Willbros Group presented at the Jefferies 2011 Global Energy Conference on November 30, 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 highlights, and backlog. Willbros aims to improve profitability and reduce debt while focusing on safety and North American markets like utility T&D buildout and US shale development.

1. Willbros Group
(NYSE : WG)
Jefferies 2011 Global Energy Conference
November 30, 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
November 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): $4.62/share
Market Capitalization: $231 million
Notes:
(1) Share price as of 11/14/11 Avg. Trading Volume(2): 433,006 shs/d
(2) Based on 3 month average
(3) Inside Ownership 8/31/11 Inside Ownership(3): ~9 million shares
3
November 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
November 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
November 2011

6. Recurring Revenue from MSAs
• Master service agreements (MSAs) are MSA Backlog by Segment(1)
typically multi-year agreements (1-3 yrs)
• Contracts are based on established rates Upstream
7%
for time and materials Utility T&D
87% Downstream
• Acquisition of InfrastruX increased MSA 6%
related backlog
• Current significant MSA agreements / $1.7 billion
alliances include: Utility T&D Backlog by Type(1)
– NiSource
– Oncor Discrete
Services
– Syncrude 5%
MSAs
• Enhances visibility 95%
(1)September
$1.6 billion
30, 2011 6
November 2011

7. 2011 Objectives on Track
Returning Willbros to profitability and strengthening the balance sheet
Objective Status
Reduce debt by • Third quarter debt reduction of $94.7 million
approximately $50 - $100 • Applied certain proceeds from disposition of non-strategic business
million 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
Improve project management • Increased executive level project management oversight
tools and capabilities • Engaged in enterprise-wide improvements and implementation
Maintain focus on North • Utility Transmission & Distribution build out
America • 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
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
November 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
November 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
November 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
November 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
November 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
• 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
November 2011

13. U.S. Production Growth Concentrated in Shale
Plays is Changing Pipeline Landscape
Active rig count: October 2011 / Change in rig count from October 2010
198/+50
8/-9
5/+4 25/+1
43/+6 8/-1
46/+7 178/+39
30/+3
78/+8 9/-2
29/-6 21/-6
240/+34 38/-3
59/+11
12/+2
24/-4
102/-11
461 85/-12 91/-35 17/-4
+117 29/+11
74/+1
Dry Gas Focused Areas
2221
226 85/+13
+81
+294
Liquids Rich/Oil Focused Areas
Rig Declines Source: Bentek, October 2011 13
November 2011

14. 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 Greeley, CO
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
14
November 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) 96% Integrity
Services
– Upgrade initiatives will be offset by 4%
increased rate bases
(1) Willbros estimate based on data from American Gas Association and operator projections
(2) September 30, 2011 15
November 2011

16. Canadian Opportunities Improving in Oil Sands
• Production from the oil sands set to increase significantly over the next decade
(1)
– 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
(2)
(1)CAPP Canadian Crude Oil Production Forecast 2011 – 2025, June 2011
(2)Peters & Co. Limited 16
November 2011

17. Financial Overview

18. Willbros Financial Snapshot
Historical Revenue Revenue Q3 2011
($ in millions)
$3,000
Utility T&D Upstream
$2,500
40% 49%
$827
$2,000
$599
$1,500
$657 $309
$1,000
Downstream
$1,913 11%
$1,600
$1,260 $1,192
$500 $948
Total: $466 million
$0
(1)
2007 2008 2009 2010 2011
Guidance
Willbros InfrastruX
(1) InfrastruX revenue Jan – Jun 2010 18
November 2011

19. Backlog
Total Backlog by Segment (1) Major Projects
Downstream
7% Total Backlog
Oncor
Upstream
24%
Utility T&D MPRP
69%
ECHO Eagle Ford
$2.3 billion
NiSource
12 Month Backlog by Segment (1)
Syncrude Maintenance
Downstream
13%
Oman LNG Maintenance
Upstream
36%
Husky Sunrise Tanks
Camp Pendleton
Utility T&D 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
51%
2011 2012
$0.9 billion
(1)September 30, 2011 19
November 2011

20. Improving Adjusted EBITDA While Reducing Debt
• 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
($ in millions)
• Cash build and debt paydown aided by receipt of $61 million related to the
TransCanada settlement
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
(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 20
November 2011

21. Liquidity and Free Cash Flow(1)
• 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 21
November 2011

22. WG is Undervalued Relative to Peers
2012 EV/EBITDA Valuation 2012 Price/Cash Flow Valuation
10x 14x
12x
8x
10x
6x 8x
4x 6x
4x
2x
2x
0x 0x
WG FWLT MTRX PIKE EXH DY TTEK MTZ MYRG PWR TISI CBI GLBL EXH WG DY TISI MTZ TTEK MTRX MYRG GLBL FWLT CBI PWR
2012 Price/Sales Valuation
1.6x
1.4x
1.2x
1.0x
0.8x
0.6x
0.4x
Source: Thomson One
0.2x Pricing as of November14, 2011
0.0x
WG EXH PIKE MTRX MTZ MYRG CBI FWLT DY TTEK PWR TISI GLBL 22
November 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
November 2011

24. www.willbros.com