Willbros closes sale of its Professional Services segment

Willbros Group Inc. (NYSE: WG) has closed on the sale of its Professional Services segment to TRC Companies in a cash deal valued at $130 million.

Willbros received payment at closing, less a balance of $7.5 million to be paid when certain customer consents, expected in the near term, are received. Willbros will apply the majority of the proceeds from the sale to reduce its term loan to less than $100 million.

After customary closing costs, the remaining funds from this sale and the October sale of the Bemis subsidiary for $19.2 million, of approximately $43 million, will be used for working capital and other purposes.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...