Willbros - 2011 Credit Suisse Presentation

June 2, 2011

Willbros Group (NYSE : WG)

2011 Credit Suisse Engineering & Construction Conference

Credit Suisse June 2011

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Forward Looking Statements

This presentation 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. These risk factors are described 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. This presentation contains non-GAAP numbers and a reconciliation is provided in the Appendix.


Willbros: Over 100 years of

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Founded in 1908: IPO in 1996 Exchange / Ticker: NYSE : WG Share Price(1): $8.82/share Market Capitalization: $444 million

Avg. Trading Volume(2): 426,817 shs/d Inside Ownership(3): ~9 million shares

Notes: (1)  Share price as of 05/24/11 (2)  Based on 3 month average (3)  Inside Ownership 8/31/10

Current work regions Past work regions Willbros offices


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Willbros Values: Guiding our Business Practices


• Global contractor specializing in energy infrastructure serving the oil, gas and power industries.

• Offerings include engineering, procurement and construction (individually or as an integrated “EPC” service offering), refinery turnarounds, ongoing maintenance and other specialty services.

Utility T&D

Willbros Overview

Services Span Energy Infrastructure Sector

Onshore Production

Gathering & Processing

Refining & Processing

Long Haul Transportation

Who We Are

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Utilities & Power

Upstream / Midstream Downstream


Willbros Vision

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To be a multi-billion dollar engineering and construction company with a diversified revenue stream, exposure to

high growth opportunities and ability to achieve more stable and predictable results


2011 Objectives

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Returning Willbros to profitability and strengthening the balance sheet Objective

Reduce debt by approximately $50 - $100 million

Improve project management tools and capabilities

Maintain focus on North America

Remain focused on Safety

Status •  Paid down $28.75 million in debt •  Sold ~$8.1 million in under-utilized equipment

–  Identified ~$12.1 million of additional non-strategic / under-utilized assets

•  Signed LOI for non-strategic business unit •  Increased executive level project management oversight •  Engaged in enterprise-wide improvements and

implementation

•  Regional U.S. Upstream offices in the Barnett, Marcellus, Haynesville, Eagle Ford and Bakken Shale plays

•  Discontinued operations in Canada cross-country pipeline construction and focusing on oil sands-centric markets

•  Made improvements over last year's performance and our HSE management system implementation and safety culture enhancement programs are continuing on target


Focus on North America

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•  Utility Transmission & Distribution Build-Out

•  Oil and Gas Shale Play Development

•  Canadian Oil Sands Production

Willbros has the resources and expertise to grow revenue from:


Recognizing Growth Markets

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U.S. Pipeline Construction Forecast(1) vs. Willbros Revenue ($ in millions)

Transmission Infrastructure Market(2) ($ in millions)

(1)  Oil & Gas Journal (2)  Edison Electric Institute

We see similar opportunities for electric utility transmission infrastructure construction like we saw for U.S. pipeline construction in 2006

Actual Planned


Utility T&D Positioned for Growing Market

• Near-term investment in Utility T&D is growing – Over $54 billion in planned U.S. transmission investment from 2009 - 2013

• Build-out investment to continue growing – Over $880 billion in new T&D infrastructure expected from 2010 – 2030

– $298 billion for transmission infrastructure – $582 billion to be spent on distribution

• Willbros now has service offering to participate in the utility T&D market –  Broad spectrum of overhead and underground energy transportation services –  Provide recurring services through MSAs • Strong Utility T&D backlog of $854 million

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Transmission infrastructure build-out expected to be challenged by construction capacity


New Technologies = Domestic Production Growth

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+134

-3

+2

+3

+137 Williston

+145 Anadarko

+322 Permian

+19

+78 Marcellus

+7

+4

+10

+16

+33

+19 +4

+7

+4

+7

+40

+140 Eagle Ford

-2

-6

-1

+1

Dry Gas Focused Areas

Liquids Rich/Oil Focused Areas

Rig Declines Source: Bentek, April 2011

+14 +28

+29 +15

+2

+3

-7

Active Rig Additions Since Low – May 2009


Forth Worth, TX

Ponder, TX Eunice, NM

George West, TX

Houston, TX

Kansas City, MO

Pittsburgh, PA

Bakken Shale

Haynesville Shale

Operating & Expanding in the U.S. Shale Plays

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Denver, CO

•  Increasing unconventional production is driving demand for smaller & shorter distance pipelines and gathering systems

• New supply areas lack sufficient infrastructure

• Annual midstream pipeline expenditures are projected to be between $4 and $14 billion / year(1)

• Willbros is strategically positioning offices in the shale plays (focus on liquids-rich areas)

Broaden our offerings to provide strategic customers the services they want in the places they want them

(1)  INGAA, North American Midstream Natural Gas Infrastructure Through 2035 (Preliminary Results), April 2011

Tulsa, OK


Canadian Opportunities Improving • Production from the oil sands set to increase significantly over the next decade

–  Production expected to increase from ~1.5 MMBD to ~2.0 MMBD by 2015 • Capital spending is forecast to peak at $22 billion in 2014

–  20% higher than previous peak of 07/08 and close to double from 2009 • Labor shortage will be a factor

13 (1) Peters & Co. Limited

Financial Overview


Willbros Financial Snapshot

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Revenue Guidance ($million) Revenue Q1 2011

(1) InfrastruX revenue Jan – Jun 2010

$412 million

(1)


12 Month Backlog by Segment (1)

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Backlog

(1)March 31, 2011 $1.1 billion

Total Backlog by Segment (1)

$2.3 billion

1Q 3Q 4Q 1Q 2Q 3Q 2Q 4Q

2011 2012

Major Projects


Liquidity and Free Cash Flow(1)

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•  Cash and cash equivalents of approximately $79 million •  $175 million credit facility ‒  $25 million cash revolver limited until leverage ratio reaches 3.0 to 1.0 or less ‒  $25 million letters of credit drawn ‒  $59 million cash revolver borrowings

•  Maturity profile ‒  $32 million of convertible notes due in December 2012 ‒  Senior credit facility due in June 2013 ‒  Term loan due in June 2014

•  Flexible maintenance and capital expenditure requirements

(1)March 31, 2011

Key Investment Highlights


WG is Undervalued Relative to Peers

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Source: Thomson One Pricing as of May 18, 2011 *Data not available

* *


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Key Investment Considerations

•  Worldwide brand recognition and reputation for quality, safety and schedule / price certainty

•  Exposure to burgeoning markets in electric transmission infrastructure, unconventional shale production and the Canadian oil sands driven by:

– Shale development – Renewable energy – Increasing safety concerns – Aging infrastructure – Ongoing maintenance – Government spending

•  Market outlook implies earnings break-out as pricing power shifts to contractors in a tightening market

•  Broad service offering, critical scale, extensive geographic presence and strong customer base

•  Balanced revenue base from recurring services coupled with EPC and discrete projects

•  Trading at a discount to peer group based on most valuation metrics

Appendix and Exhibits


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Utility Transmission & Distribution Segment Overview

• Expanded into Utility T&D in mid-2010 via InfrastruX acquisition

• Service offerings include: –  Construction of overhead and underground

transmission and distribution lines, substations and tower structures

–  Other services include electric substation service, cable reliability (CableCURE®) and specialty services

• National network of experienced utility construction and maintenance service providers:

–  Chapman Construction (Texas CREZ project)

–  Hawkeye (East Coast) –  Willbros T&D –  InterCon –  Bemis

Utility T&D

–  Trafford –  Premier –  Lineal

–  Skibeck –  Gill


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Upstream Overview

• Engineering, construction and EPC services provided from the wellhead to the burner tip –  Large diameter transmission pipelines –  Lateral and distribution pipelines –  Gas / oilfield gathering & well-tie systems –  Compression stations and other facilities • Maintenance and integrity services

–  Recurring revenue from maintenance and master service agreements

–  Significant NiSource alliance –  Management, maintenance & expansion

services of pipeline & storage system

Upstream

• National network of experienced engineering, construction and maintenance service providers:

–  U.S. Construction –  Upstream Engineering

–  Specialty Services –  B&H


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Downstream Segment Overview • Specialty service provider to refiners and

petrochemical customers: ‒  Engineering ‒ Construction ‒  Turnarounds ‒ Maintenance ‒  Field Services ‒  Safety Services

• Integrated EPC offering targets small to mid-sized capital projects

• Flexible model to scale business geographically on a project basis

• Enhancing lowest cost offering • Expanding Government services

capabilities

Downstream


Effective and Comprehensive Risk Management Processes and Procedures

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Dollar Threshold

New Customers

New Countries

New Service / Unique Project

Review “Triggers”

Pursue / No Pursue

Bid / No Bid

Final Bid Review

Follow-up, as needed

Bid Review Process

Comprehensive Review

Contract Terms

Pricing / Margins

Contingency

Bid Strategy

Execution Strategy

Willbros utilizes a rigorous risk management process in assessing potential opportunities •  Standing bi-weekly review

Corporate Review Committee

CEO

CFO

Segment Leadership

Project Team

Treasury

Legal

Compliance

Tax

Procurement

Insurance

Project Controls

Sales and Marketing


Experienced Management and Operations Team with Proven Track Record

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•  Senior executive team averages over 20 years of relevant industry experience ‒  Many have led projects both domestically and overseas

•  Field leadership team brings significant and diverse global energy infrastructure project management construction experience

•  Current management team has grown revenues from continuing operations from $295 million in fiscal 2005 to $1,859 million for pro forma 2009, representing a 58.5% CAGR

•  Combined management team, along with a skilled workforce, position Willbros well to further expand into new geographic regions and capitalize on substantial growth opportunities

Name Age Years of Relevant Experience Position

Robert R. Harl 60 35 President and Chief Executive Officer

James L. Gibson 60 37 Chief Operating Officer

Van A. Welch 55 33 Senior Vice President and Chief Financial Officer

Peter W. Arbour 62 36 Senior Vice President and General Counsel

J. Robert Berra 43 21 Executive Vice President, Sales & Marketing

Jerrit M. Coward 42 18 Senior Vice President and President Upstream Oil & Gas

Richard E. Cellon 54 27 Senior Vice President and President Downstream Oil & Gas

Michael J. Giarratano 58 36 Senior Vice President and COO Utility T&D

Key Management


Worldwide Brand Recognition Reputation for Successful Project Execution

Willbros has developed an international brand and reputation as a preferred contractor in meeting customer expectations for quality and schedule, even under demanding conditions

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•  Over its 100-year history, Willbros has developed a strong global presence ‒  Performed work in more than 60 countries ‒  Completed approximately 124,000 miles of pipelines

•  Willbros differentiated full engineering and construction capabilities and superior project management provide customers a single, integrated solution ‒  Engineering, procurement and construction (“EPC”) capabilities are offered either

selectively or as a combined offering ‒  EPC allows Willbros to capture significant incremental revenue with minimal

additional resources, while maintaining greater control of the overall project execution

‒  Employees: 9,000+ ‒ Diverse technical work provides significant operational flexibility


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Strong Long-Term Customer Base

•  Several relationships span more than 50 years •  The basis for the Company’s long-term customer relationships continues to be the comprehensive,

cost-efficient and timely services provided •  Relationships enable participation in the planning stages of larger projects, improving project control

and enhancing future bid work opportunities •  Often able to procure work on a negotiated rather than a competitive bid basis •  Able to leverage long-term relationships for cross-selling opportunities •  Three years into a 10-year alliance agreement with Oncor, making Willbros the de facto provider for

most of Oncor’s transmission and distribution maintenance and construction services

Willbros has long-standing customer relationships with leading companies including integrated majors, large independents, utilities and energy companies, natural gas transportation companies and Canadian oil sands operators

Selected Client Base Upstream Downstream Utility T&D

www.willbros.com