Willbros Group, Inc. WG today
announced that its Utility T&D segment has won two projects with aggregate
contract value of approximately $29 million. One project is for the
installation of 115KVA duct bank in a congested urban setting. Project work
is expected to begin in January 2016 and scheduled for completion in 12
months. The second project is for the replacement of both steel and plastic
gas mains and approximately 1,900 gas service connections, also in an urban
setting. Project work is anticipated to start in the first quarter of 2016
and is expected to be completed in 2017.
Michael J. Fournier, President and Chief Operating Officer, commented,
"These awards give us greater visibility through the end of 2016 and into
2017 in our WTD East distribution services business. These projects fit our
skill sets, experience and available capacity and we are pleased that our
client has recognized the value we can bring to these two important
projects. We continue to see growth opportunities in this part of our
business and expect additional contract awards as we move into 2016."
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 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;
inability to complete the planned sale of the Professional Services segment
or other discrete assets; inability to maintain compliance with the New
York Stock Exchange continued listing standards; inability to timely collect
contractually due receivables; 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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