Willbros Group (NYSE : WG) Capital One Southcoast 6th Annual Energy Conference December 7, 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): 4.62/share Market Capitalization: 231 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) Contracts are based on established rates Upstream 7% for time and materials Utility T&D 87%…
2011 Objectives on Track Returning Willbros to profitability and strengthening the balance sheet Objective Status Reduce debt by Third quarter debt reduction of 94.7 million approximately 50 - 100 Applied certain proceeds from…
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 Maintaining capacity to execute 1 to 2 large diameter pipeline construction projects per year in the United States Continuous process improvement to ensure we…
U.S. Production Growth Concentrated in Shale Plays is Changing Pipeline Landscape Active rig count: October 2011 / Change in rig count from October 2010 198/+50 8/-9 5/+4 25/+1 43/+6 8/-1 46/+7 178/+39 30/+3 78/+8 9/-2 29/-6…
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…
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 (1) Production expected to increase from 1.5 MMBD in 2010 to 2.2 MMBD by 2015 Capital spending is forecast…
Backlog Total Backlog by Segment (1) Major Projects Downstream 7% Total Backlog Oncor Upstream 24% Utility T&D MPRP 69% ECHO Eagle Ford 2.3 billion NiSource 12 Month Backlog by Segment (1) Syncrude Maintenance…
Improving Adjusted EBITDA While Reducing Debt Q3 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 68.3 million 175 million credit facility 25 million cash revolver available 21 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 14x 12x 8x 10x 6x 8x 4x 6x 4x 2x 2x 0x 0x WG FWLT MTRX PIKE EXH DY TTEK MTZ MYRG PWR TISI CBI GLBL EXH WG DY TISI MTZ TTEK…
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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