March 19, 2018 / 8:57 PM / a month ago

BRIEF-Willbros Sees FY'17 Revenue Of About $850 Mln

March 19 (Reuters) - Willbros Group Inc:

* WILLBROS ANNOUNCES PRELIMINARY 2017 OPERATING RESULTS; ASSESSING STRATEGIC OPTIONS

* ANNOUNCES PRELIMINARY SETTLEMENT OF CLASS ACTION LAWSUIT

* EXPECTS FY OPERATING. LOSS TO RANGE FROM $85.0 MILLION TO $95.0 MILLION

* ‍HAS TAKEN ADVANCED ACTIONS TO ASSESS ITS STRATEGIC ALTERNATIVES​

* IN ADVANCED DISCUSSIONS WITH MULTIPLE PARTIES REGARDING A SALE OF COMPANY OR PORTIONS OF COMPANY

* WILLBROS GROUP - ON FEB. 16, REACHED AGREEMENT IN PRINCIPLE TO SETTLE SECURITIES CLASS ACTION LAWSUIT RELATED TO 2014 RESTATEMENT OF FINANCIAL RESULTS

* WILLBROS GROUP - MAINLINE PIPELINE PROJECT LOSSES HAVE CONTINUED THROUGH Q1 OF 2018 WITH SUBSTANTIAL WEATHER IMPACTS IN Q4 OF 2017 AND Q1 OF 2018

* MAINLINE PIPELINE PROJECT LOSSES HAVE “ADVERSELY IMPACTED” CO’S PROFITABILITY, CASH FLOW AND LIQUIDITY

* ALL LOSSES ASSOCIATED WITH MAINLINE PIPELINE PROJECT WERE ACCOUNTED FOR IN Q4 2017 RESULTS

* INITIATED STEPS TO CONSTRAIN NORTHEAST PIPELINE BUSINESS UNIT TO PIPELINE INTEGRITY WORK IN 2018

* WILLBROS GROUP - PROJECTION OF CASH ON HAND AND AVAILABILITY UNDER OUR EXISTING CREDIT FACILITY INDICATES SHORTFALL TO COVER INTERIM OPERATING NEEDS Source text for Eikon: Further company coverage:

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