Willbros Group (NYSE : WG) D.A. Davidson 10th Annual Engineering & Construction Conference September 21, 2011
Forward Looking Statements This presentation contains forward looking statements. All statements, other than statements of historical facts which address activities, events or developments the Company expects or anticipates will or…
Willbros: Over 100 years of Current work regions Past work regions Willbros of f ices Founded in 1908: IPO in 1996 Exchange / Ticker: NYSE : WG Share Price(1): 6.22/share Market Capitalization: 302 million Notes: (1) Share…
Willbros Overview Who We Are Global contractor specializing in energy infrastructure serving the oil, gas and power industries. Offerings include engineering, procurement and construction (individually or as an integrated EPC service…
Willbros Vision and Values Our mission is to be a multi-billion dollar engineering and construction company with a diversified revenue stream, exposure to high growth opportunities and ability to achieve more stable and predictable…
Recurring Revenue from MSAs Master service agreements (MSAs) are MSA Backlog by Segment(1) typically multi-year agreements (1-3 yrs) Upstream Contracts are based on established rates 6% for time and materials Utility T&D…
2011 Objectives on Track Returning Willbros to profitability and strengthening the balance sheet Objective Status Reduce debt by approximately Paid down 72.5 million in debt year to date 50 - 100 million Sold 9.7 million in…
Key Investment Considerations Worldwide brand recognition and reputation for quality, safety and schedule / price certainty Exposure to burgeoning markets in electric transmission, hydrocarbon infrastructure and the Canadian oil sands…
Focusing on North America Willbros has the backlog, resources and expertise to drive profitability from: Utility Transmission & Distribution Build-Out U.S. Oil and Gas Infrastructure: Large Diameter Pipelines Shale Play…
Track Record for Recognizing Growth Markets U.S. Large Diameter Pipeline Construction Electricity Transmission Infrastructure Forecast(1) vs. Upstream Revenue (billions) Market(2) (billions) 16,000 1.2 1.1 12.3 0.7 11.9 11.2…
Utility T&D Positioned for Growing Market Near-term investment in the utility T&D industry is growing Over 54 billion in planned U.S. transmission investment from 2009 - 2013 Build-out investment continues to grow Over 880 billion in…
Large Diameter Pipeline Construction Remains a Core Upstream Capability Willbros has the resources and in-depth expertise to perform pipeline assessment, engineering, construction and ongoing pipeline integrity management and…
Operating & Expanding in the U.S. Shale Plays Broaden our offerings to provide strategic customers the services they want in the places they want them Increasing unconventional production is driving demand for Watford City, ND…
U.S. Production Growth Concentrated in Shale Plays is Changing Pipeline Landscape Active Rig Additions Since Low May 2009 +137 +1 Williston +3 +4 +16 +2 +4 -7 +78 +29 +15 +33 +2 Marcellus +7 -1 +145 +28 +14 +19 Anadarko -3…
Compelling Opportunities for Pipeline Integrity Management Services Ability to offer discrete and integrated EPC services Market Drivers Willbros Offerings Aging pipeline infrastructure with Data mining Maintenance significant…
Canadian Opportunities Improving in Oil Sands Production from the oil sands set to increase significantly over the next decade Production expected to increase from 1.5 MMBD to 2.0 MMBD by 2015 Capital spending is forecast to peak at…
Backlog Total Backlog by Segment (1) Major Projects Total Backlog Downstream 5% Oncor Upstream 26% BP Solar Utility T&D 69% Acadian Haynesville Extension 2.4 billion Oxy (CB&I) 12 Month Backlog by Segment (1) NiSource…
Improving Adjusted EBITDA While Reducing Debt Q2 revenue growth driven primarily by strong project execution in the Upstream (Acadian Pipeline) and UT&D segments (BP Solar, Bangor Hydro and MPRP) Downstream continues to experience a…
Liquidity and Free Cash Flow(1) Cash and cash equivalents of approximately 94 million 175 million credit facility 25 million cash revolver available 25 million letters of credit drawn 59 million cash revolver borrowings Maturity…
WG is Undervalued Relative to Peers 2012 EV/EBITDA Valuation 2012 Price/Cash Flow Valuation 10x 12x 8x 10x 8x 6x 6x 4x 4x 2x 2x 0x 0x WG MTRXFWLT DY PIKE EXH MYRG TTEK CBI MTZ PWR TISI GLBL EXH WG MTRX GLBL MYRG TTEK CBI PWR…
Key Investment Considerations Worldwide brand recognition and reputation for quality, safety and schedule / price certainty Exposure to burgeoning markets in electric transmission, hydrocarbon infrastructure and the Canadian oil sands…
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