Willbros Group Inc.

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Press Release $WG Willbros Group Inc.

0 COMMENTs 26 Aug
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Willbros Signs Asset Purchase Agreement with Elecnor

HOUSTON, Aug. 26, 2013 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) announced today that it has entered into an Asset Purchase Agreement ("APA") with Elecnor Hawkeye, LLC, a Delaware limited liability company and wholly owned subsidiary of Elecnor, S.A., a publicly-traded Spanish infrastructure engineering and construction company, for the sale of certain assets associated with its electric transmission and distribution construction and maintenance unit, Hawkeye, LLC, based in Hauppauge, NY. Closing of the transaction is expected by September 30, 2013, subject to certain government approvals and other consents. Certain assets, primarily equipment and working capital associated with the Maine Power and Reliability Project ("MPRP") contract, will remain with Willbros. Willbros will retain responsibility for the execution of the MPRP contract.

Randy Harl, President and Chief Executive Officer of Willbros, said, "This sale of our Hawkeye operations supports our objective to improve our operating and financial flexibility. We are continuing to examine other non-strategic asset sales which will also enable us to reduce our debt obligations."

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), turnarounds, 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 the occurrence of any event, change or other circumstances that could give rise to the termination of the Asset Purchase Agreement; and the inability to complete the proposed transaction due to, among other things, the failure to satisfy the conditions set forth in the Asset Purchase Agreement; 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

Connie Dever

Vice President Investor Relations

Director Investor Relations

Willbros

Willbros

713-403-8038

713-403-8035

SOURCE Willbros Group, Inc.

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