http://www.willbros.com/Investor-Relations/Credit-Suisse-Group-Engineering-and-Construction-Conference-402.html Presentation for Credit Suisse Group Engineering & Construction Conference

1. Willbros Group
(NYSE : WG)
2011 Credit Suisse
Engineering & Construction Conference
June 2, 2011

2. 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.
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3. Willbros: Over 100 years of
Current work regions
Past work regions
Willbros offices
Founded in 1908: IPO in 1996
Exchange / Ticker: NYSE : WG
Share Price(1): $8.82/share
Market Capitalization: $444 million
Notes:
(1) Share price as of 05/24/11 Avg. Trading Volume(2): 426,817 shs/d
(2) Based on 3 month average
(3) Inside Ownership 8/31/10 Inside Ownership(3): ~9 million shares
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4. Willbros Values: Guiding our Business Practices
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5. Willbros Overview
Who We Are
• 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.
Services Span Energy Infrastructure Sector
Upstream / Midstream Downstream Utility T&D
Onshore Gathering & Long Haul Refining & Utilities &
Production Processing Transportation Processing Power
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6. Willbros Vision
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
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7. 2011 Objectives
Returning Willbros to profitability and strengthening the balance sheet
Objective Status
Reduce debt by approximately • Paid down $28.75 million in debt
$50 - $100 million • Sold ~$8.1 million in under-utilized equipment
– Identified ~$12.1 million of additional non-strategic /
under-utilized assets
• Signed LOI for non-strategic business unit
Improve project management • Increased executive level project management oversight
tools and capabilities • Engaged in enterprise-wide improvements and
implementation
Maintain focus on North • Regional U.S. Upstream offices in the Barnett, Marcellus,
America Haynesville, Eagle Ford and Bakken Shale plays
• Discontinued operations in Canada cross-country pipeline
construction and focusing on oil sands-centric markets
Remain focused on Safety • Made improvements over last year's performance and our
HSE management system implementation and safety
culture enhancement programs are continuing on target
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8. Focus on North America
Willbros has the resources and expertise to
grow revenue from:
• Utility Transmission & Distribution Build-Out
• Oil and Gas Shale Play Development
• Canadian Oil Sands Production
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9. Recognizing Growth Markets
U.S. Pipeline Construction Forecast(1) vs. Transmission Infrastructure Market(2)
Willbros Revenue ($ in millions) ($ in millions)
Actual Planned
We see similar opportunities for electric utility transmission infrastructure
construction like we saw for U.S. pipeline construction in 2006
(1) Oil & Gas Journal
(2) Edison Electric Institute 9
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10. 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
Transmission infrastructure build-out expected
to be challenged by construction capacity
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11. New Technologies = Domestic Production Growth
Active Rig Additions Since Low – May 2009
+137
+1 Williston
+3
+4 +16
+2 +4
-7 +78
+29
+15 +33 +2 Marcellus
+7
-1 +145 +28
+14
+19 Anadarko
-3 -6
-2
+40
+4
+322 +19 +7
Permian
+7 +10
+140
Eagle
Dry Gas Focused Areas Ford +3 +134
Liquids Rich/Oil Focused Areas
Rig Declines Source: Bentek, April 2011 11
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12. Operating & Expanding in the U.S. Shale Plays
Broaden our offerings to provide strategic customers the
services they want in the places they want them
• Increasing unconventional
production is driving demand for Bakken Shale
smaller & shorter distance
pipelines and gathering systems
• New supply areas lack sufficient
infrastructure Pittsburgh, PA
Denver, CO
• Annual midstream pipeline Tulsa, OK
Kansas City, MO
expenditures are projected to be
between $4 and $14 billion / year Eunice, NM
Ponder, TX
(1)
Haynesville Shale
• Willbros is strategically Forth Worth, TX
Houston, TX
positioning offices in the shale
plays (focus on liquids-rich areas) George West, TX
(1) INGAA, North American Midstream Natural Gas Infrastructure Through 2035 (Preliminary Results), April 2011 12
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13. 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
(1) Peters & Co. Limited 13
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14. Financial Overview

15. Willbros Financial Snapshot
Revenue Guidance ($million) Revenue Q1 2011
(1)
$412 million
(1) InfrastruX revenue Jan – Jun 2010
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16. Backlog
Total Backlog by Segment (1) Major Projects
$2.3 billion
12 Month Backlog by Segment (1)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2011 2012
$1.1 billion
(1)March 31, 2011 16
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17. Liquidity and Free Cash Flow(1)
• 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 17
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18. Key Investment Highlights

19. WG is Undervalued Relative to Peers
* *
Source: Thomson One
Pricing as of May 18, 2011
*Data not available
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20. 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 20
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21. Appendix and Exhibits

22. Utility Transmission & Distribution Segment Overview
Utility T&D
• 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 – Trafford – Skibeck
– InterCon – Premier – Gill
– Bemis – Lineal
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23. Upstream Overview
• Engineering, construction and EPC Upstream
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
• National network of experienced engineering, construction and maintenance
service providers:
– U.S. Construction – Specialty Services
– Upstream Engineering – B&H
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24. Downstream Segment Overview
Downstream • 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 24
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25. Effective and Comprehensive Risk Management
Processes and Procedures
Willbros utilizes a rigorous risk management process in assessing potential opportunities
• Standing bi-weekly review
Corporate Review Comprehensive Bid Review
Review “Triggers”
Committee Review Process
Dollar Threshold CEO Contract Terms Pursue / No Pursue
New Customers CFO Pricing / Margins Bid / No Bid
Segment Leadership
New Countries Contingency Final Bid Review
New Service / Unique Sales and Marketing
Bid Strategy Follow-up, as needed
Project
Project Team
Execution Strategy
Project Controls
Legal
Compliance
Tax
Treasury
Insurance
Procurement
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26. Experienced Management and Operations Team
with Proven Track Record
• 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
Key Management
Years of Relevant
Name Age Position
Experience
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 26
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27. 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
• 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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28. Strong Long-Term Customer Base
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
• 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
Selected Client Base
Upstream Downstream Utility T&D
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29. www.willbros.com