As previously reported, Willbros determined that it would cease operations in Venezuela and sell all its remaining businesses associated with Venezuelan assets and operations. As anticipated by the Company, Willbros recognized no gain or loss on disposal. The transaction included the marine yard and offices located on Lake Maracaibo, the marine equipment in Venezuela and the Company's interest in a project providing water injection services for production in Lake Maracaibo.
Mike Curran, Chairman and Chief Executive Officer, commented, "The sale of the Venezuelan businesses removes the uncertainty associated with our presence in that market and allows us to redeploy resources to manage and execute the record backlog in North America."
Willbros Group, Inc. is an independent contractor serving the oil, gas and power industries, providing engineering and construction, and facilities development and operations services to industry and government entities worldwide.
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