Willbros Group Inc. (NYSE: WG) has completed the initial transaction of its recently disclosed intention to sell its Professional Services segment.
On June 12, Willbros closed the sale of its Downstream Engineering services, based in Baton Rouge, Louisiana, and its Heater Engineering Services, based in Tulsa, Oklahoma, to a group led by Bernhard Capital Partners. Willbros is continuing to pursue the sale of the balance of the Professional Services segment, which includes the midstream and mainline engineering operations, the Integrity solutions and technology business, the Land and Survey group, and the Government Services business.
The balance of the businesses which remain to be sold includes Willbros' legacy engineering operations in Tulsa, acquired in 1981 with the purchase of Butler Associates Inc., and the technology solutions developed jointly with Google, trademarked as IntegraLink. These remaining businesses constitute the core service offerings of the Professional Services segment.
Willbros has retained Greenhill & Co. LLC to represent the company and manage the sale process.