Willbros Reports US$4.4mn 1998 Loss

Oil industry engineering and construction firm Willbros Group (NYSE: WG) yesterday reported net losses of US$4.4mn (US$0.30/diluted share) for 1998 on revenues of US$281.6mn, compared to 1997's US$14.1mn profits (US$0.96/diluted share) on revenues of US$251.9mn. The net loss was primary due to significantly lower specialty services activity and an increase in costs on construction projects in the US and Venezuela, the company said in a statement. For the quarter ending December 13, 1998, the company reported net profits of US$200,000, on revenues of US$75.1mn. In spite of the losses, Willbros chairman and CEO Larry Bump expressed optimism for the group's prospects in 1999, pointing out that "new contract awards topped US$400mn last year and we ended 1998 with a backlog that is near record levels." The group completed work on Venezuela's Petrozuata oil project in the fourth quarter last year.