Willbros Group has divested various assets and operations of its Oil & Gas segment’s downstream businesses to a privately held company.
As part of the deal, the company will divest union refinery maintenance turnaround service line and related fabrication facility near Tulsa, Oklahoma, as well as associated tools and equipment.
The deal has helped the company to pay down its term loan debt by $25m, according to Willbros.
Willbros president and CEO Randy Harl said the sale of these downstream assets supports company’s stated objective to improve operating performance and financial flexibility.
"The remaining downstream assets enable us to focus our resources on tank, terminal, heater, fabrication and related services where we have been successful and where the market provides us with significant growth opportunities," Harl added.
Willbros provides engineering, procurement and construction, turnarounds, maintenance, facilities development and operations services for the oil, gas, refining, petrochemical and power industries.