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Exhibit 10.1
 GLOBAL SETTLEMENT AGREEMENT
 AMONG
 ASCOT OFFSHORE NIGERIA LIMITED
 WILLBROS GROUP, INC.
 WILLBROS INTERNATIONAL SERVICES
(NIGERIA) LIMITED
 AND
 BERKELEY GROUP PLC




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GLOBAL SETTLEMENT AGREEMENT
 THIS GLOBAL SETTLEMENT AGREEMENT th
   RECITALS




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NOW, THEREFORE
 1.
    
    SPA Matters.
 (a)
    
    WGI agrees to pay to Ascot in the manner set out in paragraph 1(a)(i) below and on
the following terms and conditions, the sum of US$25,000,000 (the Settlement Amount)
being the amount by which WGI and Ascot have agreed to adjust the Closing Purchase Price
pursuant to the provisions of Section 2.3(c)(ii) of the SPA:
 (i)
    
    The Settlement Amount shall be credited to the account of Ascot as
follows: (A) first, to amounts currently due from Ascot to WISNL under the TSA up
to US$6,633,621; (B) next, to the amount of US$2,625,000 still owing under the
Promissory Note dated February 7, 2007, of Ascot in favor of WGI (said note having
an original principal amount of US$6,718,228) (the Promissory Note), even if the
credit results in a prepayment of the Promissory Note; and (C) the remaining
balance of the Settlement Amount to be paid by WGI by wire transfer into an account
designated by Ascot not later than three business days after the later of (i)
execution of this Agreement by all Parties or (ii) the date on which the letters of
credit have been released or backstopped in accordance with paragraph 1(a)(ii)
below.(ii)
    
    In consideration of the Parties agreement on the Settlement Amount,
Ascot shall take all necessary steps to ensure that the letters of credit, as set
forth below, are either canceled by Calyon New York Branch, or backstopped by the
issuance of corresponding letters of credit, such backstop letters of credit to be
in form and substance, and from a non-Nigerian, first class bank(s), acceptable to
WGI:
 LETTER OF
    
    BENEFICIARY
    
    PROJECT NAME
    
    EXPIRY DATE
    
    BALANCECREDIT NUMBER433536016
    
    Mobil Producing
Nigeria
    
    EAP-EPC4 Sub Project
    
    08/31/2008
    
    US$
    13,793,839433536017
    
    Mobil ProducingNigeria
    
    EAP-EPC4 Sub Project
    
    08/31/2008
    
    
    5,965,552521636018
    
    Cameron Offshore
Systems
    
    Erha North
    
    02/28/2009
    
    
    123,000508736003
    
    West African Gas
Pipeline Company
Ltd
    
    WAGP
    
    12/19/2007
    
    
    440,000TOTAL
    
    US$
    20,322,391
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(iii)
    
    As consideration for the release and/or backstopping of the letters of
credit described in paragraph 1(a)(ii) above, WGI shall waive its right to be
reimbursed for the fees and expenses of those letters of credit under the TSA
through December 31, 2007.(iv)
    
    Ascot undertakes that it shall use all funds received from WGI under
this Agreement solely in connection with the business of the Company and its
subsidiaries.(v)
    
    Notwithstanding anything set forth in this Agreement, in no event shall
WGI have an obligation to make any payment to Ascot under this Agreement, or
otherwise, if, at the time such payment is due and payable to Ascot, WGIs
obligations pursuant to the parent company guaranties dated December 22, 2004 and
December 5, 2006, issued by WII and WGI respectively, in connection with the West
African Gas Pipeline Contract No. 79110-031 (the WAGP Contract) (the Parent
Guaranties) have become effective upon the contractors breach of the WAGP
Contract, and/or WII/WGI have been called upon to perform any of the contractors
obligations thereunder by West African Gas Pipeline Company Limited. In such
event, Ascot and WGI shall cooperate in a concerted effort to avoid either WII or
WGI incurring any loss under the Parent Guaranties, and/or having to perform any of
the contractors obligations under the WAGP Contract.
 (b)
    
    Ascot and WGI hereby agree that all of their respective rights and obligations
under Section 6.1(a) of the SPA are terminated and shall be of no further force or effect
upon the payment of the Settlement Amount in accordance with paragraph 1(a) above.(c)
    
    Ascot and WGI hereby agree that this Agreement constitutes a full, final and
complete settlement of any and all obligations, payments and disputes between Ascot and
WGI under or in relation to the adjustment to the Closing Purchase Price as provided
under Section 2.3 of the SPA and the indemnification provisions of Section 6.1(a) of the
SPA. Upon the payment of the Settlement Amount in accordance with paragraph 1(a) above,
each of Ascot and WGI hereby irrevocably and completely releases, acquits and forever
discharges the other and such other Partys respective Affiliates and related persons
from any and all past, present and future, known and unknown, claims, demands,
obligations, liabilities, causes of action, rights and any other claim for damages,
costs, loss of profit, loss of revenues, consequential damages, incidental damages,
expenses and compensation of any nature whatsoever, which Ascot and/or WGI now have, or
may have, on account of, or in any way growing out of or arising in connection with (i)
any adjustment to the Closing Purchase Price as provided under Section 2.3 of the SPA, or
(ii) the indemnification provisions of Section 6.1(a) of the SPA.
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(d)
    
    Ascot and WGI hereby acknowledge that the Closing Purchase Price has been finally
adjusted downward by the Settlement Amount and that the Purchase Price is the sum of
US$130,250,000.(e)
    
    Ascot and WGI hereby acknowledge and agree that this Agreement is entered into as a
concessionary act to amicably resolve all disputes between Ascot and WGI in connection
with adjustments to the Closing Purchase Price under the SPA. It is further agreed and
acknowledged that the execution of this Agreement shall not be construed as an admission
of liability on the part of either Ascot or WGI.
 2.
    
    TSA Matters.
 (a)
    
    WGI and WISNL agree that, notwithstanding the payment schedule set forth in the
TSA, no payments will be due from Ascot under the TSA until September 1, 2007, except for
the application of a portion of the Settlement Amount under paragraph 1(a)(i)(A) above.
WGI and WISNL shall not have the right to terminate the TSA for nonpayment until
September 1, 2007. Thereafter, the termination rights of WGI and WISNL shall be as set
forth in the TSA.(b)
    
    On or before September 1, 2007, Ascot shall pay to WISNL or WGI, as applicable, all
amounts that are due as of that date in accordance with the terms of the TSA and that
have not previously been paid or otherwise satisfied, including the amount referred to in
paragraph 1(a)(i)(A) above if such amount has not been paid by application of the
Settlement Amount in accordance with said paragraph.(c)
    
    On or before July 31, 2007, WGI and Ascot shall use their best endeavors to
finalize the appraisals for certain equipment owned by Ascot and currently held on
various sites in Nigeria and the appraisal of certain equipment owned by WGI or its
subsidiaries and currently held on various sites in Nigeria and under rental to Ascot
pursuant to the terms of the TSA. On or before August 15, 2007, WGI and Ascot agree to
use their best endeavors to finalize the determination of the amount owed by Ascot to WGI
for either equipment rental through July 31, 2007, for items of equipment that are, or
equipment purchase for items of equipment that were, on lease from Pipeline Machinery
International, LP (PLM) as described in the SPA  which rental amount is estimated to
be less than US$2,500,000 through June 30, 2007. Ascot shall pay to WGI or its designee
the amount so determined on September 1, 2007, less any amounts already paid by Ascot to
WGI in respect of such rentals. On or before September 1, 2007, WGI and Ascot agree to
use their best endeavors to finalize the purchase price of equipment currently owned by
Ascot which Ascot desires to sell and WGI desires to purchase. The amount of such agreed
purchase price for the purchase of equipment by WGI from Ascot will be applied to amounts
owed to WISNL or WGI under the TSA, in diminution of such amounts owed, with any excess
amount being paid to Ascot on the later of (i) September 1, 2007, or (ii) the date on
which the equipment purchased by WGI from Ascot has been shipped to Houston, Texas, or
any other location so designated by WGI, and has left Nigerian waters.
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(d)
    
    The Parties agree that, for security and cost containment purposes, on or before
August 1, 2007, personnel under the TSA will be reduced to reflect Ascots and their
subsidiaries currently reduced operating requirements in Nigeria with Ascot causing
substantially all such seconded personnel to be released and/or hired as employees of
Ascot or one of its subsidiaries. Ascot shall continue to make the security of all WGI
and WISNL personnel its highest priority.
 3.
    
    Promissory Note.Except as specifically set forth in this Agreement, Ascots obligations
under the Promissory Note shall continue in full force and effect in accordance with the terms
of the Promissory Note.4.
    
    Security Interest.In order to secure any payments which may become due from Ascot to WGI
and WISNL under the TSA as modified by this Agreement, Ascot hereby grants to WGI and WISNL a
security interest in any payments which Ascot or any of its subsidiaries may receive or to
which Ascot or any of its subsidiaries may become entitled in respect of the current
arbitration with Shell Petroleum Development Company relating to Contract No. E-00615 
Provision of Major Dredging Services. Ascot shall execute, and shall cause its subsidiaries
to execute, any documents and instruments reasonably requested by WGI or WISNL in order to
confirm and perfect such security interest. WGI and WISNL shall release said security
interest once accounts are settled between the parties in accordance with paragraph 2(b)
above; however, under no circumstance will the security interest be released until any and all
such amounts owed to WGI and WISNL are paid in full.5.
    
    Project Contract Responsibility and Mutual Cooperation.Ascot acknowledges and agrees that,
upon the Closing, Ascot and its subsidiary companies became solely and completely responsible
for the administration and performance of, and all liabilities under, all Company Contracts.
Notwithstanding this transfer of responsibility for Company Contracts under the SPA, WGI
agrees to continue to provide counsel to Ascot under the terms of the TSA in relation to
positions to be taken with Ascots clients under such Company Contracts, including the
provision of select personnel as appropriate for that purpose. Likewise, WGI and Ascot shall
cooperate with each other in approaching clients of Ascot and its subsidiaries, with Ascot
taking the lead, in order to obtain the release of letters of credit and parent company
guarantees provided by WGI and its Affiliates, in particular in connection with Project EPC4A
(Contracts 4018 and 4019) and the WAGP Contract.6.
    
    Olero Case Coordination Liability for the claims made against the Willbros parties in
Cause No. 2004-29270; Shelly Fowler, et al v. Chevron Texaco Overseas Petroleum, et al;In the
189th Judicial District Court of Harris County, Texas (Olero Death Litigation)
remains with WGI, who has paid $2.1 million (Settlement Funds) to settle all claims,
including claims made against Willbros West Africa, Inc. (WWA) and Willbros (Nigeria)
Limited (WNL). A dispute regarding insurance coverage for the Olero Death Litigation has
arisen (the Insurance Dispute) and a suit was filed on January 3, 2007 in the United States
District Court for the Southern District of Texas, Houston Division styled Lexington Insurance
Company v. Willbros Group, Inc, et al, Civil Action No. 4:07-CV-0056;
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service of this suit was effected on WWA and WNL in June 2007. WGI acknowledges that
liability for this suit, the Insurance Dispute, and any subsequent suits regarding the
Insurance Dispute remain with WGI. Ascot, WISNL and Berkeley acknowledge that (a) they have
no interest in the Insurance Dispute and that any appearances and responses to any lawsuits
pertaining to the Insurance Dispute shall be made by WGI and/or Willbros USA, Inc. on behalf
of WWA and WNL, and (b) that, as provided for in Section 5.8 of the SPA, they will provide WGI
with access to documents, if needed, and cooperate with WGI or Willbros USA, Inc. in resolving
the Insurance Dispute.7.
    
    Amendments to SPA and TSA.The SPA and the TSA shall be deemed to be amended as necessary or
appropriate for all of the agreements set forth in this Agreement to be effective. Any
dispute hereunder shall be determined pursuant to Section 7.1 of the SPA, which is
incorporated herein. Except as expressly set forth in this Agreement, the SPA and the TSA
shall continue in full force and effect in accordance with their terms. For the avoidance of
doubt the Parties acknowledge and agree that: (i) the Indemnity Agreement made and entered
into as of February 7, 2007 by and among WGI, WII, Ascot and Berkeley remains in full force
and effect, unmodified by this Agreement and (ii) Section 5.5 of the SPA and Section 5 of the
TSA remain in full force and effect, including for all purposes related to this Agreement.
All notices and other communications given under this Agreement shall be given and shall be
effective in accordance with the terms of the SPA or the TSA, as applicable.8.
    
    Confidentiality.The Parties agree to keep the terms and conditions of this Agreement in
confidence, and no Party shall disclose to anyone, other than that Partys Affiliates,
officers, employees, lenders and advisors, any of the terms or conditions of this Agreement,
except as may be mutually agreed to in writing or otherwise as required by law, securities
regulations or stock exchange rules.9.
    
    Binding Agreement; No Assignment.The Parties agree that this Agreement shall be binding on
the Parties and their respective legal representatives, successors and assigns. No Party may
assign any of its rights or obligations under this Agreement without the prior written consent
of the others.10.
    
    Authorization.Each individual executing this Agreement on behalf of a Party represents that
he/she has been fully empowered and authorized by such Party to execute this Agreement and
that all necessary action to authorize execution of this Agreement by him/her has been taken
by such Party. Berkeley hereby agrees to guarantee unconditionally the performance by Ascot of
Ascots obligations under this Agreement.11.
    
    Counterparts.This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original for all purposes, but all of which together shall constitute one and the
same instrument.12.
    
    Entire Agreement.This Agreement constitutes the entire agreement with respect to the
subject matter hereof and supersedes any and all prior agreements with respect thereto. This
Agreement may be amended by the Parties at any time only be a written instrument signed by
each of the Parties.
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13.
    
    Governing Law.This Agreement shall be governed by and construed in accordance with the laws
of England without giving effect to the conflict of laws rules thereof.
 IN WITNESS WHEREOF
 Ascot Offshore Nigeria Limited
    
    
    
    Willbros Group, Inc.By:
    
    /s/ Henry Efe Imasekha
    
    
    
    By:
    
    /s/ Gay S. MayeuxHenry Efe Imasekha
    
    
    
    
    
    Gay S. MayeuxChairman
    
    
    
    
    
    Attorney-in-FactBerkeley Group Plc
    
    
    
    Willbros International Services(Nigeria) LimitedBy:
    
    /s/ Henry Efe Imasekha
    
    
    
    By:
    
    /s/ Gay S. MayeuxHenry Efe Imasekha
    
    
    
    
    
    Gay S. MayeuxChairman
    
    
    
    
    
    Attorney-in-Fact
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