Energy infrastructure contractor Willbros Group Inc. closed the $130 million sale of its professional services segment to TRC Cos., Willbros said Dec. 1.
At closing Willbros received less a balance of $7.5 million, to be paid when certain customer consents are received. Most of these proceeds will reduce the term loan to less than $100 million. After closing costs, about $43 million—the remainder from this sale and the October sale of the Bemis subsidiary—will support working capital and other general purposes, the company added.
Michael J. Fournier, president and incoming CEO, said the sale of the professional services segment will enhance the rebuilding of the company backlog.
Willbros Group Inc. is based in Houston.
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