Willbros Group presented at the D.A. Davidson 10th Annual Engineering & Construction Conference on September 21, 2011. The presentation provided an overview of Willbros, including its history, services, markets, growth opportunities in utility transmission and distribution and oil and gas infrastructure, financial position, and valuation relative to peers. Willbros aims to improve profitability and reduce debt while capitalizing on investment in energy infrastructure including electricity transmission, pipelines, and Canadian oil sands.

1. Willbros Group
(NYSE : WG)
D.A. Davidson 10th Annual Engineering &
Construction Conference
September 21, 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.
2
September 2011

3. Willbros: Over 100 years of
Current work regions
Past work regions
Willbros of f ices
Founded in 1908: IPO in 1996
Exchange / Ticker: NYSE : WG
Share Price(1): $6.22/share
Market Capitalization: $302 million
Notes:
(1) Share price as of 09/15/11 Avg. Trading Volume(2): 439,163 shs/d
(2) Based on 3 month average
(3) Inside Ownership 8/31/11 Inside Ownership(3): ~9 million shares
3
September 2011

4. 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), ongoing
maintenance and other specialty services.
Services Span Energy Infrastructure Sector
Upstream / Midstream Utility T&D Downstream
Onshore Gathering & Long Haul Utilities & Refining, Processing,
Production Processing Transportation Power & Terminals
4
September 2011

5. 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
5
September 2011

6. Recurring Revenue from MSAs
• Master service agreements (MSAs) are MSA Backlog by Segment(1)
typically multi-year agreements (1-3 yrs)
Upstream
• Contracts are based on established rates 6%
for time and materials Utility T&D
Downstream
3%
• Acquisition of InfrastruX increased MSA
91%
related backlog
• Current significant MSA agreements / $1.72 billion
alliances include: Utility T&D Backlog by Type(1)
– NiSource
– Oncor Discrete
Services
– Syncrude 6%
MSAs
• Enhances visibility 94%
(1)June
$1.66 billion
30, 2011 6
September 2011

7. 2011 Objectives on Track
Returning Willbros to profitability and strengthening the balance sheet
Objective Status
Reduce debt by approximately • Paid down $72.5 million in debt year to date
$50 - $100 million • Sold ~$9.7 million in under-utilized equipment and $5.6 million
of real estate
• Settled TransCanada for $61 million in June 2011
• 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 America • Utility Transmission & Distribution build out
• Regional U.S. Upstream offices in the Permian Basin and Eagle
Ford, Barnett, Marcellus, Haynesville and Bakken Shale plays
• In Canada, focusing on oil sands-centric markets while
discontinuing operations in cross-country pipeline construction
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
7
September 2011

8. Key Investment Considerations
• Worldwide brand recognition and reputation for quality, safety and schedule /
price certainty
• Exposure to burgeoning markets in electric transmission, hydrocarbon
infrastructure and the Canadian oil sands driven by:
– Renewable energy – Shale development
– Pipeline integrity – Aging infrastructure
– Ongoing maintenance – Government regulation
• Transmission infrastructure market outlook implies earnings break-out as pricing
power shifts to contractors in a tightening market
• 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
8
September 2011

9. Focusing on 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
– Shale Play Development
– Pipeline Integrity Services
• Canadian Oil Sands Production
9
September 2011

10. Track Record for Recognizing Growth Markets
U.S. Large Diameter Pipeline Construction Electricity Transmission Infrastructure
Forecast(1) vs. Upstream Revenue (billions) Market(2) (billions)
16,000 $1.2
$1.1 $12.3
$0.7 $11.9
$11.2
12,000 $0.6 $0.9 $9.7
$9.3
$0.3 $8.6
$8.0
$7.8
$7.1
8,000 $0.3 $0.6
$6.0
14,238
11,991 12,115
10,323
4,000 $0.3
7,105
4,309
0 $0.0
2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
U.S. Pipeline Construction Miles of 30+" Underway or Anticipated
Actual Planned
Willbros U.S. Upstream Revenue
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 10
September 2011

11. Utility T&D Positioned for Growing Market
• Near-term investment in the utility T&D industry is growing
– Over $54 billion in planned U.S. transmission investment from 2009 - 2013
• Build-out investment continues to grow
– Over $880 billion in new T&D infrastructure expected from 2010 – 2030(1)
– $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 Master Service Agreements (MSAs)
• Strong Utility T&D backlog
Transmission infrastructure market outlook
implies pricing power shifts to contractors in a
capacity tightening environment
(1)Transforming America's Power Industry: The Investment Challenge 2010-2030, Edison Electric Institute
11
September 2011

12. Large Diameter Pipeline Construction Remains a
Core Upstream Capability
• Willbros has the resources and in-depth expertise to perform
pipeline assessment, engineering, construction and ongoing pipeline
integrity management and maintenance >> the full pipeline lifecycle.
– Integrity management and maintenance services generate recurring
revenues under MSAs
• Maintaining capacity to execute 1 to 2 large diameter pipeline
construction projects per year in the United States
• Continuous process improvement to ensure we offer competitive
value propositions to our customers
• Opportunistic view of international markets 12
September 2011

13. 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 Watford City, ND
smaller & shorter distance
pipelines and gathering systems Gillette, WY
• New supply areas lack sufficient Pittsburgh, PA
infrastructure Denver, CO Kansas City, MO
• The natural gas, NGL and oil Tulsa, OK
midstream sectors are projected Eunice, NM Ponder, TX
Carlsbad, NM Shreveport, LA
to require capital expenditures of Odessa, TX
Forth Worth, TX Geismer, LA
$10 billion per year(1) Houston, TX
• Willbros is strategically George West, TX
positioning offices in the shale Existing office / presence
plays (focus on liquids-rich areas) New office, 2011
(1) INGAA, North American Midstream Natural Gas Infrastructure Through 2035: A Secure Energy Future, June 28, 2011
13
September 2011

14. U.S. Production Growth Concentrated in Shale
Plays is Changing Pipeline Landscape
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 +7
+19
Permian
+7 +10
+140
Eagle
Dry Gas Focused Areas Ford +3 +134
Liquids Rich/Oil Focused Areas
Rig Declines Source: Bentek, April 2011 14
September 2011

15. Compelling Opportunities for Pipeline Integrity
Management Services
Ability to offer discrete and integrated EPC services
Market Drivers Willbros Offerings
• Aging pipeline infrastructure with • Data mining • Maintenance
significant exposure in densely populated • MAOP validation • Construction
areas • Class location • Engineering
• Fatal pipeline incidents across the U.S. analysis • Survey services
– San Bruno, CA and Allentown, PA • As-built services • EPC
• New regulations by DOT/PHMSA are • Corrosion services • Operations
expected to be imposed in 2012 • Risk & threat
• There are ~3,000 companies with over assessment
2.5 million miles of high pressure Willbros Upstream Engineering Backlog(2)
pipelines
– Pipeline integrity services market is Other
expected to double to ~$12 bn/year Upstream
Engineering
starting in 2012(1) 97% Integrity
Services
– Upgrade initiatives will be offset by 3%
increased rate bases
(1) Willbros estimate based on data from American Gas Association and operator projections
(2) June 30, 2011 15
September 2011

16. Canadian Opportunities Improving in Oil Sands
• 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 16
September 2011

17. Financial Overview

18. Willbros Financial Snapshot
Historical Revenue Revenue Q2 2011
($ in millions)
$3,000
Downstream
$2,500 13%
$827
$2,000
Utility T&D
$1,700 41%
$599
$1,500
$657 $309
$1,000
$1,913
Upstream
46%
$1,260 $1,192 $1,500
$500 $948
$0
2007 2008 2009 (1)
2010 2011
Guidance Total: $458 million
Willbros InfrastruX
(1) InfrastruX revenue Jan – Jun 2010 18
September 2011

19. Backlog
Total Backlog by Segment (1) Major Projects
Total Backlog
Downstream
5%
Oncor
Upstream
26%
BP Solar
Utility T&D
69%
Acadian Haynesville Extension
$2.4 billion Oxy (CB&I)
12 Month Backlog by Segment (1)
NiSource
Downstream
10%
Upstream
Syncrude Maintenance
40%
Camp Pendleton
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Utility T&D
50%
2011 2012
$0.9 billion
(1)June 30, 2011 19
September 2011

20. Improving Adjusted EBITDA While Reducing Debt
• Q2 revenue growth driven primarily by strong project execution in the
Upstream (Acadian Pipeline) and UT&D segments (BP Solar, Bangor Hydro
and MPRP)
• Downstream continues to experience a slow market recovery, especially in
small capital projects
($ in millions)
• Cash build and debt paydown aided by receipt of $61 million related to the
TransCanada settlement
Q1 2011 Q2 2011
Contract revenue $328.9 $458.3
Adjusted EBITDA(1) $(9.0) $21.0
Adjusted operating income $(24.9) $13.1(2)
Backlog (12 month) 985.9 948.3
Cash 68.2 93.6
Total debt 355.1 317.9
(1)See page 32 in the Appendix and Exhibits section for a reconciliation of Adjusted EBITDA
(2)Adjusted operating income excludes the $8.2 million charge related to the TransCanada settlement 20
September 2011

21. Liquidity and Free Cash Flow(1)
• Cash and cash equivalents of approximately $94 million
• $175 million credit facility
‒ $25 million cash revolver available
‒ $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)June 30, 2011 21
September 2011

22. WG is Undervalued Relative to Peers
2012 EV/EBITDA Valuation 2012 Price/Cash Flow Valuation
10x 12x
8x 10x
8x
6x
6x
4x
4x
2x 2x
0x 0x
WG MTRXFWLT DY PIKE EXH MYRG TTEK CBI MTZ PWR TISI GLBL EXH WG MTRX GLBL MYRG TTEK CBI PWR FWLT TISI * MTZ* DY* PIKE*
2012 Price/Sales Valuation
1.0x
0.8x
0.6x
0.4x
0.2x
Source: Thomson One
Pricing as of September 15, 2011
0.0x
*Data not available
WG EXH MTRX PIKE CBI MYRG DY FWLT MTZ TTEK TISI PWR GLBL
22
September 2011

23. Key Investment Considerations
• Worldwide brand recognition and reputation for quality, safety and schedule /
price certainty
• Exposure to burgeoning markets in electric transmission, hydrocarbon
infrastructure and the Canadian oil sands driven by:
– Renewable energy – Shale development
– Pipeline integrity – Aging infrastructure
– Ongoing maintenance – Government regulation
• Transmission infrastructure market outlook implies earnings break-out as pricing
power shifts to contractors in a tightening market
• 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
23
September 2011

24. www.willbros.com