Willbros Awarded Additional New Project
Market Wire, May, 2007
Willbros Group, Inc. (NYSE: WG) today reported that its Construction operations unit, Houston, Texas, was awarded an additional large diameter pipeline construction project in Texas by Energy Transfer Partners, L.P. (ETP).
The project award from ETP is for the construction of 80 miles of 42-inch pipeline from Farrar to Kountze, Texas. This project is scheduled to begin in third quarter 2007 and be completed in fourth quarter 2007. ETP's natural gas operations include natural gas gathering and transportation pipelines, interstate transmission pipelines, natural gas treating and processing assets located in Texas and Louisiana, and three natural gas storage facilities located in Texas. These assets include approximately 12,200 miles of intrastate pipeline in service, with an additional 500 miles of intrastate pipeline under construction, and 2,400 miles of interstate pipeline.
Since the close of first quarter 2007, Willbros has booked multiple new project awards, including this project, totaling approximately $150 million.
Willbros Group, Inc. is an independent contractor serving the oil, gas and power industries, providing engineering and construction 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 those discussed above and such things as the potential for additional investigations; the possible losses arising from the discontinuation of operations and the sale of the Nigeria assets; fines and penalties by government agencies; the outcome of the current Securities and Exchange Commission, Office of Foreign Assets Control and Department of Justice investigations; 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 effective tax rate of the different countries where the work is being conducted, development trends of the oil, gas and power 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: Michael W. Collier Vice President, Investor Relations Willbros USA, Inc. (713) 403-8016 Connie Dever Director Strategic Planning Willbros USA, Inc. (713) 403-8035
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