Willbros Group sells some oil and gas assetsStaff writer ▼ | April 9, 2014
The sale includes the union refinery maintenance turnaround service line, a related fabrication facility and associated tools and equipment. The service line and fabrication facility being sold are both located near Tulsa, Oklahoma. As a result of the sale, the Company is paying down its Term Loan debt by $25 million.
Randy Harl, president and chief executive officer of Willbros, said, "The sale of these downstream assets supports our stated objective to improve our operating performance and financial flexibility. By applying proceeds from this sale to reduce our debt levels, we will continue to decrease our interest expense, improve our liquidity and strengthen our balance sheet.
"The remaining downstream assets enable us to focus our resources on tank, terminal, heater, fabrication and related services where we have been successful and where the market provides us with significant growth opportunities."
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. ■