Willbros Awarded Two Spreads of Fayetteville Express Pipeline Construction
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Wed, 04 Nov 2009 23:02:25 GMT |
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Willbros Group, Inc. |
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HOUSTON, TX -- 11/04/09 --
Willbros Group, Inc. (NYSE: WG) announced today
that it has been awarded the construction contract for spreads three and
four of the Fayetteville Express Pipeline (FEP). The approximately
185-mile natural gas pipeline will originate in Conway County, Arkansas,
continue eastward through White County, Arkansas, and terminate at an
interconnect with Trunkline Gas Company in Panola County, Mississippi. FEP
will parallel existing utility corridors where possible to minimize impact
to the environment, communities and landowners. FEP is a joint venture
between Energy Transfer Partners, L.P. and Kinder Morgan Energy Partners,
L.P. The Willbros scope of work includes 120 miles of 42-inch pipeline,
beginning near Bald Knob, Arkansas and ending at the Trunkline
interconnection. The project is expected to begin construction in April
2010 and be completed in October 2010.
Randy Harl, President and Chief Executive Officer, remarked, "This is a
significant project resulting from the continuing development of the
Fayetteville region. The FEP award improves 2010 visibility for our U.S.
pipeline construction business, and we remain convinced that current
favorable economics, combined with the benefits natural gas provides to the
environment, will drive build-out of take-away capacity in areas such as
the Fayetteville, Haynesville and Marcellus shales. We anticipate
additional U.S. pipeline construction opportunities for Willbros as new
infrastructure will be required to transport hydrocarbons to regions with
growing demand. We are pleased to have been selected and look forward to
performing this project with FEP and its partners."
Willbros Group, Inc. is an independent contractor serving the oil, gas,
power, refining and petrochemical industries, providing engineering,
construction, turnaround, maintenance, life cycle extension services and
facilities development and operations 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; the
disruptions to the global credit markets; the current global recession; the
possible losses arising from the discontinuation of operations and the sale
of the Nigeria assets; fines and penalties by government agencies; the
identification of one or more other issues that require restatement of one
or more prior period financial statements; 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, the refinery crack spread and planned refinery outages
and upgrades, the effective tax rate of the different countries where the
work is being conducted, development trends of the oil, gas, power,
refining and petrochemical 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.
CONTACT:
Michael W. Collier
Vice President Investor Relations
Sales & Marketing
Willbros
713-403-8038
Connie Dever
Director Strategic Planning
Willbros
713-403-8035
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