##### 



WILLBROS GROUP, INC.
    
    (WILLBROS LOGO)
 NEWS RELEASE
    
    CONTACT:
    
    Michael W. Collier
Vice President,Investor Relations
Willbros USA, Inc.
(713) 403-8016
 FOR IMMEDIATE RELEASE
    
    
    
    Connie Dever
Director
Strategic Planning
Willbros USA, Inc.(713) 403-8035
 WILLBROS REPORTS RESULTS FROM CONTINUING OPERATIONS
FOR SECOND QUARTER 2007
 
    
    Contract margins rise to 12 percent
    
    Backlog surpasses $1 Billion, while replacing Nigerian backlog with North American
backlog
    
    75 percent of backlog is cost reimbursable
    
    Strengthened balance sheet with 1.3:1 debt to equity ratio
    
    Progressing towards resolution with the DOJ/SEC investigations
 HOUSTON, TX August 7, 2007
  
    
    Achieving contract margins of 12 percent which is a significant improvement over
the first quarter 2007.
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
    
    Further solidifying our position for the unprecedented levels of activity in
North America and surpassing the $1 billion level for our backlog, 75 percent of
which is cost reimbursable.
    
    Strengthening our balance sheet by inducing conversion of 62% of our 6.5%
convertible Notes, and improving our debt to equity ratio to 1.3:1, which resulted
in $15.4 million in charges for early debt extinguishment.
    
    Progressing towards resolution with the DOJ/SEC investigations, which resulted
in $24.0 million in charges.
  Second Quarter 2007 Results from Continuing Operations
   Backlog (1)
  Discontinued Operations
  2




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##### 



DOJ/SEC Investigations
  6.5% Notes Conversion
  CONFERENCE CALL
  What:
    
    Willbros Group, Inc. Second Quarter 2007 Conference CallWhen:
    
    Tuesday, August 7, 2007  9:00 a.m. Eastern Time
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Where:
    
    Live via phone by dialing 866-226-1792 and using the passcode
3231057 or asking for the Willbros call at least 10 minutes prior
to the start time. Or live over the Internet by logging on to the
web address below.Where:
    
    http://www.willbros.com. The webcast can be accessed from the home page.
 www.willbros.com
 www.willbros.com
 This announcement 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, including
those discussed above and such things as the potential for additional investigations; the possible
losses arising from the discontinuation of operations and the sale of the Nigeria assets; fines and
penalties by government agencies; the outcome of the current Securities and Exchange Commission,
Office of Foreign Assets Control and Department of Justice investigations; the identification of
one or more other issues that require restatement of one or more prior period financial statements;
the existence of material weaknesses in internal controls over financial reporting; availability of
quality management; availability and terms of capital; changes in, or the failure to comply with,
government regulations; ability to remain in compliance with, or obtain waivers under, the
Companys loan agreements and indentures; the promulgation, application, and interpretation of
environmental laws and regulations; future E&P capital expenditures, oil, gas, gas liquids and
power prices and demand, the amount and location of planned pipelines, the effective tax rate of
the different countries where the work is being conducted, development trends of the oil, gas and
power industries, changes in the political and economic environment of the countries in which the
Company has operations, as well as other risk factors described from time to time 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.
   4




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##### 



WILLBROS GROUP, INC.
(In Thousands, Except Per Share Amounts)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Statement of Operations DataContract revenueConstruction
    
    $
    111,949
    
    
    $
    87,235
    
    
    $
    282,654
    
    
    $
    166,383Engineering
    
    
    20,801
    
    
    
    19,924
    
    
    
    40,456
    
    
    
    35,405EPC
    
    
    23,993
    
    
    
    11,969
    
    
    
    40,342
    
    
    
    24,927156,743
    
    
    
    119,128
    
    
    
    363,452
    
    
    
    226,715Contract costConstruction
    
    
    99,558
    
    
    
    78,551
    
    
    
    264,562
    
    
    
    155,260Engineering
    
    
    14,543
    
    
    
    15,734
    
    
    
    30,132
    
    
    
    29,306EPC
    
    
    23,768
    
    
    
    11,462
    
    
    
    37,007
    
    
    
    22,644137,869
    
    
    
    105,747
    
    
    
    331,701
    
    
    
    207,210Contract incomeConstruction
    
    
    12,391
    
    
    
    8,684
    
    
    
    18,092
    
    
    
    11,123Engineering
    
    
    6,258
    
    
    
    4,190
    
    
    
    10,324
    
    
    
    6,099EPC
    
    
    225
    
    
    
    507
    
    
    
    3,335
    
    
    
    2,28318,874
    
    
    
    13,381
    
    
    
    31,751
    
    
    
    19,505Depreciation and amortization
    
    
    4,310
    
    
    
    2,924
    
    
    
    7,766
    
    
    
    5,915General and administrative
    
    
    13,422
    
    
    
    11,636
    
    
    
    24,847
    
    
    
    22,041Government fines and penalties
    
    
    24,000
    
    
    
    
    
    
    
    24,000
    
    
    
    Operating loss
    
    
    (22,858
    )
    
    
    (1,179
    )
    
    
    (24,862
    )
    
    
    (8,451
    )Other income (expense):Interest  net
    
    
    (187
    )
    
    
    (1,787
    )
    
    
    (1,077
    )
    
    
    (3,423
    )Other  net
    
    
    (502
    )
    
    
    (452
    )
    
    
    (692
    )
    
    
    (327
    )Loss on early extinguishment of debt
    
    
    (15,375
    )
    
    
    
    
    
    
    (15,375
    )
    
    
    (16,064
    )
    
    
    (2,239
    )
    
    
    (17,144
    )
    
    
    (3,750
    )Loss before income taxes
    
    
    (38,922
    )
    
    
    (3,418
    )
    
    
    (42,006
    )
    
    
    (12,201
    )Provision for income taxes
    
    
    1,457
    
    
    
    1,686
    
    
    
    1,712
    
    
    
    1,432Loss from continuing operations
    
    $
    (40,379
    )
    
    $
    (5,104
    )
    
    $
    (43,718
    )
    
    $
    (13,633
    )Basic loss per shareContinuing operations
    
    $
    (1.47
    )
    
    
    (0.24
    )
    
    
    (1.65
    )
    
    
    (0.63
    )$
    (1.47
    )
    
    
    (0.24
    )
    
    
    (1.65
    )
    
    
    (0.63
    )Diluted loss per shareContinuing operations
    
    $
    (1.47
    )
    
    
    (0.24
    )
    
    
    (1.65
    )
    
    
    (0.63
    )$
    (1.47
    )
    
    
    (0.24
    )
    
    
    (1.65
    )
    
    
    (0.63
    )Cash Flow DataContinuing operations:Cash provided by (used in):Operating activities
    
    $
    9,743
    
    
    $
    (8,692
    )
    
    $
    2,403
    
    
    $
    (10,426
    )Investing activities
    
    
    (25,911
    )
    
    
    3,649
    
    
    
    102,877
    
    
    
    21,312Financing activities
    
    
    (17,907
    )
    
    
    (3,400
    )
    
    
    (22,092
    )
    
    
    11,181Foreign exchange effects
    
    
    (636
    )
    
    
    (158
    )
    
    
    (453
    )
    
    
    (118
    )Other Data (Continuing Operations)Weighted average shares outstanding:Basic
    
    
    27,516
    
    
    
    21,539
    
    
    
    26,505
    
    
    
    21,442Diluted
    
    
    27,516
    
    
    
    21,539
    
    
    
    26,505
    
    
    
    21,442EBITDA (2)
    
    $
    (34,425
    )
    
    $
    1,293
    
    
    $
    (33,163
    )
    
    $
    (2,863
    )Capital expenditures
    
    
    (8,334
    )
    
    
    (1,594
    )
    
    
    (10,836
    )
    
    
    (5,157
    )




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##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Reconciliation of Non-GAAP Financial MeasureEBITDA (2)Net loss, continuing operations
    
    $
    (40,379
    )
    
    $
    (5,104
    )
    
    $
    (43,718
    )
    
    $
    (13,633
    )Interest  net
    
    
    187
    
    
    
    1,787
    
    
    
    1,077
    
    
    
    3,423Income taxes
    
    
    1,457
    
    
    
    1,686
    
    
    
    1,712
    
    
    
    1,432Depreciation and amortization
    
    
    4,310
    
    
    
    2,924
    
    
    
    7,766
    
    
    
    5,915EBITDA
    
    $
    (34,425
    )
    
    $
    1,293
    
    
    $
    (33,163
    )
    
    $
    (2,863
    )Net loss before special items (3)Net loss, continuing operations
    
    $
    (40,379
    )
    
    $
    (5,104
    )
    
    $
    (43,718
    )
    
    $
    (13,633
    )Government fines and penalties
    
    
    24,000
    
    
    
    
    
    
    
    24,000
    
    
    
    Loss on early extinguishment of debt
    
    
    15,375
    
    
    
    
    
    
    
    15,375
    
    
    
    Loss before special items
    
    $
    (1,004
    )
    
    $
    (5,104
    )
    
    $
    (4,343
    )
    
    $
    (13,633
    )Basic loss per share before special itemsContinuing operations
    
    $
    (1.47
    )
    
    $
    (0.24
    )
    
    $
    (1.65
    )
    
    $
    (0.63
    )Government fines and penalties
    
    
    0.87
    
    
    
    
    
    
    
    0.91
    
    
    
    Loss on early extinguishment of debt
    
    
    0.56
    
    
    
    
    
    
    
    0.58
    
    
    
    Loss per share before special items
    
    $
    (0.04
    )
    
    $
    (0.24
    )
    
    $
    (0.16
    )
    
    $
    (0.63
    )
 6/30/2007
    
    
    3/31/2007
    
    
    12/31/2006Balance Sheet DataCash and cash equivalents
    
    $
    107,762
    
    
    $
    145,439
    
    
    $
    37,643Working capital
    
    
    116,426
    
    
    
    161,046
    
    
    
    170,825Total assets
    
    
    406,568
    
    
    
    410,714
    
    
    
    588,254Total debt
    
    
    136,420
    
    
    
    167,789
    
    
    
    166,152Stockholders equity
    
    
    102,155
    
    
    
    84,569
    
    
    
    97,931Backlog Data (1)By Reporting Segment:Construction
    
    $
    808,617
    
    
    $
    397,080
    
    
    $
    320,461Engineering
    
    
    90,943
    
    
    
    92,615
    
    
    
    109,122EPC
    
    
    144,686
    
    
    
    158,594
    
    
    
    172,689$
    1,044,246
    
    
    $
    648,289
    
    
    $
    602,272By Geographic Area:North America
    
    
    1,009,524
    
    
    
    611,630
    
    
    
    565,408Middle East
    
    
    34,722
    
    
    
    36,659
    
    
    
    36,864$
    1,044,246
    
    
    $
    648,289
    
    
    $
    602,272
 
 (1)
    
    Backlog is anticipated contract revenue from projects for which award is either in
hand or assured.(2)
    
    EBITDA is earnings before net interest, income taxes and depreciation and amortization.
EBITDA as presented may not be comparable to other similarly titled measures reported by other
companies. The Company believes EBITDA is a useful measure of evaluating its financial performance because of
its focus on the Companys results from operations before net interest, income taxes, depreciation
and amortization. EBITDA is not a measure of financial performance under generally accepted
accounting principles. However, EBITDA is a common alternative measure of operating performance used by
investors, financial analysts and rating agencies.(3)
    
    Loss before special items (and the related amounts per share), a non-GAAP financial
measure, excludes special items that management believes affect the comparison of results for the periods
presented. Management also believes results excluding these items are more comparable to estimates
provided by securities analysts and therefore are useful in evaluating operational trends of the company
and its performance relative to other engineering and construction companies.