Willbros Group, Inc. has signed a definitive agreement to sell certain U.S. mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC.
Assets included in the sale consist primarily of cross-country pipeline construction equipment. Valuation is based upon independent third party appraisals and funding will occur in stages throughout the first quarter of 2018 as Willbros completes existing pipeline projects.
Under the terms of the agreement, WB Pipeline, LLC will operate under the name Willbros Pipeline, an affiliate of Meridien Energy, LLC.
“The sale of these mainline pipeline assets, coupled with our recently completed U.S. tank sale, reduces our risk profile in our U.S. oil and gas operations,” Michael Fournier, Willbros President and CEO, said.