Who are the Willbros Group and what do they do?
Oil & Gas services include pipeline, pipeline integrity, and facility construction. Willbros Group, Inc. is a global engineering and contractor company based in Houston, Texas, United States. It is listed in the New York Stock Exchange. The company operates in the field of energy infrastructure services.
When did Willbros Group get its credit rating?
In 2010, Willbros expanded its activities from the oil and gas industry services to the electric transmission and distribution market by the acquisition of InfrastruX Group for about $480 million. In September 2011, Standard & Poor’s lowered Willbros Group’s credit ratings to B+ with a negative outlook.
What was the outcome of the Willbros scandal?
Willbros agreed to pay US$32.3 million in penalties while two of its former managers were sentenced to more than a year in prison. In 2010, Willbros expanded its activities from the oil and gas industry services to the electric transmission and distribution market by the acquisition of InfrastruX Group for about $480 million.
When did Willbros move to Houston, Texas?
Originally, it was headquartered in Tulsa, Oklahoma. However, in 2000 it moved its administrative headquarters to Houston, Texas. In 2006, Willbros discontinued its operations in Nigeria and Venezuela, although in 2004, Nigeria accounted about 25% of company’s global revenue.
How much did Primoris pay for Willbros pipelines?
Primoris also will pay up to $20 million to keep Willbros afloat financially until the sale closes by the end of June. Willbros, which is in the midst of selling its pipeline construction business, has labored to turn a profit for years, but its stock value has traded below the dreaded $1 per share threshold since early February.