WILLBROS GROUP, INC. (In Thousands, Except Per Share Amounts) Three Months Ended Year Ended December 31 December 31 2004 2003 2004 2003 Statement of Income Data RESTATED RESTATED Contract revenue International $89,925 $69,936 $290,524 $262,241 United States & Canada 57,609 34,138 192,794 154,332 147,534 104,074 483,318 416,573 Contract cost International 77,335 55,393 249,660 223,672 United States & Canada 48,572 30,872 168,011 150,770 125,907 86,265 417,671 374,442 Contract income International 12,590 14,543 40,864 38,569 United States & Canada 9,037 3,266 24,783 3,562 21,627 17,809 65,647 42,131 Depreciation and amortization 4,833 3,817 16,747 15,570 General and administrative 13,382 9,589 46,614 36,300 Other operating costs 725 601 3,571 2,314 Operating income (loss) 2,687 3,802 (1,285) (12,053) Other income (expense): Interest - net (625) 156 (2,534) (721) Other - net (6,861) (357) (6,932) (1,444) (7,486) (201) (9,466) (2,165) Income (loss) before income taxes (4,799) 3,601 (10,751) (14,218) Provision (benefit) for income taxes 4,243 335 10,064 (3,301) Net income (loss) $(9,042) $3,266 $(20,815) $(10,917) Earnings (loss) per share: Basic $(.43) $.16 $(.99) $(.53) Diluted $(.43) $.16 $(.99) $(.53) Cash Flow Data Cash provided by (used in): Operating activities $34,271 $(7,383) $40,969 $(14,324) Investing activities (2,929) (1,669) (36,751) (32,589) Financing activities 1,905 9,155 54,362 17,794 Foreign exchange effects (829) 631 (829) 631 Other Data Weighted average shares outstanding: Basic 21,083 20,700 20,922 20,662 Diluted 21,083 21,025 20,922 20,662 EBITDA (B) $659 $7,262 $8,530 $2,073 Capital expenditures 4,443 2,006 38,479 33,984 Reconciliation of Non-GAAP Financial Measure Net income (loss) $(9,042) $3,266 $(20,815) $(10,917) Interest - net 625 (156) 2,534 721 Income taxes 4,243 335 10,064 (3,301) Depreciation and amortization 4,833 3,817 16,747 15,570 EBITDA (B) $659 $7,262 $8,530 $2,073 12/31/03 Balance Sheet Data 12/31/04 RESTATED Cash and cash equivalents $78,720 $20,969 Working capital 108,643 83,728 Total assets 417,110 304,694 Total debt 73,495 18,322 Stockholders' equity 180,044 194,527 Backlog(A) Data By Geographic Area: West Africa $554,692 $49,018 Latin America 12,211 23,369 Middle East 2,500 57,853 North America 91,529 93,291 $660,932 $223,531 By Reporting Segment: International 569,403 130,240 United States & Canada 91,529 93,291 $660,932 $223,531 WILLBROS GROUP, INC. (In Thousands, Except Per Share Amounts) Three Months Ended March 31 2005 2004 Statement of Income Data RESTATED Contract revenue International $87,034 $63,486 United States & Canada 44,568 38,161 131,602 101,647 Contract cost International 73,580 52,985 United States & Canada 41,255 33,732 114,835 86,717 Contract income International 13,454 10,501 United States & Canada 3,313 4,429 16,767 14,930 Depreciation and amortization 5,307 3,713 General and administrative 17,068 10,402 Other operating costs 1,084 786 Operating income (loss) (6,692) 29 Other income (expense): Interest - net (546) (310) Other - net 104 239 (442) (71) Income (loss) before income taxes (7,134) (42) Provision (benefit) for income taxes 2,764 125 Net income (loss) $(9,898) $(167) Earnings (loss) per share: Basic $(.47) $(.01) Diluted $(.47) $(.01) Cash Flow Data Cash provided by (used in): Operating activities $(1,455) $(8,677) Investing activities (7,234) (9,840) Financing activities (2,410) 42,564 Foreign exchange effects 280 400 Other Data Weighted average shares outstanding: Basic 21,250 20,741 Diluted 21,250 20,741 EBITDA (B) $(1,281) $3,981 Capital expenditures 7,275 9,858 Reconciliation of Non-GAAP Financial Measure Net income (loss) $(9,898) $(167) Interest - net 546 310 Income taxes 2,764 125 Depreciation and amortization 5,307 3,713 EBITDA (B) $(1,281) $3,981 Balance Sheet Data 3/31/2005 12/31/2004 Cash and cash equivalents $67,901 $78,720 Working capital 90,558 108,143 Total assets 415,032 417,110 Total debt 71,375 73,495 Stockholders' equity 170,930 180,044 Backlog(A) Data By Geographic Area: West Africa $658,399 $554,692 Latin America 12,176 12,211 Middle East 313 2,500 North America 83,949 91,529 $754,837 $660,932 By Reporting Segment: International 670,888 569,403 United States & Canada 83,949 91,529 $754,837 $660,932 WILLBROS GROUP, INC. (In Thousands, Except Per Share Amounts) Three Months Ended Six Months Ended June 30 June 30 2005 2004 2005 2004 Statement of Income Data RESTATED RESTATED Contract revenue International $98,179 $61,434 $185,213 $124,920 United States & Canada 66,017 54,770 110,585 92,931 164,196 116,204 295,798 217,851 Contract cost International 87,081 48,450 160,661 101,435 United States & Canada 57,444 49,720 98,699 83,452 144,525 98,170 259,360 184,887 Contract income International 11,098 12,984 24,552 23,485 United States & Canada 8,573 5,050 11,886 9,479 19,671 18,034 36,438 32,964 Depreciation and amortization 4,950 3,959 10,257 7,672 General and administrative 18,774 11,216 35,842 21,618 Other operating costs --- 822 1,084 1,608 Operating income (loss) (4,053) 2,037 (10,745) 2,066 Other income (expense): Interest - net (519) (777) (1,065) (1,087) Other - net 135 49 239 288 (384) (728) (826) (799) Income (loss) before income taxes (4,437) 1,309 (11,571) 1,267 Provision (benefit) for income taxes 5,482 2,911 8,246 3,036 Net income (loss) $(9,919) $(1,602) $(19,817) $(1,769) Earnings (loss) per share: Basic $(.47) $(.08) $(.93) $(.08) Diluted $(.47) $(.08) $(.93) $(.08) Cash Flow Data Cash provided by (used in): Operating activities $(3,971) $(2,834) $(5,426) $(11,511) Investing activities (8,454) (6,041) (15,688) (15,881) Financing activities (642) 10,353 (3,052) 52,917 Foreign exchange effects (382) (365) (102) 35 Other Data Weighted average shares outstanding: Basic 21,254 20,887 21,252 20,814 Diluted 21,254 20,887 21,252 20,814 EBITDA (B) $1,032 $6,045 $(249) $10,026 Capital expenditures 9,951 6,315 17,226 16,173 Reconciliation of Non-GAAP Financial Measure Net income (loss) $(9,919) $(1,602) $(19,817) $(1,769) Interest - net 519 777 1,065 1,087 Income taxes 5,482 2,911 8,246 3,036 Depreciation and amortization 4,950 3,959 10,257 7,672 EBITDA (B) $1,032 $6,045 $(249) $10,026 Balance Sheet Data 6/30/2005 03/31/2005 12/31/2004 Cash and cash equivalents $54,452 $67,901 $78,720 Working capital 78,395 90,558 108,143 Total assets 429,401 415,032 417,110 Total debt 70,727 71,375 73,495 Stockholders' equity 161,096 170,930 180,044 Backlog(A) Data By Geographic Area: West Africa $611,085 $658,399 $554,692 Latin America 12,026 12,176 12,211 Middle East 12,243 313 2,500 North America 81,180 83,949 91,529 $716,534 $754,837 $660,932 By Reporting Segment: International 635,354 670,888 569,403 United States & Canada 81,180 83,949 91,529 $716,534 $754,837 $660,932 (A) Backlog is anticipated contract revenue from projects for which award is either in hand or assured. (B) EBITDA is earnings before net interest, income taxes and depreciation and amortization. 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.