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|Willbros Awarded EPC Contract for CO2 Compression Facility|
HOUSTON, TX, Feb 13, 2012 (MARKETWIRE via COMTEX) --Willbros Group, Inc. (NYSE: WG) announced today that a unit of its Oil & Gas segment has been awarded an engineering, procurement and construction ("EPC") contract by Denbury Greencore Pipeline Company LLC for a CO2 compressor station adjacent to the Lost Cabin Gas Processing Plant in Fremont County, Wyoming. The compressor station is part of Denbury's Enhanced Oil Recovery (EOR) efforts in Wyoming and Montana. Willbros will be responsible for the final engineering design, drafting, partial material procurement, materials management, and installation/construction of the compressor station.
Randy Harl, President and Chief Executive Officer, remarked, "We are very pleased to have the opportunity to work with Denbury to support their EOR efforts. We anticipate continued growth in U.S. oil production and this project supports our strategy to offer comprehensive turnkey services to all of our customers."
Willbros Group, Inc. is a global contractor specializing in energy infrastructure serving the oil, gas and power industries. Our offerings include engineering, procurement and construction (individually or as an integrated "EPC" service offering), refinery turnarounds, ongoing maintenance and other specialty 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 the potential for additional investigations; disruptions to the global credit markets; the global economic downturn; fines and penalties by government agencies; new legislation or regulations detrimental to the economic operation of refining capacity in the United States; the identification of one or more other issues that require restatement of one or more prior period financial statements; contract and billing disputes; the integration and operation of InfrastruX; the possible losses arising from the discontinuation of operations and the sale of the Nigeria assets; 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; poor refinery crack spreads; delay of planned refinery outages and upgrades; the effective tax rate of the different countries where the Company performs work; development trends of the oil, gas, power, refining and petrochemical industries and 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 Sales & Marketing Willbros 713-403-8038 Connie Dever Director Investor Relations Willbros 713-403-8035
SOURCE: Willbros Group, Inc.