Willbros sells its Professional Services segment to Bernhard Capital Partners

Willbros Group, Inc. has announced that it has completed the initial transaction of its Professional Services segment. On 12 June 2015, Willbros closed the sale of its downstream engineering services, based in Baton Rouge, Louisiana, and its heater engineering services, based in Tulsa, Oklahoma, to a group led by Bernhard Capital Partners.

Willbros is yet to sell some areas of its Professional Services segment

Willbros is continuing to pursue the sale of the balance of its Professional Services segment, including: midstream and mainline engineering operations, integrity solutions and technology business, land and survey group and government services business. The balance of the businesses which remain to be sold include the company's legacy engineering operations in Tulsa, acquired in 1981 with the purchase of Butler Associates, Inc., and the technology solutions which was developed jointly with Google, trademarked as IntegraLink. These remaining businesses constitute the core service offerings of the Professional Services segment. Willbros has retained Greenhill & Co., LLC, to represent the company and manage the process of the sale.

Willbros noted that there can be no assurance that the decision to offer the segment for sale will result in it pursuing a particular transaction or completing any such transaction. The company has not set a definitive timetable for completion of the process and does not intend to disclose further developments until its Board of Directors approves a specific action.

Adapted from a press release by David Bizley

Published on 17/06/2015

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