Primoris Services Corporation · NYSE:PRIM
Primoris Services — Merger or Acquisition (March 2018)
13 slides from Primoris Services's merger presentation, Mar 28, 2018
Slide 1: Forward-Looking Statements
Forward-Looking Statements This communication contains forward-looking statements, including but not limited to those regarding the proposed acquisition by Primoris Services Corporation (“Primoris”) of Willbros Group, Inc. (“Willbros”) (the “Acquisition”) and the transactions related thereto. Forwar
Slide 2: Strategic Move for Sustainable Growth
Strategic Move for Sustainable Growth 3 Establishes Primoris in Electrical Infrastructure Markets Continues Primoris Growth in Field Services Markets Increases Strategic Diversification Enhances Capabilities for Infrastructure Projects Expands National Footprint into Southeast U.S. Markets
Slide 3: Compelling and Value-Creating Combination
Compelling and Value-Creating Combination 4 Creating a new platform for growth and value creation with addition of Willbros UTD business Adds high-quality MSA backlog Expands Primoris’ client base and business segments Opportunities for value creation in Willbros’ Oil & Gas and Canadian businesses A
Slide 4: Transaction Overview
Transaction Overview 5 All cash transaction with enterprise value of approx. $100 million Willbros stockholders will receive $0.60 per share in cash, a significant premium to the closing price of Willbros common stock on March 27, 2018 Will settle all of the existing Willbros debt obligations Unanim
Slide 5: Estimated Timeline to Completion
Estimated Timeline to Completion 6 Expected to close in Q2 2018, subject to: Approval by Willbros stockholders Certain Willbros directors and stockholders, together representing ~17% of Willbros’ outstanding shares, have entered into voting agreements with Primoris and agreed to vote in favor of tra
Slide 6: Transaction Delivers Significant Financial Benefits
Transaction Delivers Significant Financial Benefits For first 12 months post closing, Willbros business expected to contribute: ~$660M of revenue, including ~$470M in UTD revenue ~$25M in EBITDA, including ~$7M of annual cost savings Addition of ~$400M to Total Backlog, including ~$300M from UTD seg
Slide 7: Primoris and Willbros: Complementary Capabilities and Culture
Primoris and Willbros: Complementary Capabilities and Culture 8 Willbros Group, Inc. Overview Specialty energy infrastructure contractor serving oil & gas and power industries Offerings primarily include construction maintenance and facilities development services Three segments: U.S. and Canada Foo
Slide 8: Creating Primoris UTD
Creating Primoris UTD 9 Willbros UTD Overview Comprehensive maintenance and construction, repair and restoration services Provides wide range of services for electric, natural gas utilities, as well as renewable and telecommunications industries Clients include investor-owned utilities, cooperatives
Slide 9: Capturing Value From Willbros Oil & Gas Segment
Capturing Value From Willbros Oil & Gas Segment 10 Facilities (Field Services) Overview Based in Houston Construction, project management, maintenance and lifecycle extension services to the upstream and midstream markets. Lineal Industries Overview Based in Pittsburgh Complete range of pipeline int
Slide 10: Capturing Value From Willbros Canada Segment
Capturing Value From Willbros Canada Segment 11 Canada Overview Construction, maintenance and fabrication, primarily in Western Canada Services include pipeline integrity and supporting civil work, general mechanical and facility construction and general and modular fabrication Strong presence in Al
Slide 11: Summary: Compelling and Value-Creating Combination
Summary: Compelling and Value-Creating Combination 12 Creating a new platform for growth and value creation with addition of Willbros UTD business Adds high-quality MSA backlog Expands Primoris’ client base and business segments Opportunities for value creation in Willbros’ Oil & Gas and Canadian bu
Slide 12: Investor Contact
Investors: Kate Tholking Director of Investor Relations ktholking@prim.com 214-740-5615 Corporate: 2100 McKinney Ave, Suite 1500 Dallas, TX 75201 214-740-7400 www.prim.com
Slide 13: Primoris Contact Details
P-C Primo Investors: Kate Tholking Director of Investor Relations Corporate: 2100 Mckinney Ave, Suite 15 Dallas, TX 75201 214-74 www prim.com
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