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Willbros Signs Asset Purchase Agreement with Elecnor
Willbros Group, Inc, announced today that it has entered into an Asset Purchase Agreement (“APA”) with Elecnor Hawkeye, LLC, a Delaware limited liability company and wholly owned subsidiary of Elecnor, S.A., a publicly-traded Spanish infrastructure engineering and construction company, for the sale of certain assets associated with its electric transmission and distribution construction and maintenance unit, Hawkeye, LLC, based in Hauppauge, NY. Closing of the transaction is expected bySeptember 30, 2013, subject to certain government approvals and other consents. Certain assets, primarily equipment and working capital associated with the Maine Power and Reliability Project (“MPRP”) contract, will remain with Willbros. Willbros will retain responsibility for the execution of the MPRP contract.Randy Harl, President and Chief Executive Officer of Willbros, said, “This sale of our Hawkeye operations supports our objective to improve our operating and financial flexibility. We are continuing to examine other non-strategic asset sales which will also enable us to reduce our debt obligations.“Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Our offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), turnarounds, maintenance, facilities development and operations services.
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