D.A. Davidson’s 11th Annual Engineering & Construction Conference

September 12, 2012

Willbros Group(NYSE : WG)

September 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.

September 2012

• 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

Willbros: Over 100 years of

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Current work regionsPast work regionsWillbros of f ices

Founded in 1908: IPO in 1996Exchange / Ticker: NYSE : WGShare Price(1): $5.85/shareMarket Capitalization: $289 millionAvg. Trading Volume(2): 567,105 shs/dInside Ownership(3): ~9 million shares

Notes:(1) Share price as of 08/09/12(2) Based on 3 month average(3) Inside Ownership 8/31/11

September 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

September 2012

Willbros Today… Positioned for Success

• Settled West Africa Pipeline Company (WAPCO) litigation

• Completed DOJ monitorship and all charges dismissed

• Reduced debt by over $170 million in last 18 months

• Changed segment reporting structure to mirror strategic growth opportunities

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

operational improvements– Either quickly turnaround or exit these

businesses

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• Oil & Gas segment: – 90% of planned 2012 revenue committed– Downstream engineering profitable and

adding additional resources– Downstream Gulf Coast office awarded

MSA at a major refinery in Pascagoula– Developed cloud-based pipeline lifecycle

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

• Canada building quality backlog• Utility T&D segment:

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

Recent Accomplishments Positive Market Indications

September 2012

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Willbros Business Segments

Oil & Gas Canada Utility T&D• Engineering• EPC • Pipeline • Construction• Integrity

Management• Field Development• Gathering Systems

• Tank Construction• Slurry Line

Maintenance• Spool Fabrication• Field Maintenance• Mod Fab / Assembly

• Capital Construction

• Heater Services

• Transmission(OH & UG)

• Substation• Distribution• Cable Restoration• Smart Grids• Emergency

Restoration

• Utility Line Locating

• Large-bore Horizontal Directional Drilling

• Telecom• Civil• Leak Detection

• Turnarounds• Manufacturing• Field Services• Tank Services /

Construction• Compressor &

Pumping Stations• Gov’t Services

September 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:

September 2012

$8.6$8.9

$9.5$10.3 $10.7

$11.7

$13.1

$15.5

$14.0

$12.4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Utility T&D Positioned for Growing Market

• Strong Utility T&D backlog of over $1.3 billion(1) with:– Over $400 million of transmission

construction projects– 96% of backlog associated with

Master Service Agreements (MSAs)

• Continued investment in U.S. transmission infrastructure– Focused on expanding

capabilities / presence in Texas to surrounding states

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(1)Backlog as of June 30, 2012(2)Edison Electric Institute, July 2012

Actual and Planned Transmission Investment by Shareholder-Owned Utilities(2)

(billions)

Actual Planned

September 2012

U.S. Production Growth Concentrated in Liquids-rich Regions Has Changed Infrastructure Landscape

99Source: Bentek, August 2012

10/+2

225/+23

55/-5

76/-42

16/+1

5/-1

35/-34

40/+2

29/-1

29/+9

92/+17

11/-12

1/-3

14/-8

259/+18

23/+10

6/-4

47/+4

27/-6

10/+5

Rig Increases Liquids-Rich/Oil Focused Areas

Rig Declines

2/-1

96/+11

73/+15

40/+18

78/-23

18/-12242/+4

506/+47

37/-45

2130-12

Active rig count: August 10, 2012 / Change in rig count from January 6, 2012

September 2012

Pipeline Construction Remains a Core Capability

• Aligned capacity with market demand for long-distance and large diameter oil & gas pipelines

• Continuous process improvement to ensure we offer value propositions to our customers at competitive prices

• Opportunistic view of international markets

• Willbros has the resources and in-depth expertise to perform pipeline assessment, engineering, construction and ongoing pipeline integrity management and maintenance…

10The full pipeline lifecycle

U.S. Pipeline Construction Forecast(1)

(1) Oil & Gas Journal

65%

77% 72%

55%

65% 63%

54%

28%

0%

20%

40%

60%

80%

100%

0

5,000

10,000

15,000

20,000

25,000

2005 2006 2007 2008 2009 2010 2011 2012

4-10" 12-20" 22-30" 30"+ Gas P/L %

September 2012

Operating & Expanding in the U.S. Production Plays

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• Increasing unconventional production is driving demand for smaller & shorter distance pipelines and gathering systems

• New supply areas lack sufficient infrastructure

• The natural gas, NGL and oil midstream sectors are projected to require capital expenditures of $10 billion per year(1)

• Willbros is strategically positioning offices in the liquids-rich plays

Broaden our offerings to provide strategic customers the services they want in the places they want them

(1) INGAA, North American Midstream Natural Gas Infrastructure Through 2035: A Secure Energy Future, June 28, 2011

Ponder, TXEunice, NM

Houston, TX

Geismer, LAForth Worth, TX

George West, TX

Pittsburgh, PA

Denver, CO

Watford City, ND

Gillette, WY

Carlsbad, NMOdessa, TX

Tulsa, OKKansas City, MO

Shreveport, LA

Greeley, CO

Cambridge, OH

PSL HeadquartersOffice / presence

San Antonio, TX

September 2012

Compelling Opportunities for IntegrityManagement Services

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Market Drivers

Willbros Integrity Management Offerings

Ability to offer discrete and integrated EPC services

• Aging pipeline infrastructure with significant exposure in densely populated areas

• Fatal pipeline incidents across the U.S.– San Bruno, CA and Allentown, PA

• New regulations by DOT/PHMSA are expected to be imposed in 2012

• There are ~3,000 companies with over 2.5 million miles of pipelines– Pipeline integrity services market is

expected to double to ~$12 bn/year starting in 2012(1)

– Upgrade initiatives will be offset by increased rate bases

• Data mining• MAOP validation• Class location analysis• As-built services• Corrosion services• Risk & threat

assessment (1) Willbros estimate based on data from American Gas Association and operator projections

• Maintenance• Construction • Engineering • Survey services• EPC• Operations

Pipeline Integrity Management Solution

• Partnered with GeoEye to develop a cloud-based pipeline lifecycle integrity management solution: – Provides customers easy access to real-

time pipeline information served from the Google Earth Builder platform

– We believe this will become the standard in pipeline integrity management

September 2012

Canadian Opportunities Improving in Oil Sands• Production from the oil sands set to increase significantly over the next decade

– 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

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(1)CAPP Canadian Crude Oil Production Forecast 2011 – 2025, June 2011(2)Peters & Co. Limited, Winter 2012

(1)

$0

$5

$10

$15

$20

$25

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

In Situ Mining

Potential Capital Spending on New Project Development and Maintenance (Risked Forecast)(2)

$ Bi

llions

Financial Overview

September 2012

Oil & Gas58%

Canada8%

Utility T&D34%

Willbros Financial Snapshot

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Historical Revenue Revenue 2Q12

(1) InfrastruX revenue Jan – Jun 2010

Total: $499.2 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

September 2012

Total Backlog

Oncor

MPRP

Y-Grade

NiSource

Camp Pendleton

Oman LNG Maintenance

Mildred Lake Mine Replacement

Syncrude Maintenance

Husky Sunrise Tanks

12 Month Backlog by Segment (1)

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Backlog

(1)June 30, 2012$1.2 billion

Total Backlog by Segment (1)

$2.4 billion

1Q 3Q 4Q2Q

2012 2013

Major Projects

1Q 3Q 4Q2Q

Oil & Gas48% Canada

14%

Utility T&D38%

Oil & Gas30%

Canada15%

Utility T&D55%

September 2012

• Master service agreements(1) (MSAs) are typically multi-year agreements (1-3 yrs)

• Contracts are based on established rates for time and materials

• Acquisition of InfrastruX increased MSA related backlog

• Current significant MSA agreements / alliances include:– NiSource– Oncor– Syncrude

• Enhances visibility

Utility T&D Backlog by Type(2)

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Recurring Revenue from MSAs

(1)Work performed under MSAs is typically billed on a unit-price or time-and-materials basis. (2)June 30, 2012

$1.3 billion

MSA Backlog by Segment(2)

$1.9 billion

Oil & Gas22%

Canada11%

Utility T&D67%

MSAs96%

Discrete Services

4%

September 2012

• Paid $46.7 million against the Term Loan during 1H12– June 30, 2012 Term Loan balance of $129.2 million

• Year over year Q2 revenue and backlog 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

Improving Balance Sheet by Reducing Debt

Q2 2012 Q2 2011Contract revenue $499.2 $442.7Adjusted EBITDA $18.2 $23.2Operating income $5.9 $16.4(1)

Backlog (12 month) $1,177.6 $904.4Cash $38.5 $93.7Total debt $227.9 $317.9

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(1)Adjusted operating income from continuing operations excludes $8.2 million charge related to the settlement of a project dispute with TransCanada in Q2 2011.

($ in millions)

September 2012

Liquidity and Free Cash Flow(1)

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• Cash and cash equivalents of approximately $38.5 million• $175.0 million credit facility

‒ $25.0 million cash revolver available provided pro-forma leverage ratio does not exceed 3 to 1

‒ $48.2 million letters of credit drawn‒ $59.4 million cash revolver borrowings

• Maturity profile‒ $32.1 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)June 30, 2012

September 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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www.willbros.com