Capital One Southcoast6th Annual Energy Conference

December 7, 2011

Willbros Group(NYSE : WG)

December 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.

December 2011

Willbros: Over 100 years of

3

Founded in 1908: IPO in 1996

Exchange / Ticker: NYSE : WG

Share Price(1): $4.62/share

Market Capitalization: $231 million

Avg. Trading Volume(2): 433,006 shs/d

Inside Ownership(3): ~9 million shares

Notes:(1) Share price as of 11/14/11

(2) Based on 3 month average

(3) Inside Ownership 8/31/11

Current work regions

Past work regions

Willbros of f ices

December 2011

• 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.

Utility T&D

Willbros Overview

Services Span Energy Infrastructure Sector

Onshore

Production

Gathering &

ProcessingRefining, Processing,

& Terminals

Long Haul

Transportation

Who We Are

4

Utilities &

Power

Upstream / Midstream Downstream

December 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

December 2011

MSAs95%

Discrete Services

5%

Upstream7%

Downstream6%

Utility T&D87%

• Master service agreements (MSAs) are

typically multi-year agreements (1-3 yrs)

• Contracts are based on established rates

for time and materials

• Acquisition of InfrastruX increased MSA

related backlog

• Current significant MSA agreements /

alliances include:

– NiSource

– Oncor

– Syncrude

• Enhances visibility

Utility T&D Backlog by Type(1)

6

Recurring Revenue from MSAs

(1)September 30, 2011$1.6 billion

MSA Backlog by Segment(1)

$1.7 billion

December 2011

2011 Objectives on Track

7

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

• Third quarter debt reduction of $94.7 million

• Applied certain proceeds from disposition of non-strategic business

unit for total debt reduction of $113.4 million as of October 31, 2011

• Remaining principal balance of $185.9 million on the outstanding

Term Loan

• Increased executive level project management oversight

• Engaged in enterprise-wide improvements and implementation

• Utility Transmission & Distribution build out

• Regional U.S. Upstream offices in the Permian Basin and Eagle

Ford, Barnett, Marcellus, Haynesville, Bakken and Niobrara Shale

plays

• Pipeline Integrity Management Services

• In Canada, focusing on oil sands-centric markets while

discontinuing operations in cross-country pipeline construction

• Made improvements over last year's performance and our HSE

management system implementation and safety culture

enhancement programs are continuing on target

December 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

December 2011

Focusing on North America

9

• Utility Transmission & Distribution Build-Out

• U.S. Oil and Gas Infrastructure:

– Large Diameter Pipelines

– Shale Play Development

– Pipeline Integrity Services

• Canadian Oil Sands Production

Willbros has the backlog, resources and

expertise to drive profitability from:

December 2011

$6.0

$7.1

$7.8$8.0

$8.6

$9.3$9.7

$11.2

$11.9$12.3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Track Record for Recognizing Growth Markets

10

Electricity Transmission Infrastructure

Market(2) (billions)

(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

7,105

11,991 12,115

14,238

10,323

4,309

$0.3

$0.6

$1.1$0.7

$0.3

$0.0

$0.3

$0.6

$0.9

$1.2

0

4,000

8,000

12,000

16,000

2006 2007 2008 2009 2010 2011

U.S. Pipeline Construction Miles of 30+" Underway or Anticipated

Willbros U.S. Upstream Revenue

U.S. Large Diameter Pipeline Construction

Forecast(1) vs. Upstream Revenue (billions)

December 2011

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

11

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

December 2011

Large Diameter Pipeline Construction Remains a Core Upstream Capability

• 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

• Willbros has the resources and in-depth expertise to perform

pipeline assessment, engineering, construction and ongoing pipeline

integrity management and maintenance

12

The full pipeline lifecycle

December 2011

U.S. Production Growth Concentrated in Shale Plays is Changing Pipeline Landscape

13

2221

+29485/+13

9/-2

198/+50

240/+34

461

+117

59/+11

178/+39

17/-4

8/-1

91/-35

30/+3

43/+6

25/+1

78/+8

38/-3

24/-4102/-11

85/-12

5/+4

29/-6

226

+81

21/-6

74/+1

12/+2

46/+7

29/+11

8/-9

Active rig count: October 2011 / Change in rig count from October 2010

Dry Gas Focused Areas

Liquids Rich/Oil Focused Areas

Rig Declines Source: Bentek, October 2011

December 2011

Operating & Expanding in the U.S. Shale Plays

14

• Increasing unconventional

production is driving demand for

smaller & shorter distance

pipelines and gathering systems

• New supply areas lack sufficient

infrastructure

• The natural gas, NGL and oil

midstream sectors are projected

to require capital expenditures of

$10 billion per 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: A Secure Energy Future, June 28, 2011

Ponder, TXEunice, NM

Houston, TXGeismer, LAForth Worth, TX

George West, TX

Pittsburgh, PA

Denver, CO

Watford City, ND

Gillette, WY

Carlsbad, NMOdessa, TX

Tulsa, OK

Kansas City, MO

Shreveport, LA

Existing office / presence

New office, 2011

Greeley, CO

December 2011

Compelling Opportunities for Pipeline Integrity Management Services

15

Market Drivers Willbros Offerings

Ability to offer discrete and integrated EPC services

• Aging pipeline infrastructure with

significant exposure in densely populated

areas

• Fatal pipeline incidents across the U.S.

– San Bruno, CA and Allentown, PA

• New regulations by DOT/PHMSA are

expected to be imposed in 2012

• There are ~3,000 companies with over

2.5 million miles of high pressure

pipelines

– Pipeline integrity services market is

expected to double to ~$12 bn/year

starting in 2012(1)

– Upgrade initiatives will be offset by

increased rate bases

• Data mining

• MAOP validation

• Class location

analysis

• As-built services

• Corrosion services

• Risk & threat

assessment

(1) Willbros estimate based on data from American Gas Association and operator projections(2) September 30, 2011

• Maintenance

• Construction

• Engineering

• Survey services

• EPC

• Operations

Willbros Upstream Engineering Backlog(2)

Other Upstream

Engineering96% Integrity

Services4%

December 2011

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 in 2010 to ~2.2 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

16

(1)CAPP Canadian Crude Oil Production Forecast 2011 – 2025, June 2011(2)Peters & Co. Limited

(2)

(1)

Financial Overview

December 2011

Upstream49%

Downstream11%

Utility T&D40%

Willbros Financial Snapshot

18

Historical Revenue Revenue Q3 2011

(1) InfrastruX revenue Jan – Jun 2010

Total: $466 million

(1)

($ in millions)

$948

$1,913

$1,260 $1,192

$1,600

$657

$827

$599

$309

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2007 2008 2009 2010 2011 Guidance

Willbros InfrastruX

December 2011

Total Backlog

Oncor

MPRP

ECHO Eagle Ford

NiSource

Syncrude Maintenance

Oman LNG Maintenance

Husky Sunrise Tanks

Camp Pendleton

12 Month Backlog by Segment (1)

19

Backlog

(1)September 30, 2011$0.9 billion

Total Backlog by Segment (1)

$2.3 billion

1Q 3Q 4Q2Q

2011 2012

Major Projects

Upstream24%

Downstream7%

Utility T&D69%

Upstream36%

Downstream13%

Utility T&D51%

1Q 3Q 4Q2Q

December 2011

Improving Adjusted EBITDA While Reducing Debt

Q2 2011 Q3 2011

Contract revenue $458.3 $466.1

Adjusted EBITDA(1) $21.0 $31.6

Adjusted operating income $13.1(1) $17.8(2)

Backlog (12 month) 948.3 910.8

Cash 93.6 68.3

Total debt 317.9 297.1

($ in millions)

20

• Q3 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

• Cash build and debt paydown aided by receipt of $61 million related to the

TransCanada settlement

(1)Adjusted operating income excludes the $8.2M charge related to TransCanada settlement(2)Adjusted operating income excludes the $134.3 million charge related to the Goodwill Impairment

December 2011

Liquidity and Free Cash Flow(1)

21

• Cash and cash equivalents of approximately $68.3 million

• $175 million credit facility

‒ $25 million cash revolver available

‒ $21 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)September 30, 2011

December 2011

WG is Undervalued Relative to Peers

22

Source: Thomson One

Pricing as of November14, 2011

0x

2x

4x

6x

8x

10x

WG FWLTMTRX PIKE EXH DY TTEK MTZ MYRG PWR TISI CBI GLBL

2012 EV/EBITDA Valuation

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

WG EXH PIKE MTRX MTZ MYRG CBI FWLT DY TTEK PWR TISI GLBL

2012 Price/Sales Valuation

0x

2x

4x

6x

8x

10x

12x

14x

EXH WG DY TISI MTZ TTEK MTRX MYRG GLBL FWLT CBI PWR

2012 Price/Cash Flow Valuation

December 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

www.willbros.com