Willbros Group presentation at the 2012 Credit Suisse Engineering & Construction Conference http://www.willbros.com http://phx.corporate-ir.net/phoenix.zhtml?c=95816&p=irol-presentations

1. Willbros Group
(NYSE : WG)
2012 Credit Suisse
Engineering & Construction Conference
June 7, 2012

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.
2
June 2012

3. Willbros Vision and Values
Our mission is 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
3
June 2012

4. 2006
Reduced Exposure to Unstable Markets
De-risk Backlog • Discontinued operations in South
($ in millions)
$1,200 America and West Africa
$900 – Closed offices in Bolivia and
$600
Venezuela
$300
– Announced decision to sell Nigeria
assets and operations
$0
(1)
2003 2004 2005 2005 2006
U.S. & Canada International Disco Ops
Focus on Large Diameter Pipeline Market in U.S.(2)
• Demand for large-diameter
Canada pipeline construction drives
22%
backlog growth in the U.S.
Oman
U.S. Pipeline
6% – Construction
72%
– Engineering
– EPC
(1) Excludes discontinued operations
(2) Backlog as of 02/28/2007 4
June 2012

5. Focused on North America and Diversified 2007
Services 2008
• Sold Nigeria operations and
redeployed cash: Delivered Improved Operating Results
– Increased U.S. large diameter capacity ($ in millions)
from 1½ to 3 spreads $42 10.0%
7.7%
– Supplemented Canadian capacity $36 7.6% 7.1%
8.0%
replacing / retrofitting equipment $30 5.9%
6.7%
• Expanded capabilities through key $24
6.0%
acquisitions: $18
4.5%
4.0%
– InServ $12
2.0%
(downstream market) $6
– Midwest (cross-country pipeline $0
0.7% 0.0%
construction in Canada) (1.0%)
($6) (2.0)%
• Improved financial and project 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
management systems, processes Op Loss Op Inc Op Margin
and procedures
5
June 2012

6. 2009
Diversified Services, Geographies and Markets 2010
• Residual effect from financial • Diversification achieved via
crisis continued to negatively acquisitions:
impact demand for our – Wink Engineering (2009)
hydrocarbon-centric services: – Gained access to engineering
– Maintenance spending postponed and EPC opportunities in the
and capital spending delayed or downstream market
cancelled across North America – InfrastruX (2010)
– Reinforced need to expand service – Diversified capabilities into
offerings and diversify end-market utility transmission and
exposure distribution market
– Expanded geographic presence
– Enhanced midstream
capabilities
– Increased recurring services
backlog (greater visibility)
6
June 2012

7. Delivered on 2011 Objectives to Transform
2011
Willbros
Returning Willbros to profitability and strengthening the balance sheet
Objective Status
• 2011debt reduction of $123.4 million
Reduce debt by approximately • Additional $36.7 million paid against Term Loan YTD 2012(1)
$50 - $100 million • Remaining principal balance of $139.2 million on the outstanding Term
Loan
Improve project management • Increased executive level project management oversight
tools and capabilities • Engaged in enterprise-wide improvements and implementation
Maintain focus on North America • Continued to execute on utility transmission construction projects
• Implemented regional strategy in U.S. Upstream with office locations in
the Permian Basin and Eagle Ford, Barnett, Marcellus, Haynesville,
Bakken, Niobrara and Utica Shale plays
• Pipeline Integrity Management Services
• New management team in Canada focused on oil sands-centric markets
while discontinued operations in cross-country pipeline construction
• Made improvements over last year's performance and our HSE
Remain focused on Safety management system implementation and safety culture enhancement
programs are continuing on target
(1) 2012 debt reduction as of 05/07/2012 7
June 2012

8. 2012
Willbros Today… Positioned for Success
Recent Accomplishments Positive Market Indications
• Settled West Africa Pipeline Company • Oil & Gas segment:
(WAPCO) litigation – 70% of planned 2012 revenue committed
• Completed DOJ monitorship and all – Downstream engineering profitable and
charges dismissed adding additional resources
• 2012 debt reduction goal of $50 - $100 – Downstream Gulf Coast office awarded
MSA at a major refinery in Pascagoula
million
– Awarded Red River Project
• Changed segment reporting structure
– Developed cloud-based pipeline lifecycle
to mirror strategic growth opportunities: integrity management solution with
– Utility T&D – Canada GeoEye and served from the Google
– Oil & Gas Earth Builder platform
• Focus on improving the results of our • Canada has nearly $4 billion in near
underperforming business units: term prospects
– Focused best management talent on • Utility T&D segment:
operational improvements – Over $400 million in transmission backlog
– Either quickly turnaround or exit these – Willbros T&D generating profit in 2Q12
businesses 8
June 2012

9. Focusing on Growth Markets in North America
Willbros has the backlog, resources and
expertise to drive profitability from:
• Utility Transmission & Distribution Build-Out
• U.S. Oil and Gas Infrastructure:
– Large Diameter Pipelines
– Liquids-rich Resource Development
– Pipeline Integrity Management Services
• Canadian Oil Sands Production
9
June 2012

10. Financial Overview

11. Willbros Financial Snapshot
Historical Revenue Revenue 1Q12
($ in millions)
$3,000
$2,500 Utility T&D
33%
$827
$1,900 Oil & Gas
$2,000
59%
$1,700
$599
$1,500
$309
Canada
8%
$1,000
$1,913
$1,600
$1,260
$500 $1,192
Total: $419.1 million
$0
2008 2009 2010 (1) 2011 2012
Guidance
Willbros InfrastruX
(1) InfrastruX revenue Jan – Jun 2010 11
June 2012

12. Backlog
Total Backlog by Segment (1) Major Projects
Canada
12% Total Backlog
Oncor
Oil & Gas
29%
MPRP
Utility T&D ECHO
59%
Red River Project
$2.3 billion
12 Month Backlog by Segment (1) NiSource
Oil & Gas Camp Pendleton
52%
Canada
10% Oman LNG Maintenance
Syncrude Maintenance
Husky Sunrise Tanks
Utility T&D
38% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
$1.0 billion 2012 2013
(1)March 31, 2012 12
June 2012

13. Improving Adjusted EBITDA While Reducing Debt
• Year over year Q1 revenue growth driven primarily by our expanded U.S.
upstream presence and service offerings and improved resource utilization in
the Utility T&D segment, especially in the Texas market
• Paid $30 million against the Term Loan during 1Q12 and an additional $6.7
million in 2Q12
($ in millions)
Q1 2012 Q1 2011
Contract revenue $419.1 $323.8
Adjusted EBITDA $6.2 ($6.6)
Adjusted operating loss(1) N/A ($26.6)(1)
Backlog (12 month) 980.8 946.8
Cash 48.9 68.3
Total debt 238.1 355.1
(1)Adjusted operating loss from continuing operations excludes $6 million change in fair value of contingent earn-out liability for Q1 2011.
13
June 2012

14. Liquidity and Free Cash Flow(1)
• Cash and cash equivalents of approximately $48.9 million
• $175 million credit facility
‒ $25 million cash revolver available provided pro-forma leverage ratio does not
exceed 3 to 1
‒ $38 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, 2012 14
June 2012

15. WG is Undervalued Relative to Peers
2013 EV/EBITDA Valuation 2013 Price/Cash Flow Valuation
8x 12x
10x
6x
8x
4x 6x
4x
2x
2x
0x 0x
WG FWLT MTRX MYRG MTZ EXH PIKE DY CBI PWR TTEK TISI EXH WG MTZ MYRG TISI DY FWLT MTRX CBI TTEK PWR
2013 Price/Sales Valuation
0.8x
0.6x
0.4x
0.2x
Source: Thomson One
Pricing as of May 17, 2012
0.0x
WG EXH MYRG MTRX MTZ PIKE FWLT DY CBI PWR TTEK TISI 15
June 2012

16. Key Investment Considerations
• Worldwide brand recognition and reputation for quality, safety and
schedule / price certainty
• Strategically positioned to capture opportunities in to burgeoning
markets including: electric transmission, hydrocarbon infrastructure
and the Canadian oil sands
• Broad range of services enhanced by in-house engineering
• Critical scale, extensive geographic presence and strong customer
base reduces cyclicality and risk
• Balanced revenue base from recurring services and EPC / discrete
projects
• Trading at a discount to peer group based on most valuation
metrics
16
June 2012

17. www.willbros.com