Willbros Reaches Agreement on Sale of U.S. Pipeline Assets
WILLBROS GROUP (WG)
Last willbros group earnings: 11/8 04:30 pm
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Source: GlobeNewswire
HOUSTON, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Willbros Group, Inc. (NYSE:WG) announced today that it has signed a definitive agreement to sell certain U.S. mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. Willbros continues to serve the U.S. oil & gas industry through its Facilities, Pipeline Integrity and Lineal businesses. Assets included in the sale consist primarily of cross-country pipeline construction equipment. Valuation is based upon independent third party appraisals and funding will occur in stages throughout the first quarter of 2018 as Willbros completes existing pipeline projects. Some senior management, including the Oil & Gas segment President Harry New, are joining WB Pipeline, LLC immediately; while others may join WB Pipeline, LLC once existing pipeline projects have been completed. WB Pipeline, LLC is to operate under the name Willbros Pipeline, an affiliate of Meridien Energy, LLC. Michael Fournier, Willbros President and C
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