2012 Credit SuisseEngineering & Construction Conference

June 7, 2012

Willbros Group(NYSE : WG)

June 2012

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Forward Looking Statements

This presentation contains forward looking statements. Allstatements, other than statements of historical facts whichaddress activities, events or developments the Company expectsor anticipates will or may occur in the future, are forward lookingstatements. A number of risks and uncertainties could causeactual results to differ materially from these statements. Theserisk factors are described in the Company’s documents andreports filed with the SEC. The Company assumes no obligationto update publicly such forward looking statements, whether as aresult of new information, future events or otherwise. Thispresentation contains non-GAAP numbers and a reconciliation isprovided in the Appendix.

June 2012

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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

June 2012

Reduced Exposure to Unstable Markets

• Discontinued operations in South America and West Africa– Closed offices in Bolivia and

Venezuela– Announced decision to sell Nigeria

assets and operations

• Demand for large-diameter pipeline construction drives backlog growth in the U.S. – Construction– Engineering– EPC

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2006

Canada22%

Oman6%

U.S. Pipeline72%

Focus on Large Diameter Pipeline Market in U.S.(2)

De-risk Backlog

$0

$300

$600

$900

$1,200

2003 2004 2005 2005 2006

U.S. & Canada International Disco Ops

(1)

(1) Excludes discontinued operations(2) Backlog as of 02/28/2007

($ in millions)

June 2012

Focused on North America and DiversifiedServices

• Sold Nigeria operations and redeployed cash:– Increased U.S. large diameter capacity

from 1½ to 3 spreads– Supplemented Canadian capacity

replacing / retrofitting equipment

• Expanded capabilities through key acquisitions:– InServ

(downstream market)– Midwest (cross-country pipeline

construction in Canada)

• Improved financial and project management systems, processes and procedures

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20072008

(1.0%)

0.7%

7.6%

4.5%

7.1% 7.7%

5.9%6.7%

(2.0)%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

($6)

$0

$6

$12

$18

$24

$30

$36

$42

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Op Loss Op Inc Op Margin

Delivered Improved Operating Results

($ in millions)

June 2012

Diversified Services, Geographies and Markets

• Residual effect from financial crisis continued to negatively impact demand for our hydrocarbon-centric services:– Maintenance spending postponed

and capital spending delayed or cancelled across North America

– Reinforced need to expand service offerings and diversify end-market exposure

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20092010

• Diversification achieved via acquisitions:– Wink Engineering (2009)

– Gained access to engineering and EPC opportunities in the downstream market

– InfrastruX (2010) – Diversified capabilities into

utility transmission and distribution market

– Expanded geographic presence – Enhanced midstream

capabilities– Increased recurring services

backlog (greater visibility)

June 2012

Delivered on 2011 Objectives to TransformWillbros

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Returning Willbros to profitability and strengthening the balance sheetObjective

Reduce debt by approximately $50 - $100 million

Improve project management tools and capabilities

Maintain focus on North America

Remain focused on Safety

Status• 2011debt reduction of $123.4 million• Additional $36.7 million paid against Term Loan YTD 2012(1)

• Remaining principal balance of $139.2 million on the outstanding Term Loan

• Increased executive level project management oversight • Engaged in enterprise-wide improvements and implementation

• Continued to execute on utility transmission construction projects• Implemented regional strategy in U.S. Upstream with office locations in

the Permian Basin and Eagle Ford, Barnett, Marcellus, Haynesville, Bakken, Niobrara and Utica Shale plays

• Pipeline Integrity Management Services• New management team in Canada focused on oil sands-centric markets

while discontinued operations in cross-country pipeline construction

• Made improvements over last year's performance and our HSE management system implementation and safety culture enhancement programs are continuing on target

2011

(1) 2012 debt reduction as of 05/07/2012

June 2012

Willbros Today… Positioned for Success

• Settled West Africa Pipeline Company (WAPCO) litigation

• Completed DOJ monitorship and all charges dismissed

• 2012 debt reduction goal of $50 - $100 million

• Changed segment reporting structure to mirror strategic growth opportunities:– Utility T&D– Oil & Gas

• Focus on improving the results of our underperforming business units:– Focused best management talent on

operational improvements– Either quickly turnaround or exit these

businesses 8

2012

• Oil & Gas segment: – 70% of planned 2012 revenue committed– Downstream engineering profitable and

adding additional resources– Downstream Gulf Coast office awarded

MSA at a major refinery in Pascagoula– Awarded Red River Project – Developed cloud-based pipeline lifecycle

integrity management solution with GeoEye and served from the Google Earth Builder platform

• Canada has nearly $4 billion in near term prospects

• Utility T&D segment: – Over $400 million in transmission backlog– Willbros T&D generating profit in 2Q12

Recent Accomplishments Positive Market Indications

– Canada

June 2012

Focusing on Growth Markets in North America

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• Utility Transmission & Distribution Build-Out

• U.S. Oil and Gas Infrastructure:

– Large Diameter Pipelines

– Liquids-rich Resource Development

– Pipeline Integrity Management Services

• Canadian Oil Sands Production

Willbros has the backlog, resources and expertise to drive profitability from:

Financial Overview

June 2012

Willbros Financial Snapshot

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Historical Revenue Revenue 1Q12

(1) InfrastruX revenue Jan – Jun 2010

Total: $419.1 million

(1)

($ in millions)

$1,913

$1,260 $1,192

$1,600

$1,700

$827

$599

$309

$1,900

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2008 2009 2010 2011 2012 Guidance

Willbros InfrastruX

Oil & Gas59%

Canada8%

Utility T&D33%

June 2012

Oil & Gas29%

Canada12%

Utility T&D59%

Oil & Gas52%

Canada10%

Utility T&D38%

12 Month Backlog by Segment (1)

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Backlog

(1)March 31, 2012$1.0 billion

Total Backlog by Segment (1)

$2.3 billion

1Q 3Q 4Q2Q

2012 2013

Major Projects

1Q 3Q 4Q2Q

Total Backlog

Oncor

MPRP

ECHO

Red River Project

NiSource

Camp Pendleton

Oman LNG Maintenance

Syncrude Maintenance

Husky Sunrise Tanks

June 2012

Improving Adjusted EBITDA While Reducing Debt

Q1 2012 Q1 2011Contract revenue $419.1 $323.8Adjusted EBITDA $6.2 ($6.6)Adjusted operating loss(1) N/A ($26.6)(1)

Backlog (12 month) 980.8 946.8Cash 48.9 68.3Total debt 238.1 355.1

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• Year over year Q1 revenue growth driven primarily by our expanded U.S. upstream presence and service offerings and improved resource utilization in the Utility T&D segment, especially in the Texas market

• Paid $30 million against the Term Loan during 1Q12 and an additional $6.7 million in 2Q12

(1)Adjusted operating loss from continuing operations excludes $6 million change in fair value of contingent earn-out liability for Q1 2011.

($ in millions)

June 2012

Liquidity and Free Cash Flow(1)

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• Cash and cash equivalents of approximately $48.9 million• $175 million credit facility

‒ $25 million cash revolver available provided pro-forma leverage ratio does not exceed 3 to 1

‒ $38 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)March 31, 2012

June 2012

WG is Undervalued Relative to Peers

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Source: Thomson OnePricing as of May 17, 2012

0x

2x

4x

6x

8x

WG FWLT MTRX MYRG MTZ EXH PIKE DY CBI PWR TTEK TISI

2013 EV/EBITDA Valuation

0.0x

0.2x

0.4x

0.6x

0.8x

WG EXH MYRG MTRX MTZ PIKE FWLT DY CBI PWR TTEK TISI

2013 Price/Sales Valuation

0x

2x

4x

6x

8x

10x

12x

EXH WG MTZ MYRG TISI DY FWLT MTRX CBI TTEK PWR

2013 Price/Cash Flow Valuation

June 2012

Key Investment Considerations

• Worldwide brand recognition and reputation for quality, safety and schedule / price certainty

• Strategically positioned to capture opportunities in to burgeoning markets including: electric transmission, hydrocarbon infrastructure and the Canadian oil sands

• 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

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