to sell the segment
by the end of the third quarter, with the potential to
significantly reduce our debt levels in the fourth quarter of 2015.
We believe all these actions will restore confidence in the company
and translate into a higher valuation for our shareholders."
If the Willbros share price has not recovered at the end of the
cure period, or, under certain circumstances, after the Company's
next annual meeting if shareholder action is required, the
Company's common stock will be subject to NYSE's suspension and
delisting procedures.
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 inability to maintain or regain compliance with the New
York Stock Exchange continued listing standards; inability to
complete the planned sale of the Professional Services segment and
other discrete assets; inability to timely collect contractually
due receivables; 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
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SOURCE Willbros Group, Inc.