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Monday, March 1, 2004
HOUSTON, March 1 /PRNewswire-FirstCall/ — Willbros Group, Inc. (NYSE: WG – News) announced today that it has been awarded new work valued at approximately $45 to $50 million. The Willbros RPI, Inc. construction unit, with operations based in Houston, Texas, has been awarded two construction assignments for pipeline projects. Willbros RPI will construct 81 miles of 20, 30 and 36-inch natural gas pipelines in Texas for ETC Texas Pipeline, Ltd. in an expansion of the Energy Transfer pipeline system. The project will begin March 1, 2004 and is expected to be completed in the third quarter of 2004. Willbros RPI has also been awarded approximately 30 miles of onshore and marsh portions of the 24-inch Cameron Highway Oil Pipeline for El Paso Field Services in the Port Neches, Texas area.
This project is currently underway and expected to be completed in the second quarter of 2004. In addition, the Willbros business unit in Ecuador, Willbros Servicios, Obras y Sistemas has received a letter of intent for the performance of modifications to a pipeline, which runs from Santo Domingo to El Beaterio, Ecuador. This project will begin in mid March and will encompass rehabilitation of an existing 14 and 16-inch products pipeline. Completion is expected early in the fourth quarter of 2004.
Michael F. Curran, President and Chief Executive Officer of Willbros, commented, "These awards are more evidence of increasing activity in our markets worldwide; and we are encouraged by the new projects in North America. Willbros has the experience and resources to provide the quality, safety and schedule certainty expected by our clients, and we are pleased to be selected for these important projects."
Willbros Group, Inc. is one of the leading independent contractors serving the oil, gas and power industries, providing construction, engineering and other specialty oilfield-related services to industry and government entities worldwide.
The Company’s World Wide Web site can be accessed 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 such things as future E&P capital expenditures, oil, gas, gas liquids and power prices and demand, the amount and location of planned pipelines, extreme weather events, 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.
CONTACTS:
Michael W. Collier
Investor Relations Manager
Willbros USA, Inc.
(713) 403-8016
Jack Lascar
Partner
DRG&E
(713) 529-6600
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