Willbros Group Inc. (NYSE: WG) and its lender have entered into an amendment of the financial covenants associated with Willbros' term loan. These amendments put in place less-stringent financial covenants for all of 2016 and the first two quarters of 2017.
Willbros elected to seek, and has obtained, this additional flexibility in its financial covenants, given the uncertain general market conditions and the potential impact of sustained low oil and natural gas prices on customer spending. The company has reduced its debt and operating cost structure over the past 18 months and expects to report that its term loan debt at Dec. 31 will be approximately $95 million, compared to $270 million at year-end 2014.
Willbros is a specialty energy infrastructure contractor serving the oil, gas, and power industries.