Willbros Closes On Asset Purchase Agreement for Hawkeye Assets

PR Newswire

HOUSTON, Nov. 15, 2013 /PRNewswire/ -- Willbros Group, Inc. (WG) announced today that it has closed on its Asset Purchase Agreement ("APA"), as amended and restated, with Elecnor Hawkeye, LLC, a Delaware limited liability company and wholly owned subsidiary of Elecnor, Inc, which is wholly owned subsidiary of Elecnor, S.A., a publicly-traded Spanish infrastructure engineering and construction company, for the sale of certain assets associated with its electric transmission and distribution, substation, natural gas and telecommunications construction and maintenance unit, Hawkeye, LLC and Halpin Line Construction, LLC, both based in Hauppauge, NY. Willbros will retain certain assets as well as the contract for the execution of a portion of the Maine Power Reliability Program, and the $43 million claim presented by Willbros to Central Maine Power Company in April 2013. The sale will be funded in early January 2014 and is secured by Letters of Credit for the full purchase amount of approximately $25.0 million.

Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Our offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), turnarounds, maintenance, facilities development and operations services. For more information on Willbros, please visit our web site at www.willbros.com.

CONTACT


Michael W. Collier

Connie Dever

Vice President Investor Relations

Director Investor Relations

Willbros

Willbros

713-403-8038

713-403-8035

 

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