Willbros Group, Inc. is a global engineering and contractor company based in

Houston, Texas Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

, United States. It is listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

. The company operates in the field of energy infrastructure services. Willbros provides engineering, procurement and construction, such as refinery turnarounds, pipeline construction, pipeline integrity management, GIS consulting, and other specialty services. Willbros was founded by Williams Brothers Company, founded by Miller & David Williams, in 1908. It is organized under the laws of

Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...

. It was reorganized as a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

in 1996. Originally headquartered in

Tulsa, Oklahoma Tulsa () is the second-largest city in the state of Oklahoma and 47th-most populous city in the United States. The population was 413,066 as of the 2020 census. It is the principal municipality of the Tulsa Metropolitan Area, a region with ...

, the company moved to Houston, Texas, in 2000. In 2006, Willbros discontinued its operations in

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

and

Venezuela Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...

, although in 2004, Nigeria accounted about 25% of company's global revenue. This decision was due to political instability and the militant attacks in Nigeria. Before making this decision, nine Willbros' workers were taken hostage by Nigerian militants. On 28 February 2005, Willbros Group Inc., said that it was restating financial reports from 2002 on and forecast 2005 earnings far below Wall Street estimates. The adjustments would lower 2002 profit by $900,000, widen the 2003 loss by $2.6 million. On 14 May 2008, the

United States Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

filed a suit against Willbros Group and its former managers due to multiple violations of the

Foreign Corrupt Practices Act The Foreign Corrupt Practices Act of 1977 (FCPA) (, ''et seq.'') is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. The FCPA is applicable world ...

in Nigeria,

Ecuador Ecuador ( ; ; Quechua: ''Ikwayur''; Shuar: ''Ecuador'' or ''Ekuatur''), officially the Republic of Ecuador ( es, República del Ecuador, which literally translates as "Republic of the Equator"; Quechua: ''Ikwadur Ripuwlika''; Shuar: ''Eku ...

and

Bolivia , image_flag = Bandera de Bolivia (Estado).svg , flag_alt = Horizontal tricolor (red, yellow, and green from top to bottom) with the coat of arms of Bolivia in the center , flag_alt2 = 7 × 7 square p ...

in 2003–2005. Willbros agreed to pay US$32.3 million in penalties while two of its former managers were sentenced to more than a year in prison. In 2010, Willbros expanded its activities from the oil and gas industry services to the electric transmission and distribution market by the acquisition of InfrastruX Group for about $480 million. In September 2011,

Standard & Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...

lowered Willbros Group's credit ratings to B+ with a negative outlook. In November 2015, it was announced Michael Fournier was named chief executive officer. Fournier was the Chief Operating Officer before being appointed to this post.

References

External links

* {{Authority control Companies listed on the New York Stock Exchange Companies based in Houston Energy engineering and contractor companies Engineering companies of the United States Companies of Panama

See also

References

External links