Willbros Group, Inc. has announced that it has signed a definitive agreement to sell certain US mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. Willbros continues to serve the US oil and gas industry through its facilities, pipeline integrity and lineal businesses.
Assets included in the sale consist primarily of cross-country pipeline construction equipment. Valuation is based upon independent third party appraisals and funding will occur in stages throughout the first quarter of 2018 as Willbros completes existing pipeline projects.
Some senior management, including the oil and gas segment President Harry New, are joining WB Pipeline, LLC immediately; while others may join WB Pipeline, LLC once existing pipeline projects have been completed. WB Pipeline, LLC is to operate under the name Willbros Pipeline, an affiliate of Meridien Energy, LLC.
Michael Fournier, Willbros President and CEO, commented: “The sale of these mainline pipeline assets, coupled with our recently completed US tank sale, reduces our risk profile in our US oil and gas operations.”
Read the article online at: https://www.worldpipelines.com/business-news/15012018/willbros-details-sale-of-mainline-pipeline-assets/