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wwwharriswilliamscom

Investment banking services are provided by Harris Williams LLC a registered broker-dealer and member of FINRA and SIPC and Harris Williams amp Co Ltd which is authorised andregulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

ENERGY POWER amp INFRASTRUCTURE

INDUSTRY UPDATE JUNE 2016

PAGE |


SUMMARY

1

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Drew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matt WhiteManaging Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke SempleDirectorlsempleharriswilliamscom+1 (804) 915-0158

Chris BurnhamVice Presidentcburnhamharriswilliamscom +1 (804) 915-0142

Ian ThomasVice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Jeffery PerkinsManaging Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Wayne Fueling Systems a portfolio company of Riverstone Holdings has been

acquired by Dover (NYSEDOV) for $780 million Wayne is a global provider of fuel

dispensing systems and services for retail and commercial fuel stations The

transaction is expected to increase Doverrsquos annualized retail fueling revenue to

$14 billionSource | Instapaper

Schlumberger (NYSESLB) the worldrsquos largest provider of drilling production and

oilfield services has entered into a definitive agreement to acquire France-based

Saltel Industries Saltel is an engineering manufacturing and service company

that offers expandable patches and steel packer technology for the oil and gas

industrySource | Instapaper

National Oilwell Varco (NYSENOV) a worldwide leader in the manufacturing and design of oil and gas equipment and components has entered into a definite agreement to acquire the completion tools business of Trican Well Service (TSXTCW) The business sells innovative and patented downhole tools for hydraulic fracturing and well completionsSource | Instapaper

Bureau Veritas (ENXTPABVI) the global provider of testing inspection and certification services to a diverse range of end markets has acquired US-based Summit Inspection Services Summit provides fugitive emissions inspection and inventory services to the refining chemical and pharmaceutical industriesSource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Jun-15 Dec-15 Current 2015 2016E

Energy Services and Equipment

Large Cap Service 72 (175) 73x 78x 151x 107x 283x

Equipment 43 (235) 73x 60x 77x 66x 108x

Small-Cap Service 208 (566) 66x 76x 102x 168x 113x

OCTG 38 (311) 59x 72x 116x 81x 120x

Distribution 107 (115) 123x 70x 100x 92x NM

Logistics 36 (613) 58x 61x 78x 65x 116x

Offshore Drillers 96 (354) 51x 41x 37x 38x 58x

Land Drillers 221 (254) 42x 39x 82x 62x 166x

EampC 32 (177) 62x 50x 47x 41x 52x

Power Services and Equipment

Large Cap PSampE 32 (86) 100x 93x 107x 109x 101x

Small-Cap PSampE 38 76 125x 98x 111x 110x 110x

EE and Cleantech 11 (368) 100x 137x 107x 141x 96x

Industrial amp Infrastructure Services

Large Cap 17 (84) 68x 61x 66x 65x 69x

Small-Cap 41 (16) 104x 100x 93x 89x 72x

Utility Services 69 (29) 84x 87x 100x 87x 69x

Industrial Services 33 (78) 89x 86x 78x 87x 76x

DesignProfessional Services 22 (118) 113x 85x 90x 84x 88x

TEV LTM EBITDA as of

PAGE |



ldquoItrsquos hard to get onersquos head around it An initial public offering that would value a company in the trillions of dollarsThatrsquos trillions with a T Saudi Arabia is considering selling shares in its state oil company With 261 billion barrels of oil inreserves and a yearly output of over three billion barrels of oil the company Saudi Aramco is a behemoth by anymeasure Itrsquos so big that the companyrsquos valuation is estimated at $1 trillion to $2 trillion some put the figure as high as$10 trillionrdquo

New York Times | Instapaper

OIL amp GAS | REDEFINING ldquoBIGrdquo OIL



ldquoThe 65th edition of the BP Statistical Review of World Energy sets out energy data for 2015 revealing a year in whichsignificant long-term trends in both the global demand and supply of energy came to the fore with global energyconsumption slowing further and the mix of energy sources shifting towards lower-carbon fuelsrdquo

BP Global | Instapaper

GLOBAL ENERGY | BP STATISTICAL REVIEW

ldquoThe fanfare has gone on for years Analysts have repeatedly predicted that the lsquointernet of thingsrsquo which addssensors and internet capability to everyday physical objects could transform the lives of individuals as dramatically asthe spread of the mobile internet Providers have focused on the home touting products such as coffee pots that turnon when the alarm clock rings lighting and blinds that adjust to the time of day and fridges that send an alert whenthe milk runs out But so far consumers have been largely resistant to making their homes lsquosmartrsquo

The Economist | Instapaper

CLEANTECH | ldquoSMARTrdquo HOMES ARE MISSING A WELCOME MAT

POWER | GAS GENERATION COST EFFECTIVENESS

ldquoWhat if coal producers had taken a cue from their rivals and invested systematically in technologies and innovationsto make their product greener Could they have figured out a way to make their dirty rocks emerge as a low-carbon(or even a no-carbon) fuel source Would coal still be in its precarious positionrdquo

Slate | Instapaper

COAL | SHOULD COAL HAVE GONE GREEN

OIL amp GAS | A NEW BREED OF TRADERS

ldquoEIAs data on construction costs does not paint a complete picture mdash utilization rates subsidies and fuel costs arealso a big part of plant operations mdash but the numbers help illustrate natural gas recent dominance and the extent towhich solar may still lag the cost of wind lsquoConstruction costs alone do not tell the full story of the relative economicsof each electricity generation technologyrsquo EIA notedrdquo

Utility Dive | Instapaper

ldquoWhen Erika Cajic woke before dawn one morning in early May and read that wildfires were breaking out in an oil-producing region of Alberta she sat down on the family room couch with a cup of hot chocolate and her laptop andbought shares of an investment linked to crude The 45-year-old full-time parent of two in Mississauga Ontario likemany investors reasoned that the production outages would drive up the price of oil By buying the VelocityShares 3xLong Crude Oil exchange-traded note she tripled down on her hunch as the product uses derivatives that aim to riseand fall at triple the daily change in oilrdquo

The Wall Street Journal | Instapaper

2

PAGE |

MampA TRANSACTIONS

3

RECENT MampA TRANSACTIONS12



Date Target Business Description Acquirer

6172016 Schlumberger Water

Consulting

Schlumberger div ision prov iding water consulting serv ices and project

solutions to industrial clients worldwide

WSP Global

6132016 Abutec US based provider of burner and flare products for the upstream and

midstream oil and gas industry

AEREON

692016 Wayne Fueling Systems US based manufacturer and supplier of commercial petroleum fuel

dispensers

Dover

662016 EMO Marine Canadian manufacturer of subsea communication systems for oil and

gas and various other marine applications

MacArtney

622016 Saltel Industries France based provder of expandable patches and steel packer

technology for the oil and gas industry

Schlumberger

622016 RigData US based provider of information on permits-to-drill completions data

rig locations and overall oil and gas activ ity

Platts

622016 Omron Oilfield amp Marine US based provider of power conversion controls information and

automated drilling systems to the oil and gas industry

Schlumberger

622016 Summit Inspection Serv ices US based provider of fugitive emissions inspection serv ices for the

petrochemical industry

Bureau Veritas

612016 EWS Alabama US based provider of waste management recycling and reuse

serv ices

Clean Earth

612016 Trican Well Serv ices

Completion Tools

Trican Well Serv ices div ision prov iding products equipment and

serv ices to oil and gas wells in Canada

National Oilwell Varco

5232016 Spig of I taly I taly based provider of custom-engineered cooling systems and

serv ices

Babcock amp Wilcox

5192016 FMC Technologies US based global serv ice provider and designer of technological

systems and products for the energy industry

Technip

5162016 Chesapeake Testing

Serv ices

US based provider of environmental simulation and NDT and ballistic

experimentation

National Technical Systems

5122016 LSB Industries Climate

Control Business

US based climate control business of LSB Industries the manufacturer

of various chemical products and water source and geothermal heat

pumps

NIBE

5112016 US Refueling US based supplier of diesel fuels propane and exhaust fluids for

commercial and industrial customers in the US

RelaDyne

5102016 Green Charge Networks US based manufacturer of energy storage systems for commercial

retail and industrial customres

ENGIE SA

5102016 Tercel Oilfield Products US based manufacturer of oilfield products for drilling completion and

production projects in the upstream oil and gas industry

Rubicon Oilfield

International

PAGE |

PUBLIC MARKETS OVERVIEW

4



Energy Equipment and Services

TEV LTM EBITDA TEV 2016E EBITDA

AVERAGE REVENUE GROWTH (2012 ndash 2014) AVERAGE REVENUE GROWTH (2014 ndash 2016E)

AVERAGE EBITDA MARGIN (2012 ndash 2014) AVERAGE EBITDA MARGIN (2014 ndash 2016E)

37x

47x

77x

78x

82x

100x

102x

116x

151x

Offshore Drillers

EampC

Equipment

Logistics

Land Drillers

Distribution

Small Cap Service

OCTG

Large Cap Service

52x

58x

108x

113x

116x

120x

166x

283x

EampC

Offshore Drillers

Equipment

Small Cap Service

Logistics

OCTG

Land Drillers

Large Cap Service

(08)

(07)

33

49

53

54

57

64

83

OCTG

EampC

Equipment

Land Drillers

Offshore Drillers

Large Cap Service

Logistics

Distribution

Small Cap Service

(441)

(400)

(320)

(303)

(286)

(274)

(269)

(175)

(54)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

64

110

185

198

205

215

320

333

435

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

12

74

115

121

172

174

274

288

471

Distribution

Small Cap Service

EampC

OCTG

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

PAGE |


5



Power Equipment and Services




107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6



Infrastructure Services




66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)

TRAILING TWELVE MONTHS

Commodity Prices

25

50

75

100

125

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

Natural Gas (NYMEX^NG) Crude Oil (NYMEX^CL) Coal (NYMEX^QL)

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $262 $205 $286 281 (81)

Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS



US RIG COUNTS INTERNATIONAL RIG COUNTS

Rig Counts3

INTERNATIONAL RIG COUNT BY COUNTRY

US OIL VS GAS RIG COUNT

US HORIZONTALDIRECTIONAL VS VERTICAL RIG COUNT

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Horizontal Directional

Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9



US OIL RIG COUNT BY REGION US GAS RIG COUNT BY REGION

Rig Counts3

YTD CHANGE IN US OIL RIG COUNT BY REGION YTD CHANGE IN US GAS RIG COUNT BY REGION

80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4

YoY CHANGE BY SECTOR MoM CHANGE BY SECTOR

NON-RESIDENTIAL US CONSTRUCTION SPEND

Seasonally Adjusted Annual Rate

($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Total Private Public

(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11



HISTORICAL ARCHITECTURAL BILLINGS INDEX (ABI) CampI AND INSTITUTIONAL ABI SCORES

Construction Indicators56

NEW DESIGN CONTRACTS DODGE MOMENTUM INDEX (DMI)

Indexed to Year 2000

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Commercial Industrial Institutional

40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted

Seasonally Adjusted Seasonally Adjusted

April 506 569 520 490

April 543 May 1194

ABI Derived from the AIArsquos monthly Work-on-the-Boards survey an index score above 50 denotes increased billing from prior month and vice versa

DMI 12-month indicator of future construction spending and demand for construction products services

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP

Harris Williams amp Co is a leading advisor to the energy power and infrastructure MampA market Our Energy Power ampInfrastructure Group has experience across a broad range of sectors including services products and technologiesthat support or enhance energy and power infrastructure



SELECT RELEVANT EXPERIENCE

Oil amp Gas Equipment and Services

Coal Products and Services

Energy

Power Products and Technology

Electric and Natural Gas Transmission and Distribution

Energy Efficiency and Clean Technology

Renewable Energy Services and Equipment

Power SELECT RELEVANT EXPERIENCE

Industrial and Infrastructure Services

Engineering and Construction

Environmental Services

Infrastructure SELECT RELEVANT EXPERIENCE

a portfolio company of

has been acquired by



a subsidiary of





Tanglewood Investments Inc





12





amp





holdings of

have been acquired by

and

PAGE |

Energy Poweramp Infrastructure

IndustrialsHealthcare amp Life Sciences

Transportation amp Logistics

Aerospace Defense amp Government

Services

Business Services

Building Products amp Materials

Technology Media amp Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS amp CO OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston Massachusetts 02110Phone +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland Ohio 44114Phone +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis Minnesota 55402Phone +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond Virginia 23219Phone +1 (804) 648-0072

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NETWORK OFFICES

Beijing

Hong Kong

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Shanghai


Harris Williams amp Co has a broad range of industry expertise which creates powerful opportunitiesOur clients benefit from our deep-sector experience integrated industry intelligence andcollaboration across the firm and our commitment to learning what makes them unique For moreinformation visit our website at wwwharriswilliamscomindustries



OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance

Stock Price Change from 52-Week TEV EBITDA EBITDA

TEV Jun-16 May-16 Prior Month Prior Year High of High Jun-15 Dec-15 Current 2015 2016E


Large Cap Service

Schlumberger NV $104931 $7750 $7420 44 (105) $8812 879 86x 80x 123x 108x 155x

Halliburton Co 43691 4411 4014 99 06 4669 945 65x 70x 134x 106x 208x

Baker Hughes Inc 22628 4681 4524 35 (244) 6322 740 71x 76x 169x 122x 392x

Weatherford International Plc 11516 597 512 166 (547) 1356 440 75x 99x 295x 88x 357x

Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment

National Oilwell Varco Inc 14891 3518 3109 132 (285) 4984 706 49x 43x 79x 64x NM

FMC Technologies Inc 6135 2705 2730 (09) (352) 4279 632 82x 55x 65x 63x 98x

Oceaneering International Inc 3561 3186 3206 (06) (317) 4811 662 61x 58x 61x 53x 86x

Dril-Quip Inc 1876 6076 5872 35 (170) 7735 786 80x 62x 75x 68x 117x

Forum Energy Technologies Inc 1848 1750 1642 66 (185) 2210 792 80x 71x 281x 131x NM

Oil States International Inc 1691 3286 3125 52 (149) 4008 820 67x 73x 130x 88x 390x

Median 43 (235) 746 73x 60x 77x 66x 108x

Mid and Small-Cap Service

Superior Energy Services Inc $3899 $1879 $1583 187 (97) $2154 872 39x 46x 130x 90x 277x

US Silica Holdings Inc 1836 3332 2574 294 109 3469 961 80x 83x 400x 168x NM

TETRA Technologies Inc 1465 566 503 125 (83) 944 600 121x 83x 74x 59x 113x

Ensign Energy Services Inc 1366 547 546 01 (420) 1008 542 46x 39x 67x 59x 99x

CampJ Energy Services Ltd 1221 065 026 1484 (952) 1393 47 78x 150x NM 246x NM

Basic Energy Services Inc 939 193 207 (68) (732) 790 244 40x 87x NM 409x NM

Calfrac Well Services Ltd 902 251 138 812 (603) 677 370 41x 54x NM 400x NM

Key Energy Services Inc 831 025 035 (291) (857) 199 125 155x NM NM NM NM

Trican Well Service Ltd 428 155 116 334 (529) 364 427 54x 69x NM NM NM

CARBO Ceramics Inc 342 1379 1122 229 (680) 4655 296 93x NM NM NM NM

Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x

Vallourec SA 3190 370 357 38 (730) 1408 263 59x 217x NM NM NM

Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution

MRC Global Inc $2166 $1404 $1315 68 (82) $1610 872 73x 70x 100x 92x 324x

NOW Inc 1907 1849 1613 146 (149) 2218 834 173x NM NM NM NM

Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15



Revenue Revenue Growth EBITDA EBITDA Margin Avg Margin

2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126

Weatherford International Plc 15215 15263 14911 9433 6025 (10) (364) 2445 2148 2514 1307 345 161 141 169 139 57 157 121

Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment

National Oilwell Varco Inc 20035 22751 21414 14757 7431 34 (411) 4153 4066 4610 2381 197 207 179 215 161 27 200 134

FMC Technologies Inc 6140 7137 7958 6363 4937 138 (212) 701 925 1310 953 611 114 130 165 150 124 136 146

Oceaneering International Inc 2783 3287 3660 3063 2370 147 (195) 605 751 858 667 414 217 228 234 218 175 227 209

Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308

Forum Energy Technologies Inc 1415 1525 1740 1074 592 109 (417) 290 274 313 143 (28) 205 180 180 133 (48) 188 88

Oil States International Inc 4424 2670 1820 1100 695 (359) (382) 927 790 435 194 40 210 296 239 176 58 248 158

Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174


Superior Energy Services Inc $4568 $4612 $4557 $2775 $1558 (01) (415) $1246 $1085 $1197 $441 $131 273 235 263 159 84 257 169

US Silica Holdings Inc 442 546 877 643 485 409 (256) 141 151 221 110 13 318 276 253 170 28 282 150

TETRA Technologies Inc 881 909 1078 1130 802 106 (137) 123 91 113 250 130 139 100 105 221 162 115 163

Ensign Energy Services Inc 2198 2036 2102 1001 673 (22) (434) 565 469 499 231 138 257 231 237 231 205 242 224

CampJ Energy Services Ltd 1112 1070 1608 1749 985 203 (217) 336 189 253 48 (102) 302 177 157 28 (103) 212 27

Basic Energy Services Inc 1375 1263 1491 806 526 41 (406) 299 231 313 24 (34) 217 183 210 30 (66) 203 58

Calfrac Well Services Ltd 1596 1518 2261 1076 625 190 (474) 257 183 330 23 (10) 161 120 146 22 (17) 142 50

Key Energy Services Inc 1960 1592 1427 792 431 (147) (450) 421 266 119 6 (21) 215 167 83 07 (49) 155 14

Trican Well Service Ltd 2214 2053 2448 931 325 52 (636) 240 188 236 (38) (18) 108 92 96 (41) (56) 99 (00)

CARBO Ceramics Inc 646 667 648 280 118 02 (573) 204 172 159 (33) (55) 316 258 245 (116) (466) 273 (112)

Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x

Tidewater Inc 1610 489 601 (186) (790) 2408 203 62x 55x 76x 75x 201x

Bristow Group Inc 1575 1469 1405 46 (720) 5465 269 88x 67x 79x 39x 41x

Hornbeck Offshore Services 1157 939 879 68 (548) 2179 431 53x 45x 66x 55x 150x

Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x

GulfMark Offshore Inc 565 397 429 (75) (678) 1246 319 54x 88x 128x 114x 409x

Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers

Transocean Ltd $9967 $1131 $908 246 (321) 1748 647 37x 34x 31x 31x 66x

Noble Corp Plc 6923 937 853 98 (388) 1580 593 67x 49x 37x 41x 68x

Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x

Diamond Offshore Drilling Inc 5242 2475 2357 50 (84) 2797 885 53x 46x 50x 49x 74x

Rowan Cos Plc 4349 1803 1648 94 (127) 2183 826 63x 47x 42x 42x 48x

Atwood Oceanics Inc 2167 1233 1102 119 (554) 2845 433 48x 29x 29x 28x 38x

Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers

Helmerich amp Payne Inc $6771 $6622 $5745 153 (82) 7322 904 47x 39x 82x 62x 166x

Nabors Industries Ltd 6255 1042 793 314 (259) 1476 706 42x 43x 72x 55x 112x

Patterson-UTI Energy Inc 3712 2097 1717 221 61 2212 948 37x 37x 81x 73x 193x

Precision Drilling Corp 2683 503 456 103 (254) 694 724 50x 47x 83x 76x 136x

Pioneer Energy Services Corp 630 404 276 464 (343) 676 598 32x 32x 84x 59x 326x

Median 221 (254) 724 42x 39x 82x 62x 166x

Engineering amp Construction

Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x

Petrofac Ltd 5025 1045 1168 (106) (232) 1557 671 72x 113x 196x 133x 65x

Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x

McDermott International Inc 1227 470 444 59 (177) 600 783 129x 50x 47x 41x 52x

Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208

Bristow Group Inc 1508 1670 1859 1716 1581 110 (78) 289 278 303 406 392 192 166 163 236 248 174 216

Hornbeck Offshore Services Inc (Louisiana) 513 548 635 476 273 113 (344) 209 255 284 209 78 407 466 447 438 286 440 390

Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313

GulfMark Offshore Inc 389 455 496 275 131 129 (485) 103 159 172 51 11 265 349 347 187 83 320 206

Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495

Diamond Offshore Drilling Inc 2987 2920 2815 2419 1651 (29) (234) 1345 1200 1134 1067 721 450 411 403 441 436 421 427

Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451

Atwood Oceanics Inc 787 1064 1174 1396 1038 221 (60) 390 547 550 779 573 496 514 469 558 552 493 526

Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers

Helmerich amp Payne Inc $3152 $3388 $3720 $3165 $1403 86 (386) $1278 $1393 $1559 $1097 $404 405 411 419 347 288 412 351

Nabors Industries Ltd 6990 6152 6804 3864 2112 (13) (443) 1974 1639 1749 1134 559 282 266 257 293 265 269 272

Patterson-UTI Energy Inc 2723 2716 3182 1891 868 81 (478) 990 916 986 515 188 364 337 310 272 216 337 266

Precision Drilling Corp 2041 1970 2128 1120 715 21 (420) 671 620 725 352 197 329 315 341 315 275 328 310

Pioneer Energy Services Corp 919 960 1055 541 286 71 (479) 246 235 263 108 19 268 244 249 199 68 254 172

Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220

McDermott International Inc 3642 2659 2301 3070 2709 (205) 85 441 (236) 66 283 245 121 (89) 29 92 90 20 70

Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance




Large Cap Equipment and Services

General Electric Co $402466 $3060 $2936 42 123 $3205 955 165x 174x 161x 203x 193x

Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x

Honeywell International Inc 99720 11592 11232 32 100 11751 986 116x 105x 121x 128x 119x

ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x

Schneider Electric SE 40605 6159 6215 (09) (138) 7491 822 89x 80x 84x 98x 92x

Emerson Electric Co 37831 5244 5014 46 (98) 5880 892 87x 75x 89x 92x 100x

Eaton Corp Plc 36449 6162 5954 35 (122) 7088 869 119x 93x 107x 109x 110x

Median 32 (86) 897 100x 93x 107x 109x 101x

Mid and Small-Cap Equipment and Services

AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x

Hubbell Inc 6355 10070 10355 (28) (88) 11168 902 110x 93x 109x 114x 110x

Valmont Industries Inc 3452 13282 13081 15 85 14594 910 81x 80x 113x 104x 99x

Littelfuse Inc 2732 11633 10792 78 183 12459 934 125x 119x 114x 141x 119x

AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x

ESCO Technologies Inc 1107 4039 3810 60 66 4168 969 125x 118x 126x 128x 105x

Badger Meter Inc 1079 7089 7142 (07) 124 7872 901 155x 152x 160x 182x 156x

Babcock amp Wilcox Enterprises Inc 755 2058 2130 (34) 128 2399 858 280x 57x 108x 59x 59x

Thermon Group Holdings Inc 687 2070 1830 131 (134) 2563 808 97x 83x 84x 107x 110x

Powell Industries Inc 374 3757 3261 152 14 3832 980 165x 72x 79x 99x 138x

Median 38 76 906 125x 98x 111x 110x 110x


SolarCity Corp $5766 $2132 $2037 47 (629) $6172 345 NM NM NM NM NM

Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x

Silver Spring Networks Inc 482 1196 1276 (63) (134) 1618 739 NM 200x 107x 338x 284x

Ameresco Inc 296 455 450 11 (378) 798 570 100x 80x 67x 65x 56x

EnerNOC Inc 200 668 676 (12) (368) 1121 596 69x NM NM NM NM

Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



General Electric Co $144909 $142461 $148940 $117386 $123855 14 (88) $37052 $33285 $38579 $19437 $21194 256 234 259 166 171 249 199

Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119

Honeywell International Inc 37672 39062 40301 38581 40644 34 04 5538 7176 7353 7799 8432 147 184 182 202 207 171 197

ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125

Schneider Electric SE 30758 31056 33080 28939 28845 37 (66) 5209 5200 5363 4045 4436 169 167 162 140 154 166 152

Emerson Electric Co 24409 24645 24527 22304 20727 02 (81) 4948 4894 5051 4141 3847 203 199 206 186 186 202 192

Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169

Valmont Industries Inc 3030 3304 3123 2619 2521 15 (102) 453 558 459 329 347 150 169 147 125 138 155 137

Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194

ESCO Technologies Inc 688 490 531 537 584 (122) 49 95 73 82 86 100 138 149 154 161 171 147 162

Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169

Babcock amp Wilcox Enterprises Inc 2039 1923 1589 1757 1787 (117) 60 216 298 4 137 132 106 155 02 78 74 88 51

Thermon Group Holdings Inc 284 277 309 282 286 42 (38) 71 73 81 63 63 249 262 263 223 221 258 236

Powell Industries Inc 717 675 648 662 542 (50) (86) 61 63 43 38 27 86 94 66 57 50 82 58

Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86

Silver Spring Networks Inc 197 327 191 282 301 (14) 255 (81) (35) (79) 15 17 (414) (107) (414) 52 57 (312) (102)

Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance




Large Cap Infrastructure Services

Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x

Jacobs Engineering Group Inc 6243 5124 4892 47 177 5299 967 72x 71x 91x 85x 94x

SNC-Lavalin Group Inc 5895 3990 3924 17 110 4236 942 166x 222x 159x 154x 124x

Chicago Bridge amp Iron Co NV 5811 3626 3634 (02) (321) 5474 662 63x 50x 50x 47x 56x

KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x

Mid and Small-Cap Infrastructure Services

Amec Foster Wheeler Plc $3734 $608 $651 (66) (548) $1367 445 105x 69x 68x 65x 73x

Tutor Perini Corp 1815 2290 2098 92 (36) 2400 954 69x 76x 93x 105x 65x

Granite Construction Inc 1738 4295 4033 65 138 4859 884 117x 117x 113x 101x 99x

Primoris Services Corp 1178 1958 2070 (54) 04 2525 775 75x 100x 86x 89x 67x

Aecon Group Inc 1082 1334 1312 17 322 1409 946 116x 107x 101x 88x 79x

Great Lakes Dredge amp Dock Corp 642 481 423 137 (196) 617 780 104x 69x 66x 77x 70x

Orion Group Holdings Inc 258 524 483 85 (286) 773 678 60x 108x 110x 125x 48x

Willbros Group Inc 208 278 309 (100) 716 343 811 NM NM NM NM 92x

Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services

Quanta Services Inc $4034 $2321 $2257 28 (222) $3061 758 95x 86x 92x 82x 71x

Dycom Industries Inc 3586 8689 6975 246 450 9082 957 114x 114x 107x 135x 94x

MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x

MYR Group Inc 451 2427 2283 63 (172) 3171 765 60x 43x 60x 54x 60x

Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services

EMCOR Group Inc $2792 $4685 $4497 42 (31) $5237 895 89x 80x 77x 77x 75x

Bilfinger SE 1521 3191 4137 (229) (125) 4913 649 63x 98x 67x 52x 62x

Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x

Aegion Corp 931 1903 1892 06 53 2241 849 73x 70x 79x 78x 77x

MISTRAS Group Inc 825 2467 2381 36 245 2647 932 113x 91x 108x 97x 92x

Matrix Service Co 364 1607 1559 31 (134) 2622 613 127x 124x 54x 114x 57x

Median 33 (78) 749 89x 86x 78x 87x 76x

Design Professional Services

AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x

WSP Global Inc 3734 3119 3180 (19) (27) 3799 821 145x 98x 110x 117x 96x

Stantec Inc 2701 2519 2465 22 (118) 3001 839 113x 105x 120x 123x 88x

Tetra Tech Inc 2019 2996 2839 55 160 3174 944 121x 88x 104x 114x 97x

Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x

Atkins (WS) Plc 1646 1891 1937 (24) (229) 2487 760 86x 85x 64x 66x 60x

RPS Group Plc 733 278 256 89 (238) 383 727 72x 72x 74x 73x 88x

Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61

Jacobs Engineering Group Inc 10894 11818 12695 12115 11333 80 (55) 703 768 776 752 654 65 65 61 62 58 64 60

SNC-Lavalin Group Inc 7979 7569 7304 6902 7048 (43) (18) 550 401 415 417 495 69 53 57 60 70 60 62

Chicago Bridge amp Iron Co NV 5485 11095 12975 12930 11446 538 (61) 515 938 1176 1242 1036 94 85 91 96 91 90 92

KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62


Amec Foster Wheeler Plc $6478 $6212 $6575 $8040 $7599 07 75 $510 $511 $519 $590 $510 79 82 79 73 67 80 73

Tutor Perini Corp 4111 4176 4492 4920 5265 45 83 214 260 295 179 277 52 62 66 36 53 60 52

Granite Construction Inc 2083 2267 2275 2371 2562 45 61 110 61 115 172 175 53 27 50 73 68 43 64

Primoris Services Corp 1542 1944 2086 1929 2173 163 21 129 175 163 133 176 84 90 78 69 81 84 76

Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51

Great Lakes Dredge amp Dock Corp 688 731 807 857 855 83 30 55 78 75 83 91 80 107 93 97 107 93 99

Orion Group Holdings Inc 292 355 386 466 625 149 273 7 21 33 21 53 25 60 86 44 85 57 72

Willbros Group Inc 2004 2019 2027 909 853 06 (351) 76 76 40 (26) 21 38 38 20 (28) 24 32 05

Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services

Quanta Services Inc $5920 $6523 $7851 $7572 $7704 152 (09) $623 $689 $708 $501 $578 105 106 90 66 75 100 77

Dycom Industries Inc 1201 1609 1812 2022 2652 228 210 128 173 178 265 384 107 108 98 131 145 104 125

MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92

MISTRAS Group Inc 529 623 711 712 730 159 13 62 64 62 86 91 117 103 88 121 124 103 111

Matrix Service Co 739 893 1263 1349 1294 307 12 43 50 82 32 63 58 56 65 24 49 60 46

Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74

Professional Services

AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes

4 US Department of Commerce

5 American Institute of Architects

6 Dodge Data amp Analytics

Harris Williams amp Co (wwwharriswilliamscom) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide The firm has deep industry knowledge global transaction expertise and an unwavering commitment to excellence Harris Williams amp Co provides sell-side and acquisition advisory restructuring advisory board advisory private placements and capital markets advisory services

Investment banking services are provided by Harris Williams LLC a registered broker-dealer and member of FINRA and SIPC and Harris Williams amp Co Ltd which is authorised and regulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF THE SECURITIES FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS

The information and views contained in this report were prepared by Harris Williams amp Co (ldquoHarris Williamsrdquo) It is not a research report as such term is defined by applicable law and regulations and is provided for informational purposes only It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information Harris Williams andor its affiliates may be market makers or specialists in act as advisers or lenders to have positions in and effect transactions in securities of companies mentioned herein and also may provide may have provided or may seek to provide investment banking services for those companies In addition Harris Williams andor its affiliates or their respective officers directors and employees may hold long or short positions in the securities options thereon or other related financial products of companies discussed herein Opinions estimates and projections in this report constitute Harris Williamsrsquo judgment and are subject to change without notice The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives Also past performance is not necessarily indicative of future results No part of this material may be copied or duplicated in any form or by any means or redistributed without Harris Williamsrsquo prior written consent

Copyrightcopy 2016 Harris Williams amp Co all rights reserved

DISCLOSURES

22

01 - EPampI Monthly Reader (0616)

02 - EPampI Monthly Reader_Support (0616)


PAGE |


SUMMARY

1

CONTENTS


MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Drew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matt WhiteManaging Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke SempleDirectorlsempleharriswilliamscom+1 (804) 915-0158

Chris BurnhamVice Presidentcburnhamharriswilliamscom +1 (804) 915-0142

Ian ThomasVice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Jeffery PerkinsManaging Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Wayne Fueling Systems a portfolio company of Riverstone Holdings has been

acquired by Dover (NYSEDOV) for $780 million Wayne is a global provider of fuel

dispensing systems and services for retail and commercial fuel stations The

transaction is expected to increase Doverrsquos annualized retail fueling revenue to

$14 billionSource | Instapaper

Schlumberger (NYSESLB) the worldrsquos largest provider of drilling production and

oilfield services has entered into a definitive agreement to acquire France-based

Saltel Industries Saltel is an engineering manufacturing and service company

that offers expandable patches and steel packer technology for the oil and gas

industrySource | Instapaper

National Oilwell Varco (NYSENOV) a worldwide leader in the manufacturing and design of oil and gas equipment and components has entered into a definite agreement to acquire the completion tools business of Trican Well Service (TSXTCW) The business sells innovative and patented downhole tools for hydraulic fracturing and well completionsSource | Instapaper

Bureau Veritas (ENXTPABVI) the global provider of testing inspection and certification services to a diverse range of end markets has acquired US-based Summit Inspection Services Summit provides fugitive emissions inspection and inventory services to the refining chemical and pharmaceutical industriesSource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Jun-15 Dec-15 Current 2015 2016E


Large Cap Service 72 (175) 73x 78x 151x 107x 283x

Equipment 43 (235) 73x 60x 77x 66x 108x

Small-Cap Service 208 (566) 66x 76x 102x 168x 113x

OCTG 38 (311) 59x 72x 116x 81x 120x

Distribution 107 (115) 123x 70x 100x 92x NM

Logistics 36 (613) 58x 61x 78x 65x 116x

Offshore Drillers 96 (354) 51x 41x 37x 38x 58x

Land Drillers 221 (254) 42x 39x 82x 62x 166x

EampC 32 (177) 62x 50x 47x 41x 52x


Large Cap PSampE 32 (86) 100x 93x 107x 109x 101x

Small-Cap PSampE 38 76 125x 98x 111x 110x 110x

EE and Cleantech 11 (368) 100x 137x 107x 141x 96x

Industrial amp Infrastructure Services

Large Cap 17 (84) 68x 61x 66x 65x 69x

Small-Cap 41 (16) 104x 100x 93x 89x 72x

Utility Services 69 (29) 84x 87x 100x 87x 69x

Industrial Services 33 (78) 89x 86x 78x 87x 76x

DesignProfessional Services 22 (118) 113x 85x 90x 84x 88x


PAGE |
















Slate | Instapaper







2

PAGE |

MampA TRANSACTIONS

3






Consulting



WSP Global



AEREON


dispensers

Dover



MacArtney



Schlumberger



Platts



Schlumberger



Bureau Veritas


serv ices

Clean Earth


Completion Tools





serv ices

Babcock amp Wilcox



Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International

PAGE |


4







37x

47x

77x

78x

82x

100x

102x

116x

151x

Offshore Drillers

EampC

Equipment

Logistics

Land Drillers

Distribution

Small Cap Service

OCTG

Large Cap Service

52x

58x

108x

113x

116x

120x

166x

283x

EampC

Offshore Drillers

Equipment

Small Cap Service

Logistics

OCTG

Land Drillers

Large Cap Service

(08)

(07)

33

49

53

54

57

64

83

OCTG

EampC

Equipment

Land Drillers

Offshore Drillers

Large Cap Service

Logistics

Distribution

Small Cap Service

(441)

(400)

(320)

(303)

(286)

(274)

(269)

(175)

(54)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

64

110

185

198

205

215

320

333

435

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

12

74

115

121

172

174

274

288

471

Distribution

Small Cap Service

EampC

OCTG

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

PAGE |


5







107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |
















Slate | Instapaper







2

PAGE |

MampA TRANSACTIONS

3






Consulting



WSP Global



AEREON


dispensers

Dover



MacArtney



Schlumberger



Platts



Schlumberger



Bureau Veritas


serv ices

Clean Earth


Completion Tools





serv ices

Babcock amp Wilcox



Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International

PAGE |


4







37x

47x

77x

78x

82x

100x

102x

116x

151x

Offshore Drillers

EampC

Equipment

Logistics

Land Drillers

Distribution

Small Cap Service

OCTG

Large Cap Service

52x

58x

108x

113x

116x

120x

166x

283x

EampC

Offshore Drillers

Equipment

Small Cap Service

Logistics

OCTG

Land Drillers

Large Cap Service

(08)

(07)

33

49

53

54

57

64

83

OCTG

EampC

Equipment

Land Drillers

Offshore Drillers

Large Cap Service

Logistics

Distribution

Small Cap Service

(441)

(400)

(320)

(303)

(286)

(274)

(269)

(175)

(54)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

64

110

185

198

205

215

320

333

435

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

12

74

115

121

172

174

274

288

471

Distribution

Small Cap Service

EampC

OCTG

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

PAGE |


5







107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

MampA TRANSACTIONS

3






Consulting



WSP Global



AEREON


dispensers

Dover



MacArtney



Schlumberger



Platts



Schlumberger



Bureau Veritas


serv ices

Clean Earth


Completion Tools





serv ices

Babcock amp Wilcox



Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International

PAGE |


4







37x

47x

77x

78x

82x

100x

102x

116x

151x

Offshore Drillers

EampC

Equipment

Logistics

Land Drillers

Distribution

Small Cap Service

OCTG

Large Cap Service

52x

58x

108x

113x

116x

120x

166x

283x

EampC

Offshore Drillers

Equipment

Small Cap Service

Logistics

OCTG

Land Drillers

Large Cap Service

(08)

(07)

33

49

53

54

57

64

83

OCTG

EampC

Equipment

Land Drillers

Offshore Drillers

Large Cap Service

Logistics

Distribution

Small Cap Service

(441)

(400)

(320)

(303)

(286)

(274)

(269)

(175)

(54)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

64

110

185

198

205

215

320

333

435

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

12

74

115

121

172

174

274

288

471

Distribution

Small Cap Service

EampC

OCTG

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

PAGE |


5







107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


4







37x

47x

77x

78x

82x

100x

102x

116x

151x

Offshore Drillers

EampC

Equipment

Logistics

Land Drillers

Distribution

Small Cap Service

OCTG

Large Cap Service

52x

58x

108x

113x

116x

120x

166x

283x

EampC

Offshore Drillers

Equipment

Small Cap Service

Logistics

OCTG

Land Drillers

Large Cap Service

(08)

(07)

33

49

53

54

57

64

83

OCTG

EampC

Equipment

Land Drillers

Offshore Drillers

Large Cap Service

Logistics

Distribution

Small Cap Service

(441)

(400)

(320)

(303)

(286)

(274)

(269)

(175)

(54)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

64

110

185

198

205

215

320

333

435

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

12

74

115

121

172

174

274

288

471

Distribution

Small Cap Service

EampC

OCTG

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

PAGE |


5







107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


5







107x

107x

111x

Large Cap

EE and Cleantech

Mid and Small-Cap

96x

101x

110x

EE and Cleantech

Large Cap

Mid and Small-Cap

31

36

125

Mid and Small-Cap

Large Cap

EE and Cleantech

(56)

14

142

Large Cap

Mid and Small-Cap

EE and Cleantech

(154)

170

175

EE and Cleantech

Large Cap

Mid and Small-Cap

(200)

164

166

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


6







66x

78x

90x

93x

100x

Large Cap

Industrial Services

Design Professional

Services

Mid and Small-Cap

Utility Services

69x

69x

72x

76x

88x

Utility Services

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

51

71

88

102

116

Mid and Small-Cap

Large Cap

Design Professional

Services

Industrial Services

Utility Services

(81)

25

31

77

92

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services

57

61

78

91

97

Large Cap

Mid and Small-Cap

Industrial Services

Design Professional

Services

Utility Services

61

62

74

91

95

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Design Professional

Services

PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125



Price Change From



Crude Oil ($ per bbl) 4798 4831 5992 (07) (199)

Coal (CAPP) ($ per ton) 3950 4363 4150 (95) (48)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS




Rig Counts3




8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

30

20

42

86

51

30

-

71

53

104

297

158

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


80

-

-

-

-

1

1

4

7

7

12

17

24

27

28

146

Others

Arkoma Woodford

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Mississippian

Barnett

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(32)

(100)

(67)

(64)

(57)

(51)

(45)

(27)

(19)

(18)

40

75

0

0

0

0

Others

Arkoma Woodford

Ardmore Woodford

Mississippian

Eagle Ford

Williston

DJ-Niobrara

Permian

Gulf of Mexico

Cana Woodford

Granite Wash

Barnett

Fayetteville

Marcellus

Haynesville

Utica

26

-

-

-

-

-

-

-

-

-

2

4

6

12

16

24

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(43)

(100)

(100)

(100)

(100)

(35)

(33)

(30)

(14)

0

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Marcellus

Gulf of Mexico

Haynesville

Utica

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Eagle Ford

Arkoma Woodford

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

02 03 04 05 06 07 08 09 10 11 12 13 14 15 16


(164)

(98)

(65)

(65)

(62)

(10)

(06)

06

10

40

54

68

73

83

203

246

Communication

Manufacturing

Conservation

Water Supply

Public Safety

Transportation

Healthcare

Power

Sewage amp Waste

Highway amp Street

Educational

Commercial

Religious

Amusement

Office

Lodging

(77)

(65)

(37)

(30)

(24)

(20)

(17)

(14)

(14)

(12)

(05)

03

08

16

52

96

Communication

Highway amp Street

Commercial

Healthcare

Educational

Lodging

Transportation

Manufacturing

Sewage amp Waste

Conservation

Water Supply

Power

Amusement

Office

Public Safety

Religious

PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS

11







20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 May 1194



20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 72 (175) 810 73x 78x 151x 107x 283x

Equipment







Median 43 (235) 746 73x 60x 77x 66x 108x












Median 208 (566) 399 66x 76x 102x 168x 113x

OCTG

Tenaris SA $15282 $1414 $1290 96 13 $1487 951 59x 72x 166x 107x 185x

TMK PAO 3373 284 293 (32) (311) 475 597 51x 51x 67x 54x 55x


Median 38 (311) 597 59x 72x 116x 81x 120x

Distribution



Median 107 (115) 853 123x 70x 100x 92x 324x


PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

15




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Large Cap Service

Schlumberger NV $41731 $45266 $48580 $35475 $28178 79 (238) $10746 $11963 $13679 $9820 $6778 258 264 282 277 241 268 266

Halliburton Co 28503 29402 32870 23633 15703 74 (309) 6087 6130 7174 4156 2045 214 208 218 176 130 213 175

Baker Hughes Inc 21361 22364 24551 15742 9782 72 (369) 3824 3645 4904 1815 619 179 163 200 115 63 181 126


Total $106810 $112295 $120912 $84283 $59688 54 (320) $23102 $23886 $28271 $17098 $9787 216 213 234 203 164 205 172

Equipment




Dril-Quip Inc 733 872 931 844 592 127 (202) 188 253 305 274 160 256 290 328 325 270 291 308



Total $35530 $38243 $37522 $27200 $16617 33 (303) $6864 $7058 $7832 $4612 $1394 193 185 209 170 84 215 174












Total $16991 $16266 $18497 $11182 $6528 83 (400) $3831 $3026 $3440 $1062 $172 225 186 186 95 26 198 74

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5061 (23) (300) $2852 $2781 $2692 $1424 $790 263 262 260 201 156 262 206

TMK PAO 6688 6432 6009 4127 4022 (52) (182) 1001 916 777 573 637 150 142 129 139 158 140 142

Vallourec SA 6841 7406 7561 4131 3303 51 (339) 989 1230 1102 (84) (278) 145 166 146 (20) (84) 152 14

Total $24363 $24435 $23908 $15359 $12386 (08) (274) $4842 $4926 $4571 $1913 $1150 199 202 191 125 93 185 121

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3125 32 (274) $475 $386 $393 $235 $58 85 74 66 52 19 75 46

NOW Inc 3414 4296 4105 3010 2028 97 (297) 180 241 202 (65) (188) 53 56 49 (22) (93) 53 (22)

Total $8985 $9527 $10038 $7539 $5153 64 (286) $655 $627 $595 $170 ($130) 73 66 59 23 (25) 64 12

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12381 $3394 $3183 66 34 $3578 949 82x 82x 102x 106x 82x




Civeo Corp 614 193 188 27 (450) 359 538 30x 32x 64x 43x 82x


Median 36 (613) 375 58x 61x 78x 65x 116x

Offshore Drillers



Ensco Plc 6882 1030 973 59 (538) 2317 445 40x 36x 36x 35x 50x




Median 96 (354) 620 51x 41x 37x 38x 58x

Land Drillers






Median 221 (254) 724 42x 39x 82x 62x 166x


Saipem SpA $10043 $041 $040 32 (960) 1147 36 62x 250x 186x 180x 70x


Technip SA 4486 5418 5524 (19) (170) 6661 813 46x 39x 36x 34x 34x

Subsea 7 SA 2508 928 884 49 (82) 1040 892 27x 18x 20x 21x 34x


Median 32 (177) 783 62x 50x 47x 41x 52x


PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

17




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E


Logistics

ATCO Ltd $4364 $4230 $4123 $2974 $3410 (28) (91) $1642 $1677 $1537 $1116 $1487 376 396 373 375 436 382 395

Tidewater Inc 1244 1435 1496 979 634 96 (349) 347 417 416 212 82 279 291 278 216 129 283 208



Civeo Corp 1109 1041 943 518 - (78) NM 492 422 334 141 75 444 405 354 272 NM 401 313


Total $9127 $9379 $9551 $6937 $6029 57 (269) $3082 $3208 $3046 $2134 $2125 338 342 319 308 353 333 288

Offshore Drillers

Transocean Ltd $9196 $9484 $9174 $6953 $3912 (01) (347) $2808 $3407 $3851 $3110 $1531 305 359 420 447 391 361 419

Noble Corp Plc 3547 4234 3233 3071 2043 (45) (205) 1530 1980 1563 1681 1005 431 468 484 547 492 461 508

Ensco Plc 4301 4920 4565 4063 2853 30 (209) 2123 2373 2355 1976 1375 494 482 516 486 482 497 495


Rowan Cos Plc 1393 1579 1824 2137 1844 145 05 526 587 707 1028 896 378 372 388 481 486 379 451


Total $22210 $24201 $22784 $20040 $13341 53 (175) $8723 $10094 $10160 $9641 $6100 393 417 446 481 457 435 471

Land Drillers






Total $15826 $15186 $16890 $10582 $5384 49 (441) $5159 $4803 $5282 $3206 $1367 326 316 313 303 254 320 274


Saipem SpA $17172 $15720 $17075 $12500 $12041 (03) (160) $2813 $915 $1596 $552 $1462 164 58 93 44 121 105 86

Petrofac Ltd 6240 6329 6241 6800 7841 00 121 843 1014 882 312 775 135 160 141 46 99 146 95

Technip SA 10538 11746 13362 13262 12169 126 (46) 1283 1343 1352 1354 1298 122 114 101 102 107 112 103

Subsea 7 SA 6297 6297 6870 4758 3650 45 (271) 1084 844 1353 1217 753 172 134 197 256 206 168 220


Total $43888 $42752 $45850 $40391 $38409 (07) (54) $6464 $3879 $5248 $3718 $4533 147 91 114 92 118 110 115

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 113686 10381 10394 (01) (20) 11125 933 97x 107x 117x 116x 100x


ABB Ltd 46778 2043 2019 12 (86) 2279 897 100x 88x 98x 105x 101x




Median 32 (86) 897 100x 93x 107x 109x 101x


AMETEK Inc $12823 $4653 $4703 (11) (147) $5767 807 138x 132x 120x 119x 122x




AZZ Inc 1816 5894 5515 69 140 6092 967 103x 103x 106x 107x 95x






Median 38 76 906 125x 98x 111x 110x 110x



Itron Inc 1891 4241 4111 32 181 4571 928 102x 137x 135x 141x 96x




Median 11 (368) 596 100x 137x 107x 141x 96x


PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

19




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E




Siemens AG 100332 96332 96607 82163 89388 (19) (38) 11669 10538 11319 9334 11277 116 109 117 114 126 114 119


ABB Ltd 39336 41842 39830 35481 34771 06 (66) 5530 6113 5152 4236 4442 141 146 129 119 128 139 125



Eaton Corp Plc 16311 22046 22552 20855 19951 176 (59) 2357 3182 3580 3334 3312 145 144 159 160 166 149 162

Total $393727 $397444 $405838 $345709 $358180 36 (56) $72302 $70388 $76396 $52326 $56940 184 177 188 151 159 170 164


AMETEK Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1037 $1074 $1063 255 260 258 270 269 258 266

Hubbell Inc 3044 3184 3359 3390 3491 50 19 539 578 596 560 577 177 181 177 165 165 179 169


Littelfuse Inc 668 758 852 868 1026 129 97 139 166 182 191 231 208 219 213 220 226 213 220

AZZ Inc 571 752 817 903 955 196 81 127 149 157 171 190 223 198 192 189 199 204 194


Badger Meter Inc 320 334 365 378 414 68 65 58 53 62 61 72 180 158 170 162 174 169 169




Total $14695 $15291 $15615 $15371 $15555 31 14 $2610 $2944 $2702 $2710 $2804 178 193 173 176 180 175 166


SolarCity Corp $127 $164 $255 $400 $578 418 506 ($70) ($107) ($236) ($481) ($582) (553) (653) (925) (1204) (1007) (710) (1045)

Itron Inc 2178 1949 1971 1878 1936 (49) (09) 265 172 169 129 199 122 88 86 69 103 99 86


Ameresco Inc 631 574 593 631 655 (31) 51 48 26 38 46 53 76 45 64 73 82 62 73

EnerNOC Inc 278 383 472 400 388 303 (94) 6 56 53 (21) (38) 21 147 112 (53) (97) 93 (13)

Total $3411 $3397 $3482 $3590 $3858 125 142 $168 $113 ($55) ($313) ($350) 49 33 (16) (87) (91) (154) (200)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

20



Stock Performance





Fluor Corp $7129 $5090 $4938 31 (84) $5635 903 54x 47x 66x 65x 69x




KBR Inc 1153 1362 1393 (22) (335) 2077 656 NM NM 55x 34x 39x

Median 17 (84) 903 68x 61x 66x 65x 69x










Median 41 (16) 795 104x 100x 93x 89x 72x

Utility Services



MasTec Inc 2859 2304 2143 75 113 2467 934 74x 87x 129x 93x 68x


Median 69 (29) 850 84x 87x 100x 87x 69x

Industrial Services



Team Inc 1008 2767 2524 96 (329) 4755 582 NM 78x 95x 108x 85x




Median 33 (78) 749 89x 86x 78x 87x 76x


AECOM $9011 $3218 $3147 23 (68) $3540 909 131x 85x 90x 84x 80x




Arcadis NV 1875 1550 1578 (18) (453) 2931 529 110x 83x 65x 67x 67x



Median 22 (118) 821 113x 85x 90x 84x 88x


PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

21




2012 2013 2014 2015 2016E 12-14 14-16E 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E 12-14 14-16E



Fluor Corp $27577 $27352 $21532 $18114 $18603 (116) (70) $961 $1399 $1412 $1107 $1029 35 51 66 61 55 51 61




KBR Inc 7921 7214 6366 5096 4045 (104) (203) 512 246 (232) 344 296 65 34 (36) 68 73 21 35

Total $59856 $65048 $60872 $55156 $52475 71 (81) $3240 $3752 $3547 $3862 $3511 54 58 58 70 67 57 62






Aecon Group Inc 2888 2978 2367 2101 2420 (95) 11 121 119 97 122 134 42 40 41 58 55 41 51




Total $20086 $20681 $21015 $21594 $22353 51 25 $1223 $1303 $1337 $1274 $1436 61 63 64 59 64 61 61

Utility Services



MasTec Inc 3727 4325 4612 4208 4894 112 30 331 427 404 308 422 89 99 88 73 86 92 82

MYR Group Inc 999 903 944 1062 1096 (28) 77 80 88 92 83 75 80 97 97 78 68 91 81

Total $11847 $13359 $15219 $14865 $16346 116 77 $1162 $1376 $1381 $1157 $1459 98 103 91 78 89 97 91

Industrial Services

EMCOR Group Inc $6347 $6417 $6425 $6719 $7222 06 60 $344 $289 $356 $361 $370 54 45 55 54 51 52 53

Bilfinger SE 10717 10037 10210 7041 6718 (24) (189) 562 564 368 289 252 52 56 36 41 37 48 38

Team Inc 714 750 750 926 1275 24 304 74 72 90 96 121 104 96 120 104 94 107 106

Aegion Corp 1028 1091 1331 1334 1286 138 (17) 110 109 126 117 120 107 100 95 87 93 101 92



Total $20074 $19812 $20690 $18081 $18525 102 31 $1196 $1148 $1085 $982 $1016 60 58 52 54 55 78 74


AECOM $8218 $8153 $8357 $17990 $17948 08 466 $444 $447 $418 $1046 $1071 54 55 50 58 60 53 56

WSP Global Inc 1258 1957 2628 3230 3811 445 204 123 163 215 318 391 97 83 82 98 103 88 94

Stantec Inc 1871 2170 2291 1709 2501 107 45 222 247 264 219 310 118 114 115 128 124 116 122

Tetra Tech Inc 2022 2025 1860 1719 1911 (41) 14 205 134 149 193 211 101 66 80 112 110 83 101

Arcadis NV 3258 3340 3495 3714 3645 36 21 252 285 306 274 285 77 85 88 74 78 83 80

Atkins (WS) Plc 2694 2778 2828 2744 2913 25 15 197 222 258 250 274 73 80 91 91 94 81 92

RPS Group Plc 881 887 942 836 726 34 (122) 112 116 127 96 83 128 131 135 114 114 131 121

Total $20201 $21311 $22400 $31941 $33456 88 92 $1554 $1614 $1738 $2394 $2625 77 76 78 75 78 91 95

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




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