Friday, March 20, 2015

Willbros Sells UtilX For Around $40M

Houston-based energy infrsatructure contractor Willbros said Thursday that it has sold its UtilX technology subsidiary to Novinium, in a deal worth between $35 to $40M. UtilX develops silicone injections for power cables, which are used to rejuvenate those cables instead of requiring complete replacement of those cables. The company's technology--and associated services--are aimed at extending the life of aging power cables used by utilities, which the companies said are a major cost of excessive and costly trouble calls.