Willbros Awarded Construction Contract For Hydrogen Pipeline
Houston, TX /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) announced today that a unit of its Oil & Gas segment has been awarded a contract by Praxair, Inc. to construct 52 miles of 12-inch pipeline. The hydrogen pipeline will originate at Praxair's plant in Geismar, Louisiana and will terminate at Valero's refinery in Norco, Louisiana. Construction on the project is underway and is scheduled to be completed in September.
Randy Harl, President and Chief Executive Officer, remarked, "We are very pleased to have the opportunity to work with Praxair to support their efforts to increase hydrogen supply to refineries and petrochemical plants in the lower Mississippi River corridor. We anticipate that refining capacity rationalization in the United States and the need to comply with more stringent environmental regulations will continue to create opportunities for both our upstream and downstream oil and gas services."
Willbros Group, Inc. is a global contractor specializing in energy infrastructure serving the oil, gas and power industries. Our offerings include engineering, procurement and construction (individually or as an integrated "EPC" service offering), refinery turnarounds, ongoing maintenance and other specialty services to industry and government entities worldwide. For more information on Willbros, please visit our web site at www.willbros.com.
This announcement 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 may occur in the future, are forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from these statements, including the potential for additional investigations and lawsuits; disruptions to the global credit markets; the untimely filing of financial statements; the global economic downturn; fines and penalties by government agencies; new legislation or regulations detrimental to the economic operation of refining capacity in the United States; the identification of one or more other issues that require restatement of one or more prior period financial statements; contract and billing disputes; the integration and operation of InfrastruX; the consequences the Company may encounter if it is unable to make payments required of it pursuant to its settlement agreement of the West African Gas Pipeline Company Limited lawsuit; the existence of material weaknesses in internal control over financial reporting; availability of quality management; availability and terms of capital; changes in, or the failure to comply with, government regulations; ability to remain in compliance with, or obtain waivers under, the Company's loan agreements and indentures; the promulgation, application, and interpretation of environmental laws and regulations; future E&P capital expenditures; oil, gas, gas liquids, and power prices and demand; the amount and location of planned pipelines; poor refinery crack spreads; delay of planned refinery outages and upgrades; the effective tax rate of the different countries where the Company performs work; development trends of the oil, gas, power, refining and petrochemical industries; and changes in the political and economic environment of the countries in which the Company has operations; as well as other risk factors described from time to time in the Company's documents and reports filed with the SEC. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
SOURCE Willbros Group, Inc.