(WASHINGTON) – The International Brotherhood of Teamsters have joined with other investors of Willbros Group [NYSE: WG] to demand swift and drastic actions by Willbros’ board of directors including the sale of its Oil and Gas segment. Willbros stock price has dropped 73 percent over the past year, hitting a record low of $1.50 in recent weeks.

“Willbros’ Oil and Gas Division has been mismanaged, understaffed and unprofitable for years,” said Ken Hall, General Secretary-Treasurer of the International Brotherhood of Teamsters. “Short term fixes won’t help this company. It’s time to cut losses and focus on strategies that promote profitability and growth.”

Willbros continues to reel from the company’s announcement in October last year of $22-$24 million in losses on an Ohio pipeline project which wiped out 65 percent of the company’s total operating income and forced the company to restate its 2014 second quarter earnings.
Willbros' Investors Call for Sale of Oil & Gas Business; Launch Watchdog Website | Teamsters