Willbros posts third-quarter profit

Oct 31 (Reuters) - Willbros Group Inc (WG.N: Quote, Profile, Research) swung to a third-quarter profit as contract revenue doubled, partly due to higher utilization of personnel and equipment in the U.S. pipeline construction market.

It posted net income from continuing operations of $10.3 million, or 32 cents a share, compared with a net loss of $5.0 million, or 23 cents a share, in the year-ago period.

It reported contract revenue of $246.7 million for the quarter.

Willbros also said it agreed to buy Tulsa-based Integrated Service Co LLC for $225 million, including $202.5 million in cash and the balance in Willbros stock. It sees the deal adding to its 2008 earnings. (Reporting by Ratul Ray Chaudhuri in Bangalore)