/ CORRECTION - Willbros Announces Fourth Quarter and Full Year 2008 Results

Market Wire, February, 2009

In the news release, "Willbros Announces Fourth Quarter and Full Year 2008 Results," issued yesterday by Willbros Group, Inc. (NYSE: WG), we are advised by the company that in the "Continuing Operations," on the 7th row, labeled "$ Per Diluted Share," the number in the first column, for Fourth Quarter 2008, should read "0.57" rather than "0.61" as originally issued. In the text under the header "Fourth Quarter 2008 Continuing Operations," the second sentence of the second paragraph should read "Excluding special items, the Company reported net income of $23.6 million, or $0.57 per diluted share, compared to net income of $5.9 million, or $0.16 per diluted share in the fourth quarter of 2007." rather than "Excluding special items, the Company reported net income of $23.6 million, or $0.61 per diluted share, compared to net income of $5.9 million, or $0.16 per diluted share in the fourth quarter of 2007." as originally issued. In the final table, on the line item labeled "Income (loss) per share before special items," the number in the first column, for Three Months Ended December 31, 2008 should read "0.57" rather than "0.61" as originally issued. Complete corrected text follows.

Willbros Announces Fourth Quarter and Full Year 2008 Results

HOUSTON, TX--(February 25, 2009) - Willbros Group, Inc. (NYSE: WG)

                                              Continuing Operations
                                         Fourth Quarter     Twelve Months
                                        ----------------  -----------------
                                          2008     2007     2008     2007
                                        -------  -------- -------- -------
Net Income (loss)
   $ Thousands                          (14,500)    5,896   43,730 (27,550)
   $ Per Diluted Share                               0.16     1.11
   $ Per Basic Share                      (0.38)                     (0.94)

Special Items ($000)
   Goodwill Impairment                   38,062         -   38,062
   Government Fines                                                 22,000

Net Income (Loss) Excluding Special
 Items
   $ Thousands                           23,562     5,896   81,792  (5,550)
   $ Per Diluted Share                     0.57      0.16     1.98
   $ Per Basic Share                                                 (0.19)

--  Earnings from continuing operations for 2008 of $1.98 per diluted
    share excluding special items.
--  EBITDA(2) from continuing operations of $183.2 million for 2008.
--  Cash flow from operating activities of continuing operations of $187.0
    million for 2008.
    

Willbros Group, Inc. (NYSE: WG) today reported its results for the fourth quarter and the full year 2008. On revenue of $1.9 billion, Willbros reported net income for the full year 2008 was $46.5 million, or $1.17 per diluted share compared to a loss of $49.0 million, or $1.67 per share for the year ended December 31, 2007. The special item in 2008 is a $62.3 million non-cash charge for goodwill impairment in our Downstream Oil & Gas segment. This represents an after tax charge of $38.1 million, or $0.87 per fully diluted share. This non-cash impairment charge is primarily driven by adverse economic and financial market conditions. While the charge reduces goodwill associated with the November 2007 acquisition of InServ, the Company noted that the impairment charge does not reflect under-performance in its Downstream Oil & Gas segment. Excluding special items, from continuing operations, the Company reported revenue of $1.9 billion with earnings of $81.8 million, or $1.98 per diluted share compared to revenue of $947.7 million and a loss of $5.6 million, or $0.19 per share for the year ended December 31, 2007.

Randy Harl, President and Chief Executive Officer, commented, "2008 was one of the most meaningful years for Willbros in our hundred year history. We generated strong financial results and record cash flows from operations, as we continued to reap the benefits of our efforts to further position Willbros as a leader in the engineering and construction industry. We made significant progress towards key strategic objectives to expand and support our growth. We also made substantial progress towards operational and financial improvements to our business model, preparing us for the challenges of the current market environment including:

--  Improving our strategic planning process to better align our resources
    with both current opportunities and long term growth objectives;

--  Redirecting our sales process to most efficiently target the right
    customers with the right opportunities;

--  Delivering lower costs through improved procurement processes and
    procedures;

--  Reinforcing our project execution skills, particularly as we begin to
    see a shift toward more fixed price contracts in our US pipeline
    construction business;

--  Lowering our effective tax rate; and

--  Receiving shareholder approval to re-domicile the Company from Panama
    to Delaware which, among other benefits, better positions us for US
    government contracts.