(GlobeNewswire) - Willbros Group, Inc. (NYSE:WG) announced today that it has signed a definitive agreement to sell certain U.S. mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. Willbros continues to serve the U.S. oil & gas industry through its Facilities, Pipeline Integrity and Lineal businesses.
Assets included in the sale consist primarily of cross-country pipeline construction equipment. Valuation is based upon independent third party appraisals and funding will occur in stages throughout the first quarter of 2018 as Willbros completes existing pipeline projects. Some senior management, including the Oil & Gas segment President Harry New, are joining WB Pipeline, LLC immediately; while others may join WB Pipeline, LLC once existing pipeline projects have been completed. WB Pipeline, LLC is to operate under the name Willbros Pipeline, an affiliate of Meridien Energy, LLC.
Michael Fournier, Willbros President and CEO, commented, The sale of these mainline pipeline assets, coupled with our recently completed U.S. tank sale, reduces our risk profile in our U.S. oil and gas operations.
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 a reduction in anticipated proceeds from asset sales; 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 Companys 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.
Stephen W. BreitigamSVP Investor RelationsWillbros713-403-8172
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