/ CORRECTION - Willbros Group, Inc.

HOUSTON, TX, Feb 27 (MARKET WIRE) --
In the news release, "Willbros Announces Fourth Quarter and Full Year
2008 Results," issued Wednesday, February 25, 2009 by Willbros Group,
Inc. (NYSE: WG), we are advised by the company that in the last financial
table of the press release, the number in the first column across from
"Goodwill impairment charge" should read "0.95" rather than "0.99" as
originally issued. Complete corrected text follows.

Willbros Announces Fourth Quarter and Full Year 2008 Results

HOUSTON, TX--(February 25, 2009) - Willbros Group, Inc. (NYSE: WG)

Continuing Operations
Fourth Quarter Twelve Months
---------------- -----------------
2008 2007 2008 2007
------- -------- -------- -------
Net Income (loss)
$ Thousands (14,500) 5,896 43,730 (27,550)
$ Per Diluted Share 0.16 1.11
$ Per Basic Share (0.38) (0.94)

Special Items ($000)
Goodwill Impairment 38,062 - 38,062
Government Fines 22,000

Net Income (Loss) Excluding Special
Items
$ Thousands 23,562 5,896 81,792 (5,550)
$ Per Diluted Share 0.57 0.16 1.98
$ Per Basic Share (0.19)

-- Earnings from continuing operations for 2008 of $1.98 per diluted
share excluding special items.
-- EBITDA(2) from continuing operations of $183.2 million for 2008.
-- Cash flow from operating activities of continuing operations of $187.0
million for 2008.

Willbros Group, Inc. (NYSE: WG) today reported its results for the
fourth quarter and the full year 2008. On revenue of $1.9 billion,
Willbros reported net income for the full year 2008 was $46.5 million, or
$1.17 per diluted share compared to a loss of $49.0 million, or $1.67 per
share for the year ended December 31, 2007. The special item in 2008 is a
$62.3 million non-cash charge for goodwill impairment in our Downstream
Oil & Gas segment. This represents an after tax charge of $38.1 million,
or $0.87 per fully diluted share. This non-cash impairment charge is
primarily driven by adverse economic and financial market conditions.
While the charge reduces goodwill associated with the November 2007
acquisition of InServ, the Company noted that the impairment charge does
not reflect under-performance in its Downstream Oil & Gas segment.
Excluding special items, from continuing operations, the Company reported
revenue of $1.9 billion with earnings of $81.8 million, or $1.98 per
diluted share compared to revenue of $947.7 million and a loss of $5.6
million, or $0.19 per share for the year ended December 31, 2007.

Randy Harl, President and Chief Executive Officer, commented, "2008 was
one of the most meaningful years for Willbros in our hundred year
history. We generated strong financial results and record cash flows from
operations, as we continued to reap the benefits of our efforts to
further position Willbros as a leader in the engineering and construction
industry. We made significant progress towards key strategic objectives
to expand and support our growth. We also made substantial progress
towards operational and financial improvements to our business model,
preparing us for the challenges of the current market environment
including:

-- Improving our strategic planning process to better align our resources
with both current opportunities and long term growth objectives;

-- Redirecting our sales process to most efficiently target the right
customers with the right opportunities;

-- Delivering lower costs through improved procurement processes and
procedures;

-- Reinforcing our project execution skills, particularly as we begin to
see a shift toward more fixed price contracts in our US pipeline
construction business;

-- Lowering our effective tax rate; and

-- Receiving shareholder approval to re-domicile the Company from Panama
to Delaware which, among other benefits, better positions us for US
government contracts.

"Clearly we are in the midst of a significant economic dislocation.
We did not expect the pace of the recent energy infrastructure build-out
to continue indefinitely, but we did not anticipate such a steep and rapid
shift in the business environment. We now believe our customers will
increasingly pursue fixed price contracting structures and we are seeing
an increase in the number of bidders competing for these projects. While
this is a significant change from the environment of the last several
years, in reality, these market dynamics are a return to norms in many
respects. We are historically accustomed to operating in an environment
of competitive fixed price contracting with short time periods from
project bid to execution, and we are underway with an initiative to
reduce even more our overheads and direct costs in order to maintain our
competitive position. We are well prepared for this new environment."

Fourth Quarter 2008 Continuing Operations

The Company reported revenue from continuing operations of $462.7 million
in the fourth quarter of 2008 compared to $337.5 million in the fourth
quarter of 2007. The 37 percent increase in revenue was due primarily to
the high utilization of increased large diameter pipeline construction
capacity in the United States and from the addition of the Downstream Oil
& Gas services unit.

For the 2008 fourth quarter, the Company reported a loss of $14.5 million,
or $0.38 per share. Excluding special items, the Company reported net
income of $23.6 million, or $0.57 per diluted share, compared to net
income of $5.9 million, or $0.16 per diluted share in the fourth quarter
of 2007.

During the 2008 fourth quarter, the Company sold one of its fabrication
facilities and other related assets in Canada and received net proceeds of
$19.6 million which resulted in a pre-tax $7.7 million gain.

2008 Full Year Continuing Operations

The Company reported revenue from continuing operations of approximately
$1.9 billion for the full year 2008, twice the revenue of $947.7 million
in 2007, and net income, excluding special items, of $81.8 million or
$1.98 per diluted share compared to a loss of $5.6 million or $0.19 per
share in 2007. Revenue grew across all business segments: Upstream Oil &
Gas contributed revenue of $1.3 billion, up from $744.0 million last year;
Engineering contributed $232.6 million, up from $180.0 million in 2007;
and the Downstream Oil & Gas contributed revenue of $367.1 million
reflecting the first full year of reported results from our InServ
acquisition. G&A expenses were $120.0 million, 6.3% of revenue, during
2008, compared to $68.1 million, 7.2% of revenue, during 2007.

2008 Discontinued Operations

Discontinued operations reported net income of $2.8 million, or $0.06 per
diluted share for 2008 compared to a loss of $21.4 million or $0.73 per
share for 2007. During the fourth quarter of 2008, discontinued operations
reported a loss of $0.3 million. The loss was associated with the final
settlement of the equipment exchange and charges related to the Transition
Services Agreement which terminated on February 7, 2009.

Backlog(1)

At December 31, 2008, Willbros reported backlog(1) from continuing
operations of $655.5 million compared to $1.3 billion at December 31,
2007. The Company removed $176.0 million from 2008 backlog as a result of
the termination of portions of the Midcontinent Express Project with
Kinder Morgan. A fee associated with a cancelled portion of this project
is contractually due and remains in backlog. The December 31, 2008 backlog
does not include the $181 million in new awards announced separately today
as the awards occurred in the first quarter of 2009.

Guidance

Van Welch, Chief Financial Officer, provided revenue and earnings guidance
for 2009, "Our visibility for the second half of 2009 remains limited due
to the rapidly changing business environment. With that in mind, we expect
revenue for 2009 to be in a range of $1.2 - $1.5 billion, and earnings per
share to range from $1.10 - $1.50 per diluted share."

CONFERENCE CALL

In conjunction with the release, Willbros has scheduled a conference call,
which will be broadcast live over the Internet on Thursday, February 26,
2009 at 9:00 a.m. Eastern Time (8:00 a.m. Central).

What: Willbros Group, Inc. Fourth Quarter and Full Year 2008
Earnings Conference Call

When: Thursday, February 26, 2009 - 9:00 a.m. Eastern Time

Where: Live via phone by dialing 877-795-3604 or 719-325-4797,
passcode 8080649, and asking for the Willbros call at least
10 minutes prior to the start time.

Where: Live over the Internet by logging onto www.willbros.com on
the home page under Events.

A telephonic replay of the conference call will be available through
March 12, 2009 and may be accessed by calling 888-203-1112 or
719-457-0820 and using the passcode 8080649. Also, an archive of the
webcast will be available shortly after the call on www.willbros.com for
a period of 12 months.

Willbros Group, Inc. is an independent contractor serving the oil, gas,
power, refining and petrochemical industries, providing engineering,
construction, turnaround, maintenance, life cycle extension services and
facilities development and operations services to industry and government
entities worldwide. For more information on Willbros, please visit our web
site at www.willbros.com.

This announcement contains forward-looking statements. All statements,
other than statements of historical facts, which address activities,
events or developments the Company expects or anticipates will or may
occur in the future, are forward-looking statements. A number of risks and
uncertainties could cause actual results to differ materially from these
statements, including the potential for additional investigations; the
disruptions to the global credit markets; the current global recession;
the possible losses arising from the discontinuation of operations and
the sale of the Nigeria assets; fines and penalties by government
agencies; the identification of one or more other issues that require
restatement of one or more prior period financial statements; the
existence of material weaknesses in internal controls over financial
reporting; availability of quality management; availability and terms of
capital; changes in, or the failure to comply with, government
regulations; ability to remain in compliance with, or obtain waivers
under, the Company's loan agreements and indentures; the promulgation,
application, and interpretation of environmental laws and regulations;
future E&P capital expenditures; oil, gas, gas liquids, and power prices
and demand, the amount and location of planned pipelines, the refinery
crack spread and planned refinery outages and upgrades, the effective tax
rate of the different countries where the work is being conducted,
development trends of the oil, gas, power, refining and petrochemical
industries; changes in the political and economic environment of the
countries in which the Company has operations, as well as other risk
factors described from time to time in the Company's documents and
reports filed with the SEC. The Company assumes no obligation to update
publicly such forward-looking statements, whether as a result of new
information, future events or otherwise.

TABLE TO FOLLOW

WILLBROS GROUP, INC.
(In Thousands, Except Per Share Amounts)

Three Months Ended Year Ended
December 31, December 31,
---------- ---------- ---------- ----------

2008 2007 2008 2007
---------- ---------- ---------- ----------
Statement of Operations
Data
Contract revenue
Upstream O&G $ 330,234 $ 262,204 $1,313,070 $ 744,308
Downstream O&G 88,080 23,821 367,075 23,821
Engineering 44,388 51,498 232,559 179,562
---------- ---------- ---------- ----------
462,702 337,523 1,912,704 947,691
Operating expenses
Upstream O&G 306,121 246,633 1,231,165 722,433
Downstream O&G 145,931 23,151 406,154 23,151
Engineering 42,069 52,691 207,249 171,199
---------- ---------- ---------- ----------
494,121 322,475 1,844,568 916,783
Operating income (loss)
Upstream O&G 24,113 15,571 81,905 21,875
Downstream O&G (57,851) 670 (39,079) 670
Engineering 2,319 (1,193) 25,310 8,363
Government fines and
penalties - - - (22,000)
---------- ---------- ---------- ----------
Operating income (loss) (31,419) 15,048 68,136 8,908

Other income (expense):
Interest - net (1,268) (984) (6,347) (3,103)
Other - net 7,679 (1,458) 7,883 (3,477)
Loss on early
extinguishment of debt - - - (15,375)
---------- ---------- ---------- ----------
6,411 (2,442) 1,536 (21,955)
---------- ---------- ---------- ----------
Income (loss) before
income taxes (25,008) 12,606 69,672 (13,047)
Provision (benefit) for
income taxes (10,508) 6,710 25,942 14,503
---------- ---------- ---------- ----------
Income (loss) from
continuing operations (14,500) 5,896 43,730 (27,550)

Income (loss) from
discontinued operations (285) 80 2,757 (21,414)
---------- ---------- ---------- ----------
Net income (loss) $ (14,785) $ 5,976 $ 46,487 $ (48,964)
========== ========== ========== ==========
Basic income (loss) per
share
Continuing operations $ (0.38) $ 0.17 $ 1.14 $ (0.94)
Discontinued operations (0.01) - 0.07 (0.73)
---------- ---------- ---------- ----------
$ (0.39) $ 0.17 $ 1.21 $ (1.67)
========== ========== ========== ==========
Diluted income (loss) per
share
Continuing operations $ (0.38) $ 0.16 $ 1.11 $ (0.94)
Discontinued operations (0.01) - 0.06 (0.73)
---------- ---------- ---------- ----------
$ (0.39) $ 0.16 $ 1.17 $ (1.67)
========== ========== ========== ==========

Cash Flow Data
Continuing operations:
Cash provided by (used
in):
Operating activities $ 90,465 $ 3,166 $ 186,959 $ (19,463)
Investing activities 12,218 (217,553) (11,725) (150,601)
Financing activities (17,543) 249,804 (58,460) 221,359
Foreign exchange
effects (4,502) 89 (5,001) 2,297
Discontinued operations (326) (1,329) 3,205 1,651

Other Data (Continuing
Operations)
Weighted average shares
outstanding:
Basic 38,367 34,768 38,269 29,259
Diluted 38,367 40,646 43,736 29,259
EBITDA (2) $ 49,470 $ 21,042 $ 183,217 $ 10,731
Capital expenditures (7,063) (28,878) (53,048) (74,548)

Reconciliation of Non-GAAP
Financial Measures
EBITDA (2)
Net income (loss),
continuing
operations $ (14,500) $ 5,896 $ 43,730 $ (27,550)
Interest - net 1,268 984 6,347 3,103
Income taxes (10,508) 6,710 25,942 14,503
Depreciation and
amortization 10,915 7,452 44,903 20,675
Goodwill Impairment 62,295 - 62,295 -
---------- ---------- ---------- ----------
EBITDA (2) $ 49,470 $ 21,042 $ 183,217 $ 10,731
========== ========== ========== ==========

Net income (loss) before
special items (3)
Net income (loss),
continuing
operations $ (14,500) $ 5,896 $ 43,730 $ (27,550)
Goodwill impairment
charge 38,062 - 38,062 -
Government fines and
penalties - - - 22,000
---------- ---------- ---------- ----------
Income (loss) before
special items $ 23,562 $ 5,896 $ 81,792 $ (5,550)
========== ========== ========== ==========

Diluted income (loss) per
share before special
items
Continuing operations $ (0.38) $ 0.16 $ 1.11 $ (0.94)
Goodwill impairment
charge 0.95 - 0.87 -
Government fines and
penalties - - - 0.75
---------- ---------- ---------- ----------
Income (loss) per
share before special
items $ 0.57 $ 0.16 $ 1.98 $ (0.19)
========== ========== ========== ==========

Balance Sheet Data 12/31/2008 9/30/2008 6/30/2008 12/31/2007
---------- ---------- ---------- ----------
Cash and cash
equivalents $ 207,864 $ 127,552 $ 119,209 $ 92,886
Working capital 284,136 263,055 237,960 201,348
Total assets 788,245 871,022 842,447 779,413
Total debt 127,371 145,245 159,700 152,346
Stockholders' equity 439,655 466,405 447,057 396,101

Backlog Data (1)
By Reporting Segment:
Upstream O&G $ 439,019 $ 941,301
Downstream O&G 171,426 199,646
Engineering 45,049 164,494
---------- ----------

$ 655,494 $1,305,441
========== ==========
By Geographic Area:
North America 621,313 1,229,878
Middle East 34,181 75,563
---------- ----------
$ 655,494 $1,305,441
========== ==========

(1) Backlog is anticipated contract revenue from projects for which award
is either in hand or assured.
(2) EBITDA is earnings before net interest, income taxes and depreciation
and amortization and intangible asset impairments. EBITDA as
presented may not be comparable to other similarly titled measures
reported by other companies. The Company believes EBITDA is a useful
measure of evaluating its financial performance because of its focus
on the Company's results from operations before net interest, income
taxes, depreciation and amortization. EBITDA is not a measure of
financial performance under generally accepted accounting principles.
However, EBITDA is a common alternative measure of operating
performance used by investors, financial analysts and rating
agencies. A reconciliation of EBITDA to net income is included in the
exhibit to this release.
(3) Loss before special items (and the related amounts per share), a
non-GAAP financial measure, excludes special items that management
believes affect the comparison of results for the periods presented.
Management also believes results excluding these items are more
comparable to estimates provided by securities analysts and
therefore are useful in evaluating operational trends of the
company and its performance relative to other engineering and
construction companies.

CONTACT:

Michael W. Collier
Vice President Investor Relations
Sales & Marketing
Willbros
713-403-8038

Connie Dever
Director Strategic Planning
Willbros
713-403-8035

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