Willbros Announces Canada Awards of U.S. $87 Million
December 19 2016 - 4:21PM
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.”
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 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