Willbros Group to sell segment
USA
HOUSTON, June 9, 2015 – US engineering and contracting company Willbros Group announced today that intends to sell its professional services division.
“We intend to focus on our position as a leading construction contractor in the North American energy infrastructure market and expect this focus to yield the greatest improvements in operating results and shareholder value,” said the company’s chief executive John McNabb in a statement.
There has been no specific sale announced, but the company would like to sell the division by the end of the third quarter of this year.
“Completion of this transaction will strengthen our balance sheet, reduce the risk in our business model and enhance our ability to win new work,” McNabb said.
In June, Willbros Group was awarded the contract for the construction of an ethane export pipeline in Texas to be completed in November 2015. The work will be carried out for the US’ HSC Pipeline Partnership, a subsidiary of US pipeline company Enterprise Products Partners.
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