harris williams & co. e&c 1.8% 7.8% 8.3x 8.0x 8.0x 7.6x 6 ...€¦ · enerflex has...

`-

Page | 1

Energy amp Power Industry Update | July 2014 Harris Williams amp Co

SUMMARY

MampA | Select Recent Activity

Nabors has agreed to combine its completion amp production services businesses with CampJ Energy

Services The combined entity will be listed on the NYSE as CampJ Energy Services and will be led by

the current CampJ management team Source | Instapaper

Kentz Corporation has agreed to be acquired by SNC-Lavalin Group for approximately $19 billion

The Company is a provider of engineering construction and technical support services for the oil amp

gas sector Source | Instapaper

ABB has signed an agreement to divest Meyer Steel Structures to Trinity Industries for $600 million

Meyer is a provider of lattice substation utility and other tubular structures for the transmission and

distribution industry Source | Instapaper

Enerflex has completed the acquisition of Axip Energyrsquos Contract Compression Processing and

After-Market Services Business for $430 million Axip Energy is a leading provider of energy

services internationally Source | Instapaper

Public Markets | Key Trading Statistics

Stock Price Change TEV EBITDA

1 Month 12 Month Jun-13 Jan-14 Current 2014E 2015P

Energy Services and Equipment

Large Cap Service 79 662 77x 92x 117x 87x 73x

Equipment 55 102 117x 115x 126x 109x 92x

Small-Cap Service 92 465 75x 86x 128x 47x 59x

OCTG 38 (114) 82x 82x 67x 37x 63x

Distribution (17) 24 81x 111x 114x 49x 86x

Logistics 37 02 106x 107x 99x 81x 72x

Offshore Drillers 55 (63) 80x 76x 69x 69x 57x

Land Drillers 93 859 48x 51x 74x 69x 59x

EampC 18 78 83x 80x 80x 76x 60x

Power Services and Equipment

Large Cap PSampE (07) 172 96x 114x 113x 98x 91x

Small-Cap PSampE 53 236 105x 120x 116x 108x 102x

EE and Cleantech 73 (44) 171x 136x 117x 113x 104x

Industrial amp Infrastructure Services

Large Cap (18) (29) 86x 98x 94x 78x 70x

Small-Cap 10 336 82x 101x 100x 79x 62x

Utility Services 08 168 77x 79x 79x 77x 66x

Industrial Services 02 319 82x 103x 120x 110x 85x

Engineering Services 24 361 87x 110x 114x 81x 77x

TEV LTM EBITDA as of

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS

INDUSTRY STATISTICS

PUBLIC COMPARABLES

CONTACTS

United States

Andrew Spitzer | Managing Director

aspitzerharriswilliamscom

+1 (804) 915-0174

Tiff Armstrong | Managing Director

tarmstrongharriswilliamscom

+1 (804) 915-0176

Brian Lucas | Managing Director

blucasharriswilliamscom

+1 (804) 932-1323

Matthew White | Director

mwhiteharriswilliamscom

+1 (804) 915-0131

Luke Semple | Director

lsempleharriswilliamscom

+1 (804) 915-0158

Chris Burnham | Vice President

cburnhamharriswilliamscom

+1 (804) 915-0142

Ian Thomas | Vice President

ithomasharriswilliamscom

+1 (804) 932-1384

Europe

Julien Darmon | Managing Director

jdarmonharriswilliamscom +44 (0) 20 7518 8900

Jeffery Perkins | Managing Director

jperkinsharriswilliamscom +49 (69) 3650638 00

`-

Page | 2



A summary of interesting industry articles we have come across in the past month

Energy | Wind Biofuels Get Real a Contrarian Says

The New York Times reviews Smaller Faster Lighter Denser Cheaper by Robert Bryce which argues that inefficient energy

sources such as wind and biofuels will not replace cheaper resources such as coal anytime soon Mr Bryce suggests that the

United States should rely on natural gas while developing more sophisticated nuclear infrastructure The New York Times | Instapaper

Oil amp Gas | The Next Shale Revolution

The Economist writes that the United States is blessed with a significant quantity of oil-shale a soft rock that has hydrocarbons

trapped in its pores This shale is not fracked but instead ldquocookedrdquo cheaply and cleanly in order to separate oil and gas The

remaining solid is burned to create steam and drive a generator and the ash can be used to make cement The Economist | Instapaper

Utilities | How Google Could Become Your Next Power Company

Bloomberg writes that Google is on its way to becoming a utility giant Google is already a power generator through more than

$14 billion in clean energy investments and holds a wholesale power license The Companyrsquos acquisition of Nest last month may

well be a ldquoTrojan horserdquo that gives Google a back door into the utility industry Bloomberg | Instapaper

Solar | Solar-as-a-Service is Here to Stay

John Berger in Greentech Media writes that solar service agreements (SSAs) agreements with independent power companies

to provide cheaper electricity than centralized utilities will not be replaced by unsecured loans in personal solar equipment Fees

from loans limited tax benefits and maintenance expenses drive unexpected costs for panel owners Greentech Media | Instapaper

Oil amp Gas | Shale Gas Boom Driving Fear Out of Market

Fuel Fix reports on a recent Goldman Sachs report that argues that rising US shale gas production is driving fear out of the futures

market and will constrain prices for the next two decades Prices were four times more volatile in 2009 than they are today as

production grows for the ninth straight year and new pipelines deliver the fuel to customers Fuel Fix | Instapaper

Utilities | The Economics of Grid Defection

Rocky Mountain Institute released a report regarding the economics of grid defection The study suggests that when solar power

and batteries join forces customers unsubscribe from traditional utility services Centralized utilities will experience significant

revenue decay ultimately leading to the eventual demise of the traditional utility regulatory model Rocky Mountain Institute

Coal | Beginning of the End

Greentech Media writes that the evolution in electricity markets is being driven by a combination of regulatory and technological

changes This has major implications for areas with large coal resources which required huge investments in infrastructure

Coupled with a structural decline in demand the resource that once possessed a long-time cost advantage over alternative

electricity sources is slowly eroding Greentech Media | Instapaper

Oil amp Gas | Fracking and Earthquakes

Fuel Fix reports that residents in Oklahoma have been shaken by an upsurge in earthquakes Earthquakes used to be unheard of

in the region and residents suspect that they earthquakes may be connected to oil amp gas wastewater wells Fuel Fix | Instapaper

Solar | Rooftop Solar Leases Scaring Buyers

Bloomberg reports that although leasing solar panels requires no down payment for expensive equipment home buyers are

deterred by long term commitments to solar leases Buyers who purchase houses with leased solar equipment must not only

assume the incumbent lease but must also be credit-checked and approved by the solar provider Bloomberg | Instapaper

`-

Page | 3


MampA TRANSACTIONS

Recent MampA Transactions12

Date Target Business Description Acquirer

712014 Benshaw US based provider and manufacturer of solid state and electro-mechanical motor controls

and drives

Regal Beloit

6272014 Pacer Corporation Canada based provider of commercial and industrial construction services for a variety of

end markets

MasTec

6272014 Meyer Steel Structures US based provider and manufacturer of tubular steel poles and steel lattice towers used

in utility transmission and distribution applications

Trinity Industries

6252014 Nabors Industries Completion amp

Production Services Businesses

Select assets of Nabors Industries including the Companys completion and production

services operations

CJ Energy Services

6232014 Kentz Corporation UK based provider of engineering and construction services for the onshore oil and gas

industry

SNC-Lavalin

6182014 Fraction Energy Services Canada based provider of water management services to the oil and gas industry in

Canada

Canyon Services Group

6182014 Fluid Delivery Solutions US based provider of fluid transfer services for oil and gas fields Trilantic Capital Management

6172014 Spectrum Sales and Services US based provider of inspection services for plants pipelines terminals and other

facilities

Oceaneering International

6172014 Silevo US based provider and manufacturer of thin-film photovoltaic cells and other solar related

equipment

SolarCity Corporation

6162014 Precision Drilling Corporation

Select Assets

Select assets of Precision Drilling Corporation including the Companys US Rig Moving

Equipment

Aveda Transportation amp Energy

Services

6162014 OceanGeo BV US based provider of ocean bottom seismic services including survey design planning

and optimizing data acquisition and data processing

Ion Geophysical

6162014 DTZ Holdings UK based provider of consulting and management services for a variety of diversified

industrial end markets

Ontario Teachers Pension Plan

6132014 Grayson Armature Select Assets US based provider of electromechanical repair services in the Gulf of Mexico Sulzer

6122014 EnviroVac US based provider of industrial cleaning environmental services and on-site maintenance

support for a variety of industrial end markets

RLJ Equity Partners

6112014 Focus NDT UK based provider of nondestructive testing services for the oil amp gas exploration and

production industry

Mistras Group

652014 Track Utilities US based provider of utility installation preparation and testing services in North

America

CIVC Partners

632014 United States Environmental

Services

US based provider of industrial coatings insulation fireproofing cleaning and other

services for industrial end markets

The Halifax Group

612014 Axip Energy Compression

Process amp After-Market Service

Business

Select assets of Axip Energy including the Companys Contract Compression Processing

amp After-Market Service Business

Enerflex

`-

Page | 4


PUBLIC MARKETS

Energy Equipment and Services

TEV LTM EBITDA TEV 2014E EBITDA

Average Revenue Growth (2011 ndash 2013) Average Revenue Growth (2013 ndash 2015P)

Average EBITDA Margin (2011 ndash 2013) Average EBITDA Margin (2013 ndash 2015P)

67x

69x

74x

80x

99x

114x

117x

126x

128x

OCTG

Offshore Drillers

Land Drillers

EampC

Logistics

Distribution

Large Cap Service

Equipment

Small Cap Service

37x

47x

49x

69x

69x

76x

81x

87x

109x

OCTG

Small Cap Service

Distribution

Land Drillers

Offshore Drillers

EampC

Logistics

Large Cap Service

Equipment

21

40

52

70

87

107

116

185

201

OCTG

Distribution

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

27

58

74

78

83

103

136

144

163

OCTG

Equipment

EampC

Distribution

Large Cap Service

Land Drillers

Offshore Drillers

Small Cap Service

Logistics

71

115

189

205

208

229

319

321

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

77

112

191

205

208

221

325

353

428

Distribution

EampC

OCTG

Small Cap Service

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

`-

Page | 5


PUBLIC MARKETS (continued)

Power Equipment and Services

TEV LTM EBITDA TEV 2014P EBITDA


Average EBITDA Margin (2011 ndash 2013) Average EBITDA Margin (2012 ndash 2014E)

113x

116x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

98x

108x

113x

Large Cap

Mid and Small-Cap

EE and Cleantech

39

94

214

Large Cap

Mid and Small-Cap

EE and Cleantech

58

87

164

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(73)

161

178

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6



Infrastructure Services




79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices

Commodity Prices ndash Trailing Twelve Months

(Indexed to 100)

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $444 $454 $357 (22) 243

Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814

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

`-

Page | 8


INDUSTRY STATISTICS (continued)

Rig Counts3

US Rig Counts International Rig Counts

International Rig Count by Country

US Oil vs Gas Rig Count US HorizontalDirectional vs Vertical Rig Count

0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Horizontal Directional

Vertical

`-

Page | 9



Rig Counts3 (continued)

US Oil Rig Count by Region US Gas Rig Count by Region

YTD Change in US Oil Rig Count by Region YTD Change in US Gas Rig Count by Region

389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3

US Land Wells US Land Wells per Rig

Well Count Change from Prior Quarter Well Count Change from Prior Year

8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP

Harris Williams amp Co is a leading advisor to the energy and power MampA market Our Energy amp Power Group has

experience across a broad range of sectors including services products and technologies that support or enhance energy and

power infrastructure

Energy

Oil amp Gas Equipment and Services Coal Products and Services

Select Relevant Experience

Power

Power Products and Technology

Electric and Natural Gas Transmission and

Distribution

Energy Efficiency and Clean Technology

Renewable Energy Services and Equipment


Infrastructure

Industrial and Infrastructure Services

Engineering and Construction

Environmental Services


has been acquired by

a portfolio company of

Tanglewood

Investments Inchas been acquired by





has been acquired by has been acquired by



a portfolio company ofa subsidiary of










`-

Page | 12


OUR GROUP (continued)

Key Contacts

United States Europe

Energy amp Power


aspitzerharriswilliamscom +1 (804) 915-0174


tarmstrongharriswilliamscom +1 (804) 915-0176


blucasharriswilliamscom +1 (804) 932-1323


mwhiteharriswilliamscom +1 (804) 915-0131


lsempleharriswilliamscom +1 (804) 915-0158


cburnhamharriswilliamscom +1 (804) 915-0142


ithomasharriswilliamscom +1 (804) 932-1384


Patrick Hanraty | Managing Director

phanratyharriswilliamscom +1 (267) 675-5915

Bob Baltimore | Managing Director

bbaltimoreharriswilliamscom +1 (804) 915-0129



Energy Technology

Tyler Dewing | Director

tdewingharriswilliamscom

+1 (617) 482-7501


jdarmonharriswilliamscom

+44 (0) 20 7518 8900


jperkinsharriswilliamscom

+49 (69) 3650638 00

Harris Williams amp Co Office Locations


Boston Two International Place

24th Floor

Boston Massachusetts 02110 Phone +1 (617) 482-7501

Fax +1 (617) 482-7503

Cleveland

1900 East 9th Street

20th Floor Cleveland Ohio 44114

Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis

222 South 9th Street Suite 3350

Minneapolis Minnesota 55402

Phone +1 (612) 359-2700

Fax +1 (612) 359-2701

Philadelphia 1600 Market Street

21st Floor

Philadelphia Pennsylvania 19103 Phone +1 (267) 675-5900

Fax +1 (267) 675-5901

Richmond (US Headquarters)

1001 Haxall Point

9th Floor Richmond Virginia 23219

Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco

575 Market Street 31st Floor

San Francisco California 94105 USA

Phone +1 (415) 288-4260

Fax +1 (415) 288-4269

Frankfurt Bockenheimer Landstrasse 33-35

60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street

London W1K 4HS England Phone +44 (0) 20 7518 8900

Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13

Harris Williams amp Co Energy amp Power Industry Update | July 2014

PUBLIC COMPARABLES

Stock Performance

Stock Price Change from 52-Week TEV EBITDA EBITDA

TEV Jun-14 May-14 Prior Month Prior Year High of High Jun-13 Jan-14 Current 2014E 2015P


Large Cap Service

Schlumberger Limited $158986 $11795 $10404 134 646 $11813 998 90x 104x 128x 115x 101x

Halliburton Company 65451 7101 6464 99 702 7126 997 74x 82x 106x 90x 75x

Baker Hughes Incorporated 35965 7445 7052 56 614 7504 992 69x 76x 95x 75x 64x

Weatherford International plc 26780 2300 2169 60 679 2325 989 80x 102x 135x 84x 70x

Median 79 662 994 77x 92x 117x 87x 73x

Equipment

National Oilwell Varco Inc $34888 $8235 $8187 06 195 $8471 972 79x 84x 81x 77x 69x

Cameron International Corporation 17086 6771 6395 59 107 6854 988 113x 107x 115x 106x 92x

FMC Technologies Inc 15455 6107 5806 52 97 6243 978 174x 138x 145x 126x 106x

Oil States International Inc 3921 6409 10758 (404) (308) 11364 564 69x 74x 51x 88x 82x

Dresser-Rand Group Inc 5930 6373 6120 41 63 6738 946 122x 126x 139x 125x 110x

Dril-Quip Inc 4023 10924 10222 69 210 12107 902 154x 162x 155x 132x 109x

Forum Energy Technologies Inc 3806 3643 3304 103 197 3678 990 125x 117x 138x 111x 92x

Oceaneering International Inc 8422 7813 7205 84 82 8764 891 112x 113x 109x 97x 84x

Median 55 102 959 117x 115x 126x 109x 92x

Mid and Small-Cap Service

Superior Energy Services Inc $7186 $3614 $3319 89 393 $3696 978 50x 54x 69x 61x 52x

Ensign Energy Services Inc 2989 1554 1495 39 06 1729 899 59x 64x 68x 30x 52x

Trican Well Service Ltd 3077 1615 1531 55 218 1705 947 152x 153x 277x 69x 74x

Key Energy Services Inc 2126 914 805 135 536 1052 869 53x 73x 86x 38x 53x

Calfrac Well Services Ltd 2379 1870 1709 94 301 1964 952 93x 98x 139x 47x 65x

US Silica Holdings Inc 3193 5544 5057 96 1668 5568 996 92x 134x 205x 80x 119x

Basic Energy Services Inc 2213 2922 2720 74 1417 2961 987 55x 63x 90x 35x 57x

CampJ Energy Services Inc 2060 3378 3061 104 744 3493 967 41x 66x 118x 47x 61x

TETRA Technologies Inc 1331 1178 1153 22 148 1343 877 116x 147x 153x 36x 57x

CARBO Ceramics Inc 3474 15412 13757 120 1286 15419 1000 92x 152x 200x 88x 139x

Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x

Vallourec SA 8448 4477 5442 (177) (114) 6983 641 82x 82x 67x 37x 63x

OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution

MRC Global Inc $4168 $2829 $2879 (17) 24 $3270 865 81x 111x 114x 49x 86x

Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14


PUBLIC COMPARABLES (continued)

Revenue Revenue Growth EBITDA EBITDA Margin Avg Margin

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service

Schlumberger Limited $36579 $41731 $45266 $48966 $53815 112 90 $9633 $10788 $12011 $13802 $15643 263 259 265 282 291 262 279

Halliburton Company 24829 28503 29402 32211 35347 88 96 6096 6087 6038 7243 8765 246 214 205 225 248 221 226

Baker Hughes Incorporated 19831 21361 22364 24324 26411 62 87 4236 3823 3647 4778 5701 214 179 163 196 216 185 192

Weatherford International plc 12988 15215 15263 15641 17082 84 58 2443 2445 2054 3187 3859 188 161 135 204 226 161 188

Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment

National Oilwell Varco Inc $14658 $20041 $22869 $23011 $22988 249 03 $3492 $4185 $4178 $4520 $4964 238 209 183 196 216 210 198

Cameron International Corporation 6959 8502 9838 10384 11354 189 74 1119 1317 1460 1607 1863 161 155 148 155 164 155 156

FMC Technologies Inc 5099 6151 7126 7825 8688 182 104 670 794 986 1220 1473 131 129 138 156 170 133 155

Oil States International Inc 2104 2631 2670 1801 1969 126 (141) 634 842 790 425 481 301 320 296 236 244 306 259

Dresser-Rand Group Inc 2312 2736 3033 3059 3219 145 30 354 427 453 473 536 153 156 149 154 167 153 157

Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309

Forum Energy Technologies Inc 1128 1415 1525 1712 1930 163 125 216 290 267 340 415 192 205 175 199 215 190 196

Oceaneering International Inc 2193 2783 3287 3717 4162 224 125 486 605 747 866 998 222 217 227 233 240 222 233

Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208


Superior Energy Services Inc $1964 $4568 $4612 $4609 $5120 532 54 $554 $1250 $1076 $1187 $1370 282 274 233 258 268 263 253

Ensign Energy Services Inc 1860 2204 1975 2188 2392 31 101 483 566 455 498 565 260 257 231 227 236 249 231

Trican Well Service Ltd 2272 2221 1991 2278 2643 (64) 152 606 243 156 225 415 267 109 78 99 157 151 111

Key Energy Services Inc 1729 1960 1592 1548 1744 (41) 47 420 421 269 278 389 243 215 169 179 223 209 191

Calfrac Well Services Ltd 1512 1600 1472 1931 2126 (13) 202 406 258 177 252 360 269 161 120 131 169 183 140

US Silica Holdings Inc 296 442 546 778 908 359 290 79 141 153 199 272 268 320 280 256 299 289 278

Basic Energy Services Inc 1243 1375 1263 1439 1559 08 111 333 297 231 319 382 268 216 183 222 245 222 217

CampJ Energy Services Inc 758 1112 1070 1397 1721 188 268 285 336 189 224 365 376 302 177 161 212 285 183

TETRA Technologies Inc 845 881 909 1008 1106 37 103 103 123 91 190 240 122 139 100 188 217 120 168

CARBO Ceramics Inc 626 646 667 695 825 33 112 235 204 172 197 249 376 316 258 284 301 317 281

Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics

Tidewater Inc $4244 $5615 $5212 77 (14) $6322 888 110x 107x 102x 100x 82x

Hornbeck Offshore Services Inc 2418 4692 4524 37 (123) 5993 783 106x 90x 98x 81x 56x

Gulfmark Offshore Inc 1743 4518 4641 (27) 02 5389 838 154x 108x 99x 80x 68x

ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x

Bristow Group Inc 3513 8062 7598 61 234 8570 941 101x 113x 121x 110x 93x

Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers

Transocean Ltd $24789 $4503 $4249 60 (61) 5574 808 70x 71x 66x 69x 73x

Diamond Offshore Drilling Inc 7705 4963 5106 (28) (279) 7300 680 71x 69x 66x 66x 52x

Rowan Companies plc 5338 3193 3096 31 (63) 3865 826 91x 92x 95x 75x 49x

Hercules Offshore Inc 1739 402 454 (115) (429) 796 505 76x 65x 53x 50x 43x

Atwood Oceanics Inc 4828 5248 4935 63 08 5949 882 82x 81x 89x 86x 60x

Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers

Nabors Industries Ltd $12209 $2937 $2623 120 918 2990 982 48x 51x 74x 69x 57x

Helmerich amp Payne Inc 12167 11611 10995 56 859 11802 984 48x 61x 61x 78x 69x

Patterson-UTI Energy Inc 5481 3494 3309 56 805 3542 986 38x 45x 62x 58x 49x

Precision Drilling Corporation 5312 1417 1296 93 668 1440 984 83x 62x 89x 70x 59x

Pioneer Energy Services Corp 1783 1754 1590 103 1650 1755 999 41x 43x 74x 68x 60x

Median 93 859 984 48x 51x 74x 69x 59x

Engineering amp Construction

Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x

Petrofac Limited 7772 2058 2116 (28) 130 2608 789 71x 72x 77x 76x 60x

McDermott International Inc 2049 809 726 114 (11) 936 864 100x NM NM 330x NM

Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302

Hornbeck Offshore Services Inc 331 463 548 664 860 287 252 121 192 255 300 432 365 414 466 452 503 415 474

Gulfmark Offshore Inc 382 389 455 540 598 91 147 138 103 159 220 253 361 265 349 407 423 325 393

ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390

Bristow Group Inc 1115 1199 1344 1660 1868 98 179 247 263 293 326 385 221 220 218 196 206 220 207

Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383

Diamond Offshore Drilling Inc 3254 2936 2844 2995 3602 (65) 125 1649 1337 1186 1176 1457 507 455 417 393 405 460 405

Rowan Companies plc 939 1393 1579 1825 2434 297 241 364 515 587 715 1079 387 370 372 392 443 376 402

Hercules Offshore Inc 575 618 858 1027 1122 222 143 155 172 293 348 425 269 278 341 339 378 296 353

Atwood Oceanics Inc 637 756 1018 1180 1546 264 232 377 390 547 553 804 592 516 537 469 520 548 509

Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers

Nabors Industries Ltd $6013 $6843 $6152 $6640 $7143 11 78 $1841 $1966 $1680 $1765 $2161 306 287 273 266 303 289 280

Helmerich amp Payne Inc 2529 3138 3374 3703 4179 155 113 1004 1278 1393 1567 1795 397 407 413 423 430 406 422

Patterson-UTI Energy Inc 2566 2723 2716 2923 3272 29 98 958 990 916 947 1102 373 364 337 324 337 358 333

Precision Drilling Corporation 1919 2047 1911 2256 2565 (02) 159 569 478 600 762 899 297 234 314 338 351 281 334

Pioneer Energy Services Corp 716 919 960 1017 1098 158 69 191 248 236 261 292 266 269 246 256 266 261 256

Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180

Petrofac Limited 5801 6240 6329 6623 8119 45 133 759 842 1015 1021 1318 131 135 160 154 162 142 159

McDermott International Inc 3445 3642 2659 2692 2983 (121) 59 335 422 (259) 62 250 97 116 (97) 23 84 39 03

Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance




Large Cap Equipment and Services

General Electric Company $638603 $2628 $2679 (19) 133 $2809 936 212x 231x 226x 220x 221x

Siemens Aktiengesellschaft 125982 13200 13305 (08) 307 13860 952 99x 122x 120x 91x 82x

ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x

Schneider Electric SA 58516 9412 9421 (01) 299 9887 952 91x 107x 113x NA NA

Honeywell International Inc 74314 9295 9315 (02) 172 9649 963 122x 115x 114x 98x 91x

Emerson Electric Co 50389 6636 6673 (06) 217 7066 939 88x 107x 104x 99x 92x

Eaton Corporation plc 45086 7718 7369 47 173 7965 969 142x 135x 133x 122x 109x

Alstom SA 15997 3645 3955 (78) 114 4237 860 57x 66x 65x NA NA

Median (07 ) 172 946 96x 114x 113x 98x 91x

Mid and Small-Cap Equipment and Services

Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x

Hubbell Inc 7252 12315 11700 53 244 12540 982 107x 110x 125x 116x 108x

Valmont Industries Inc 4122 15195 15495 (19) 62 16323 931 73x 71x 76x 83x 75x

Littelfuse Inc 2051 9295 8766 60 246 9946 935 103x 120x 116x 105x 97x

AZZ incorporated 1557 4608 4451 35 195 4964 928 100x 113x 105x 106x 92x

ESCO Technologies Inc 923 3464 3362 30 70 3739 926 169x 130x 114x 108x 102x

Thermon Group Holdings Inc 889 2632 2355 118 290 2906 906 105x 134x 123x 119x 117x

Badger Meter Inc 828 5265 4953 63 182 5696 924 138x 160x 143x 136x 120x

Powell Industries Inc 687 6538 6183 57 266 7075 924 84x 109x 100x 97x 79x

Global Power Equipment Group Inc 287 1616 1653 (22) 02 2098 770 86x 117x 87x 95x 65x

Median 53 236 926 105x 120x 116x 108x 102x


SolarCity Corporation $6976 $7060 $5250 345 NA $8835 799 NM NM NM NM NM

Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x

OPOWER Inc 971 1885 NM NM NM 2600 725 NM NM NM NM NM

Silver Spring Networks Inc 505 1333 1215 97 NA 3382 394 NM NM NM NM 160x

Ameresco Inc 476 703 655 73 (220) 1088 646 178x 219x 211x 137x 127x

EnerNOC Inc 471 1895 1919 (13) 429 2435 778 NM 80x 94x 68x 93x

PowerSecure International Inc 206 974 809 204 (352) 2744 355 171x 161x 135x NM 104x

Echelon Corporation 68 243 259 (62) 152 418 581 NM NM NM NM NM

Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P



General Electric Company $94522 $100149 $100542 $148951 $150075 31 222 $27846 $29238 $28875 $29543 $27773 295 292 287 198 185 291 224

Siemens Aktiengesellschaft 97527 99396 102703 102756 107711 26 24 13405 11457 10292 13823 15540 137 115 100 135 144 118 126

ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144

Schneider Electric SA 29029 31572 32433 34824 36533 57 61 4656 5186 5199 5546 6246 160 164 160 159 171 162 164

Honeywell International Inc 36529 37665 39055 40689 42501 34 43 3531 5082 6490 7543 8193 97 135 166 185 193 133 181

Emerson Electric Co 24222 24412 24669 24804 25933 09 25 4797 4828 4844 4966 5386 198 198 196 200 208 197 201

Eaton Corporation plc 16049 16311 22046 22801 24039 172 44 2203 2350 3307 3643 4142 137 144 150 160 172 144 161

Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184

Valmont Industries Inc 2661 3030 3304 3300 3517 114 32 342 451 563 495 547 128 149 170 150 156 149 159

Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226

AZZ incorporated 381 469 571 763 860 224 227 85 98 129 147 169 223 210 226 193 197 220 205

ESCO Technologies Inc 451 479 490 529 565 43 74 62 65 73 85 91 138 135 149 160 160 141 157

Thermon Group Holdings Inc 241 272 284 284 290 85 10 53 58 71 74 77 219 214 248 262 265 227 258

Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167

Powell Industries Inc 562 717 675 720 834 95 112 28 61 63 70 87 50 86 94 98 104 77 99

Global Power Equipment Group Inc 457 463 484 531 576 30 90 29 29 29 29 42 63 62 60 54 73 62 62

Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178


SolarCity Corporation $60 $127 $164 $293 $480 659 712 ($49) ($70) ($106) ($232) ($139) (821) (553) (650) (791) (290) (675) (577)

Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)

Silver Spring Networks Inc 237 197 327 307 365 174 57 (87) (82) (35) (6) 28 (369) (415) (108) (19) 78 (297) (16)

Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157

PowerSecure International Inc 130 162 270 244 300 442 54 2 9 22 (5) 21 18 58 80 (20) 70 52 43

Echelon Corporation 156 134 86 72 90 (258) 22 (5) (3) (6) (18) (13) (34) (26) (72) (243) (147) (44) (154)

Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance




Large Cap Infrastructure Services

Fluor Corporation $10582 $7690 $7508 24 297 $8393 916 78x 79x 78x 78x 68x

Chicago Bridge amp Iron Company NV 9161 6820 8140 (162) 143 8922 764 112x 112x 94x 80x 72x

Jacobs Engineering Group Inc 7396 5328 5507 (33) (34) 6688 797 86x 98x 100x 95x 75x

URS Corporation 5194 4585 4500 19 (29) 5579 822 66x 70x 75x 72x 70x

KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x

Mid and Small-Cap Infrastructure Services

The Babcock amp Wilcox Company $3404 $3246 $3232 04 81 $3600 902 91x 61x 60x 88x 72x

Foster Wheeler AG 3041 3407 3386 06 569 3493 975 73x 120x 128x 102x 84x

Tutor Perini Corporation 2226 3174 3063 36 755 3211 988 62x 73x 84x 75x 62x

Primoris Services Corporation 1536 2884 2897 (04) 462 3342 863 73x 93x 85x 79x 68x

Granite Construction Incorporated 1278 3598 3552 13 209 4055 887 100x 204x 211x 80x 58x

Great Lakes Dredge amp Dock Corporation 706 799 762 49 22 944 846 114x 102x 106x 76x 62x

Willbros Group Inc 822 1235 1216 16 1011 1369 902 65x 100x 94x 68x 58x

Orion Marine Group Inc 282 1083 1131 (42) (104) 1377 786 127x 143x 121x 90x 63x

Median 10 336 894 82x 101x 100x 79x 62x

Utility Services

Quanta Services Inc $7277 $3458 $3395 19 307 $3742 924 77x 95x 102x 92x 77x

MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x

Dycom Industries Inc 1457 3131 2975 52 353 3400 921 77x 71x 80x 79x 67x

Aegion Corporation 1143 2327 2397 (29) 34 2564 908 101x 104x 101x 80x 71x

Pike Corporation 520 896 893 03 (272) 1336 671 51x 80x 75x 74x 64x

MYR Group Inc 485 2533 2502 12 302 2730 928 47x 53x 55x 56x 52x

Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services

Bilfinger SE $5177 $11401 $11763 (31) 242 $12713 897 78x 84x 83x 67x 61x

EMCOR Group Inc 2952 4453 4452 00 95 4800 928 81x 99x 95x 79x 70x

Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x

Mistras Group Inc 789 2452 2276 77 395 2523 972 94x 107x 129x 111x 91x

Matrix Service Company 853 3279 3265 04 1105 3871 847 70x 89x 113x 109x 86x

Furmanite Corporation 472 1164 1087 71 740 1270 917 82x 120x 135x 111x 83x

Median 02 319 907 82x 103x 120x 110x 85x

Engineering Services

AECOM Technology Corporation $3879 $3220 $3214 02 13 $3524 914 87x 78x 88x 81x 77x

AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x

Stantec Inc 3051 6196 6180 02 471 6782 913 96x 130x 133x 108x 97x

Tetra Tech Inc 1827 2750 2661 33 170 3092 889 131x 137x 150x 79x 72x

Aecon Group Inc 1280 1589 1552 24 544 1758 904 68x 110x 106x 62x 54x

Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P



Fluor Corporation $23381 $27577 $27352 $24827 $27777 82 08 $1187 $946 $1397 $1347 $1541 51 34 51 54 55 45 54

Chicago Bridge amp Iron Company NV 4551 5485 11095 13062 14364 561 138 416 517 934 1160 1275 91 94 84 89 89 90 87

Jacobs Engineering Group Inc 10382 10894 11818 13194 14559 67 110 628 701 766 778 969 61 64 65 59 67 63 63

URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64


The Babcock amp Wilcox Company $2952 $3291 $3269 $2947 $3075 52 (30) $87 $351 $579 $388 $473 29 107 177 132 154 104 154

Foster Wheeler AG 4458 3391 3306 3763 4455 (139) 161 230 271 244 310 373 52 80 74 82 84 68 80

Tutor Perini Corporation 3716 4111 4176 4630 5294 60 126 214 214 260 296 365 57 52 62 64 69 57 65

Primoris Services Corporation 1460 1542 1944 2165 2400 154 111 133 129 177 195 225 91 84 91 90 94 89 92

Granite Construction Incorporated 2010 2083 2267 2593 2971 62 145 146 110 61 159 215 73 53 27 61 72 51 54

Great Lakes Dredge amp Dock Corporation 520 588 731 790 864 186 87 79 70 79 94 116 152 119 108 119 134 126 121

Willbros Group Inc 1376 1929 2019 2183 2292 211 66 37 69 76 123 143 27 36 38 57 62 34 52

Orion Marine Group Inc 260 292 355 396 440 168 114 3 7 21 31 45 11 25 60 77 101 32 80

Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services

Quanta Services Inc $4194 $5920 $6523 $7608 $8435 247 137 $334 $623 $689 $791 $937 80 105 106 104 111 97 107

MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105

Dycom Industries Inc 1036 1201 1609 1817 1930 246 95 105 129 175 188 219 102 108 109 103 113 106 108

Aegion Corporation 926 1017 1091 1365 1443 86 150 88 113 109 142 159 95 111 100 104 110 102 105

Pike Corporation 594 685 919 823 869 244 (27) 48 64 114 70 81 81 94 124 85 93 100 101

MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107

Mistras Group Inc 339 437 529 610 679 250 133 48 60 61 71 85 142 137 116 117 126 132 119

Matrix Service Company 627 739 893 1275 1480 193 288 42 43 51 78 100 67 58 57 61 68 61 62

Furmanite Corporation 316 326 427 555 625 162 210 30 22 36 43 57 95 67 85 77 91 82 84

Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82


AECOM Technology Corporation $8037 $8218 $8153 $7789 $8240 07 05 $480 $438 $456 $478 $490 60 53 56 61 59 56 59

AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes

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 +1 804-648-0072

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

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completeness of such information Harris Williams andor its affiliates may be market makers or specialists in act as advisers or lenders to

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financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions

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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

Copyright copy 2014 Harris Williams amp Co all rights reserved

`-

Page | 2



A summary of interesting industry articles we have come across in the past month

Energy | Wind Biofuels Get Real a Contrarian Says

The New York Times reviews Smaller Faster Lighter Denser Cheaper by Robert Bryce which argues that inefficient energy

sources such as wind and biofuels will not replace cheaper resources such as coal anytime soon Mr Bryce suggests that the

United States should rely on natural gas while developing more sophisticated nuclear infrastructure The New York Times | Instapaper

Oil amp Gas | The Next Shale Revolution

The Economist writes that the United States is blessed with a significant quantity of oil-shale a soft rock that has hydrocarbons

trapped in its pores This shale is not fracked but instead ldquocookedrdquo cheaply and cleanly in order to separate oil and gas The

remaining solid is burned to create steam and drive a generator and the ash can be used to make cement The Economist | Instapaper

Utilities | How Google Could Become Your Next Power Company

Bloomberg writes that Google is on its way to becoming a utility giant Google is already a power generator through more than

$14 billion in clean energy investments and holds a wholesale power license The Companyrsquos acquisition of Nest last month may

well be a ldquoTrojan horserdquo that gives Google a back door into the utility industry Bloomberg | Instapaper

Solar | Solar-as-a-Service is Here to Stay

John Berger in Greentech Media writes that solar service agreements (SSAs) agreements with independent power companies

to provide cheaper electricity than centralized utilities will not be replaced by unsecured loans in personal solar equipment Fees

from loans limited tax benefits and maintenance expenses drive unexpected costs for panel owners Greentech Media | Instapaper

Oil amp Gas | Shale Gas Boom Driving Fear Out of Market

Fuel Fix reports on a recent Goldman Sachs report that argues that rising US shale gas production is driving fear out of the futures

market and will constrain prices for the next two decades Prices were four times more volatile in 2009 than they are today as

production grows for the ninth straight year and new pipelines deliver the fuel to customers Fuel Fix | Instapaper

Utilities | The Economics of Grid Defection

Rocky Mountain Institute released a report regarding the economics of grid defection The study suggests that when solar power

and batteries join forces customers unsubscribe from traditional utility services Centralized utilities will experience significant

revenue decay ultimately leading to the eventual demise of the traditional utility regulatory model Rocky Mountain Institute

Coal | Beginning of the End

Greentech Media writes that the evolution in electricity markets is being driven by a combination of regulatory and technological

changes This has major implications for areas with large coal resources which required huge investments in infrastructure

Coupled with a structural decline in demand the resource that once possessed a long-time cost advantage over alternative

electricity sources is slowly eroding Greentech Media | Instapaper

Oil amp Gas | Fracking and Earthquakes

Fuel Fix reports that residents in Oklahoma have been shaken by an upsurge in earthquakes Earthquakes used to be unheard of

in the region and residents suspect that they earthquakes may be connected to oil amp gas wastewater wells Fuel Fix | Instapaper

Solar | Rooftop Solar Leases Scaring Buyers

Bloomberg reports that although leasing solar panels requires no down payment for expensive equipment home buyers are

deterred by long term commitments to solar leases Buyers who purchase houses with leased solar equipment must not only

assume the incumbent lease but must also be credit-checked and approved by the solar provider Bloomberg | Instapaper

`-

Page | 3


MampA TRANSACTIONS




and drives

Regal Beloit


end markets

MasTec



Trinity Industries




services operations

CJ Energy Services


industry

SNC-Lavalin


Canada




facilities



equipment



Select Assets


Equipment


Services



Ion Geophysical







RLJ Equity Partners


production industry

Mistras Group


America

CIVC Partners


Services



The Halifax Group



Business



Enerflex

`-

Page | 4


PUBLIC MARKETS





67x

69x

74x

80x

99x

114x

117x

126x

128x

OCTG

Offshore Drillers

Land Drillers

EampC

Logistics

Distribution

Large Cap Service

Equipment

Small Cap Service

37x

47x

49x

69x

69x

76x

81x

87x

109x

OCTG

Small Cap Service

Distribution

Land Drillers

Offshore Drillers

EampC

Logistics

Large Cap Service

Equipment

21

40

52

70

87

107

116

185

201

OCTG

Distribution

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

27

58

74

78

83

103

136

144

163

OCTG

Equipment

EampC

Distribution

Large Cap Service

Land Drillers

Offshore Drillers

Small Cap Service

Logistics

71

115

189

205

208

229

319

321

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

77

112

191

205

208

221

325

353

428

Distribution

EampC

OCTG

Small Cap Service

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

`-

Page | 5







113x

116x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

98x

108x

113x

Large Cap

Mid and Small-Cap

EE and Cleantech

39

94

214

Large Cap

Mid and Small-Cap

EE and Cleantech

58

87

164

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(73)

161

178

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6







79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 3


MampA TRANSACTIONS




and drives

Regal Beloit


end markets

MasTec



Trinity Industries




services operations

CJ Energy Services


industry

SNC-Lavalin


Canada




facilities



equipment



Select Assets


Equipment


Services



Ion Geophysical







RLJ Equity Partners


production industry

Mistras Group


America

CIVC Partners


Services



The Halifax Group



Business



Enerflex

`-

Page | 4


PUBLIC MARKETS





67x

69x

74x

80x

99x

114x

117x

126x

128x

OCTG

Offshore Drillers

Land Drillers

EampC

Logistics

Distribution

Large Cap Service

Equipment

Small Cap Service

37x

47x

49x

69x

69x

76x

81x

87x

109x

OCTG

Small Cap Service

Distribution

Land Drillers

Offshore Drillers

EampC

Logistics

Large Cap Service

Equipment

21

40

52

70

87

107

116

185

201

OCTG

Distribution

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

27

58

74

78

83

103

136

144

163

OCTG

Equipment

EampC

Distribution

Large Cap Service

Land Drillers

Offshore Drillers

Small Cap Service

Logistics

71

115

189

205

208

229

319

321

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

77

112

191

205

208

221

325

353

428

Distribution

EampC

OCTG

Small Cap Service

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

`-

Page | 5







113x

116x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

98x

108x

113x

Large Cap

Mid and Small-Cap

EE and Cleantech

39

94

214

Large Cap

Mid and Small-Cap

EE and Cleantech

58

87

164

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(73)

161

178

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6







79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 4


PUBLIC MARKETS





67x

69x

74x

80x

99x

114x

117x

126x

128x

OCTG

Offshore Drillers

Land Drillers

EampC

Logistics

Distribution

Large Cap Service

Equipment

Small Cap Service

37x

47x

49x

69x

69x

76x

81x

87x

109x

OCTG

Small Cap Service

Distribution

Land Drillers

Offshore Drillers

EampC

Logistics

Large Cap Service

Equipment

21

40

52

70

87

107

116

185

201

OCTG

Distribution

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

27

58

74

78

83

103

136

144

163

OCTG

Equipment

EampC

Distribution

Large Cap Service

Land Drillers

Offshore Drillers

Small Cap Service

Logistics

71

115

189

205

208

229

319

321

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

77

112

191

205

208

221

325

353

428

Distribution

EampC

OCTG

Small Cap Service

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

`-

Page | 5







113x

116x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

98x

108x

113x

Large Cap

Mid and Small-Cap

EE and Cleantech

39

94

214

Large Cap

Mid and Small-Cap

EE and Cleantech

58

87

164

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(73)

161

178

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6







79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 5







113x

116x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

98x

108x

113x

Large Cap

Mid and Small-Cap

EE and Cleantech

39

94

214

Large Cap

Mid and Small-Cap

EE and Cleantech

58

87

164

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(73)

161

178

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6







79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 6







79x

94x

100x

114x

120x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

77x

78x

79x

81x

110x

Utility Services

Large Cap

Mid and Small-Cap

Engineering Svc

Industrial Services

69

94

135

151

189

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

45

46

80

97

134

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

63

70

81

83

96

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

64

82

87

91

103

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices


(Indexed to 100)

Price Change From



Crude Oil ($ per bbl) 10537 10271 9799 26 75

Coal (CAPP) ($ per ton) 6175 6088 5528 14 117

25

50

75

100

125

150

175

62813 92813 122813 32814 62814


`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 8



Rig Counts3




0

500

1000

1500

2000

2500

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

400

500

600

700

800

900

1000

1100

1200

1300

1400

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

46

40

56

112

47

71

-

100

93

131

273

333

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

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

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14


Vertical

`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

Permian

Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

3

11

18

19

19

21

39

41

Others

Haynesville

Ardmore Woodford

Barnett

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

(6)

(2)

0

0

0

10

20

250

Others

Cana Woodford

Eagle Ford

Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 9






389

0

0

0

2

5

8

20

25

41

43

58

73

178

209

548

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

Gulf of Mexico

DJ-Niobrara

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

91

0

0

1

4

5

6

6

9

13

14

17

17

23

41

80

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Eagle Ford

Arkoma Woodford

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Fayetteville

Gulf of Mexico

Granite Wash

DJ-Niobrara

Barnett

Utica

Haynesville

Marcellus

21

(100)

(50)

(50)

(4)

0

0

0

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Barnett

Williston

Arkoma Woodford

Fayetteville

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Utica

Cana Woodford

Permian

Granite Wash

DJ-Niobrara

Gulf of Mexico

(18)

(93)

(80)

(56)

(33)

(32)

(11)

(6)

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0

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Cana Woodford

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Mississippian

Permian

Gulf of Mexico

DJ-Niobrara

Marcellus

Barnett

Haynesville

Williston

Ardmore Woodford

Fayetteville

Utica

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

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(61)

(52)

(47)

(35)

(30)

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(16)

(10)

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Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

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Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 10



Well Counts3



8534

9011 9075 9083

8853

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

47

50

51

49

50

5353

54

51

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

(7)

(61)

(52)

(47)

(35)

(30)

(22)

(16)

(10)

(2)

(1)

3

9

17

23

Others

Eagle Ford

Marcellus

Barnett

Ardmore Woodford

Williston

Mississippian

Granite Wash

Utica

Fayetteville

Arkoma Woodford

Haynesville

DJ-Niobrara

Cana Woodford

Permian

20

(116)

(30)

(29)

(18)

(12)

(9)

1

11

12

43

49

66

125

206

Others

Barnett

Fayetteville

Utica

Ardmore Woodford

Haynesville

Granite Wash

DJ-Niobrara

Arkoma Woodford

Cana Woodford

Mississippian

Marcellus

Eagle Ford

Williston

Permian

`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 11


OUR GROUP




Energy



Power



Distribution




Infrastructure







Tanglewood



















`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























`-

Page | 12



Key Contacts


Energy amp Power






















Energy Technology



+1 (617) 482-7501



+44 (0) 20 7518 8900



+49 (69) 3650638 00




24th Floor


Fax +1 (617) 482-7503

Cleveland



Phone +1 (216) 689-2400

Fax +1 (216) 689-2401

Minneapolis



Phone +1 (612) 359-2700

Fax +1 (612) 359-2701


21st Floor


Fax +1 (267) 675-5901


1001 Haxall Point


Phone +1 (804) 648-0072

Fax +1 (804) 648-0073

San Francisco



Phone +1 (415) 288-4260

Fax +1 (415) 288-4269


60325 Frankfurt

Germany Phone +49 069 3650638 00

Fax +49 069 3650638 01

London

63 Brook Street


Fax +44 (0) 20 7526 2187

Network Offices

Beijing

Hong Kong

Mumbai

New Delhi

Perth

Shanghai

Sydney

Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 13


PUBLIC COMPARABLES

Stock Performance




Large Cap Service





Median 79 662 994 77x 92x 117x 87x 73x

Equipment









Median 55 102 959 117x 115x 126x 109x 92x












Median 92 465 960 75x 86x 128x 47x 59x

OCTG

Tenaris SA $26663 $2355 $2239 52 175 $2526 932 84x 91x 96x 46x 83x


OAO TMK 5803 970 935 38 (157) 1416 685 66x 68x 67x 32x 56x

Median 38 (114 ) 685 82x 82x 67x 37x 63x

Distribution


Median (17 ) 24 865 81x 111x 114x 49x 86x


Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 14




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $121141 $132655 87 83 $22408 $23143 $23750 $29011 $33968 238 217 211 239 256 208 221

Equipment






Dril-Quip Inc 601 733 872 963 1144 204 145 157 188 253 301 371 262 256 290 312 324 269 309



Total $35054 $44993 $51221 $52472 $55454 185 58 $7129 $8647 $9134 $9750 $11100 203 192 178 186 200 205 208












Total $13106 $17008 $16098 $17872 $20143 107 144 $3504 $3839 $2970 $3569 $4606 267 226 184 200 229 229 205

OCTG

Tenaris SA $9972 $10834 $10597 $10596 $11566 31 45 $2400 $2847 $2764 $2842 $3186 241 263 261 268 275 255 268

Vallourec SA 6880 7022 7682 $7546 $7990 57 20 1222 1088 1215 1138 1306 178 155 158 151 163 164 157

OAO TMK 6754 6688 6432 $6284 $6658 (24) 17 1017 1006 929 912 1002 151 150 144 145 150 148 147

Total $23606 $24544 $24711 $24426 $26215 21 27 $4639 $4941 $4908 $4891 $5494 197 201 199 200 210 189 191

Distribution

MRC Global Inc $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Total $4832 $5571 $5231 $5680 $6078 40 78 $262 $475 $388 $429 $489 54 85 74 76 80 71 77

Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 15



Stock Performance




Logistics




ATCO Ltd 14026 4849 4764 18 178 5174 937 75x 81x 88x 79x 72x


Median 37 02 888 106x 107x 99x 81x 72x

Offshore Drillers






Noble Corp 14871 3356 3146 67 (107) 4160 807 87x 78x 69x 62x 57x

Ensco plc 17575 5557 5266 55 (44) 6244 890 80x 76x 75x 75x 69x

Median 55 (63 ) 808 80x 76x 69x 69x 57x

Land Drillers






Median 93 859 984 48x 51x 74x 69x 59x


Technip SA $11456 $10937 $10744 18 78 12662 864 83x 76x 83x 76x 60x

Saipem SpA 19534 2697 2608 34 661 2875 938 106x 174x 229x 99x 78x

Subsea 7 SA 6564 1865 1998 (66) 68 2161 863 75x 85x 78x 48x 45x



Median 18 78 864 83x 80x 80x 76x 60x


Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 16




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

Tidewater Inc $1051 $1060 $1230 $1426 $1616 82 146 $271 $265 $352 $418 $526 258 250 286 293 326 265 302



ATCO Ltd 3926 4025 4103 4541 4875 22 90 1469 1550 1594 1774 1907 374 385 388 391 391 383 390


Total $6805 $7137 $7680 $8830 $9817 116 163 $2245 $2373 $2653 $3039 $3503 330 333 345 344 357 321 353

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9012 $9002 107 (04) $2515 $3522 $3512 $3545 $3324 340 401 387 393 369 376 383





Noble Corp 2616 3431 4122 5024 5490 255 154 1128 1537 1980 2380 2576 431 448 480 474 469 453 474

Ensco plc 2798 4301 4920 4989 5494 326 57 1150 2097 2348 2353 2572 411 488 477 472 468 459 472

Total $18226 $22208 $24411 $26052 $28690 201 136 $7338 $9569 $10453 $11071 $12237 403 431 428 425 427 424 428

Land Drillers






Total $13743 $15671 $15113 $16540 $18256 70 103 $4563 $4960 $4825 $5301 $6249 332 317 319 321 342 319 325


Technip SA $8851 $10817 $12857 $14052 $15732 205 106 $1093 $1321 $1431 $1494 $1920 123 122 111 106 122 119 113

Saipem SpA 16360 17304 16878 17186 17583 16 21 2766 2567 949 1965 2517 169 148 56 114 143 125 105

Subsea 7 SA 5055 6297 6297 6854 6955 116 51 816 1044 825 1364 1463 161 166 131 199 210 153 180



Total $39512 $44299 $45020 $47406 $51372 52 74 $5769 $6196 $3961 $5905 $7468 146 140 88 125 145 115 112

Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 17



Stock Performance







ABB Ltd 55283 2302 2379 (32) 62 2796 823 94x 114x 101x 93x 83x






Median (07 ) 172 946 96x 114x 113x 98x 91x


Ametek Inc $13967 $5228 $5308 (15) 236 $6205 843 129x 149x 145x 135x 126x










Median 53 236 926 105x 120x 116x 108x 102x



Itron Inc 1818 4055 3845 55 (44) 4609 880 105x 111x 100x 113x 95x







Median 73 (44 ) 686 171x 136x 117x 113x 104x


Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 18




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P





ABB Ltd 37990 39336 41848 41504 42910 50 13 5538 5259 5636 5906 6653 146 134 135 142 155 138 144





Alstom SA 29672 26573 25971 27575 27689 (64) 33 3009 2534 2359 2456 2400 101 95 91 0 0 96 89

Total $365540 $375415 $389266 $443904 $457391 39 58 $64986 $65934 $67001 $73427 $76333 178 176 172 165 167 160 161


Ametek Inc $2990 $3334 $3594 $3981 $4195 96 80 $722 $851 $934 $1047 $1107 242 255 260 263 264 252 262

Hubbell Inc 2872 3044 3184 3374 3577 53 60 487 535 574 622 671 170 176 180 184 188 175 184


Littelfuse Inc 665 668 758 860 916 68 100 154 141 168 192 214 231 211 221 223 234 221 226




Badger Meter Inc 263 320 334 363 391 127 82 37 57 53 62 68 141 177 158 169 175 158 167



Total $11543 $12796 $13678 $14705 $15720 94 87 $1999 $2345 $2656 $2823 $3072 173 183 194 192 195 168 178



Itron Inc 2434 2178 1949 1915 1997 (105) 12 315 265 173 164 191 129 122 89 85 95 113 90

OPOWER Inc 29 52 89 118 145 757 279 (21) (11) (12) (29) (27) (719) (218) (131) (245) (184) (356) (187)


Ameresco Inc 728 631 574 567 595 (112) 18 65 49 27 35 37 89 78 47 61 63 71 57

EnerNOC Inc 287 278 383 461 514 157 158 10 3 51 73 93 36 10 132 158 180 59 157



Total $4061 $3759 $3842 $3978 $4487 214 164 $230 $160 $113 ($18) $191 57 43 29 (04) 43 (134) (73)

Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 19



Stock Performance









KBR Inc 2451 2385 2429 (18) (266) 3670 650 107x 164x 213x 78x 52x

Median (18 ) (29 ) 797 86x 98x 94x 78x 70x










Median 10 336 894 82x 101x 100x 79x 62x

Utility Services


MasTec Inc 3280 3082 3600 (144) (63) 4480 688 83x 78x 78x 70x 59x





Median 08 168 914 77x 79x 79x 77x 66x

Industrial Services



Team Inc 888 4102 4192 (21) 84 4809 853 113x 134x 127x 116x 91x




Median 02 319 907 82x 103x 120x 110x 85x



AMEC plc 5995 2078 2025 26 361 2174 956 85x 101x 114x 95x 82x




Median 24 361 913 87x 110x 114x 81x 77x


Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 20




2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






URS Corporation 9545 10973 10991 10848 11093 73 05 619 828 761 728 741 65 75 69 67 67 70 68

KBR Inc 9103 7770 7214 6656 6792 (110) (30) 497 361 237 316 466 55 46 33 47 69 45 50

Total $56962 $62699 $68469 $68587 $74586 135 46 $3348 $3354 $4096 $4329 $4992 59 53 60 63 67 63 64










Total $16753 $17228 $18067 $19469 $21792 94 97 $929 $1221 $1498 $1597 $1955 55 71 83 82 90 70 87

Utility Services


MasTec Inc 2831 3727 4325 4567 5011 236 76 241 331 429 474 558 85 89 99 104 111 91 105




MYR Group Inc 780 999 903 940 987 76 46 48 80 88 86 95 61 80 97 91 96 79 95

Total $10361 $13549 $15369 $17120 $18675 189 80 $864 $1340 $1602 $1750 $2049 83 99 104 102 110 96 103

Industrial Services

Bilfinger SE $10664 $11001 $11588 $11644 $12407 42 35 $455 $600 $624 $796 $873 43 55 54 68 70 50 64

EMCOR Group Inc 5613 6347 6417 6767 7161 69 56 272 305 286 372 426 48 48 45 55 59 47 53

Team Inc 508 624 714 749 842 186 86 57 74 74 78 97 112 118 104 103 115 111 107




Total $18067 $19474 $20569 $21601 $23194 151 134 $904 $1103 $1133 $1437 $1638 50 57 55 67 71 81 82



AMEC plc 5076 6644 6583 7154 7622 139 76 455 509 527 621 689 90 77 80 87 90 82 86

Stantec Inc 1356 1559 1725 1966 2172 128 122 196 216 233 283 313 144 139 135 144 144 139 141

Tetra Tech Inc 1792 2022 2025 1975 2097 63 18 200 208 136 231 255 111 103 67 117 122 94 102

Aecon Group Inc 2849 2897 2888 2788 2907 07 03 133 122 115 208 247 47 42 40 74 85 43 66

Total $19110 $21340 $21375 $21673 $23038 69 45 $1463 $1492 $1467 $1821 $1993 77 70 69 84 87 83 91

Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























Page | 21


SOURCES

1 Capital IQ

2 MergerMarket

3 Baker Hughes




services


























harris williams & co. e&c 1.8% 7.8% 8.3x 8.0x 8.0x 7.6x 6 ...€¦ · enerflex has...

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