harris williams & co. e&c (2.3%) (6.2%) 8.1x 8.6x 8.3x 7.4x ......large cap service 0.7%...

`-

Page | 1

Energy & Power Industry Update | June 2014 Harris Williams & Co.

SUMMARY

M&A | Select Recent Activity

ShawCor has agreed to acquire Desert NDT, a portfolio company of Sterling Partners for $260

million. The Company is a provider of integrity management, ultrasonic testing, and inspection

services for the oil & gas industry. Source | Instapaper

Serva Group, a portfolio company of Wexford, has been acquired by American Industrial Partners.

SERVA is a leading designer and manufacturer of fracking equipment, coiled tubing equipment, and

well intervention and workover equipment. Source | Instapaper

Ecova has agreed to be acquired by Cofely USA, a subsidiary of GDF Suez. Ecova is a provider of

technology-enabled energy and sustainability management solutions to commercial, industrial, and

utility clients in North America. Source | Instapaper

UniversalPegasus, a portfolio company of KRG Capital Partners, has agreed to be acquired by

Huntington Ingalls Industries. UniversalPegasus is a provider of project management, engineering,

and construction management services for the energy industry in the United States. Source | Instapaper

Reliance Industrial Products has been acquired by Applied Industrial Technologies for $189 million.

Reliance manufactures hydraulic products, industrial hoses, industrial fittings, and other oilfield

products. Source | Instapaper

Public Markets | Key Trading Statistics

Stock Price % Change TEV / EBITDA

1 Month 12 Month May-13 Nov-13 Current 2014E 2015P

Energy Services and Equipment

Large Cap Service 0.7% 46.6% 7.8x 8.9x 10.4x 8.0x 6.7x

Equipment (1.4%) 2.9% 12.1x 11.6x 11.7x 10.4x 8.7x

Small-Cap Service 0.3% 28.6% 6.9x 8.5x 11.2x 4.5x 6.0x

OCTG (1.5%) (5.2%) 8.9x 8.4x 7.8x 3.5x 6.2x

Distribution (1.5%) (14.0%) 9.4x 9.5x 10.8x 5.0x 8.8x

Logistics (1.0%) (2.6%) 10.6x 11.3x 9.7x 8.0x 7.3x

Offshore Drillers (2.3%) (19.7%) 8.7x 8.1x 6.7x 6.6x 5.3x

Land Drillers 2.3% 55.7% 4.8x 5.1x 6.8x 6.7x 5.7x

E&C (2.3%) (6.2%) 8.1x 8.6x 8.3x 7.4x 5.6x

Power Services and Equipment

Large Cap PS&E 0.1% 14.3% 9.9x 11.5x 11.3x 9.9x 9.2x

Small-Cap PS&E (0.7%) 16.6% 10.3x 12.3x 11.4x 10.7x 10.1x

EE and Cleantech (6.2%) (6.9%) 12.9x 14.4x 9.5x 11.0x 9.7x

Industrial & Infrastructure Services

Large Cap (4.0%) (3.2%) 9.0x 9.9x 7.4x 7.5x 6.8x

Small-Cap (2.4%) 23.8% 8.7x 10.5x 9.7x 7.5x 6.3x

Utility Services (2.5%) 20.6% 8.1x 7.6x 8.4x 7.6x 6.6x

Industrial Services 1.5% 14.8% 9.7x 10.2x 12.4x 10.2x 8.0x

Engineering Services (5.2%) 23.8% 9.0x 10.5x 10.9x 8.0x 7.6x

TEV / LTM EBITDA as of

CONTENTS

WHAT WE’RE READING

M&A TRANSACTIONS

PUBLIC MARKETS

INDUSTRY STATISTICS

PUBLIC COMPARABLES

CONTACTS

United States

Andrew Spitzer | Managing Director

[email protected]

+1 (804) 915-0174

Tiff Armstrong | Managing Director

[email protected]

+1 (804) 915-0176

Brian Lucas | Managing Director

[email protected]

+1 (804) 932-1323

Matthew White | Director

[email protected]

+1 (804) 915-0131

Luke Semple | Vice President

[email protected]

+1 (804) 915-0158

Chris Burnham | Vice President

[email protected]

+1 (804) 915-0142

Europe

Julien Darmon | Managing Director

[email protected] +44 (0) 20 7518 8900

Jeffery Perkins | Managing Director

[email protected] +49 (69) 3650638 00

http://investors.shawcor.com/file.aspx?IID=4313817&FID=23552468

http://www.instapaper.com/hello2?url=http://investors.shawcor.com/file.aspx?IID=4313817&FID=23552468

http://www.americanindustrial.com/aboutaip/pressrel/newsdetail?id=28

http://www.instapaper.com/hello2?url=http://www.americanindustrial.com/aboutaip/pressrel/newsdetail?id=28

http://www.gdfsuez.com/en/journalists/press-releases/gdf-suez-cofely-acquires-ecova-energy-efficiency-business/

http://www.instapaper.com/hello2?url=http://www.gdfsuez.com/en/journalists/press-releases/gdf-suez-cofely-acquires-ecova-energy-efficiency-business/

http://newsroom.huntingtoningalls.com/News-Releases/Huntington-Ingalls-Industries-to-Acquire-UniversalPegasus-International-3d2.aspx

http://www.instapaper.com/hello2?url=http://newsroom.huntingtoningalls.com/News-Releases/Huntington-Ingalls-Industries-to-Acquire-UniversalPegasus-International-3d2.aspx

http://ir.applied.com/phoenix.zhtml?c=97733&p=irol-newsArticle&ID=1924730&highlight=

http://www.instapaper.com/hello2?url=http://ir.applied.com/phoenix.zhtml?c=97733&p=irol-newsArticle&ID=1924730&highlight=

mailto:[email protected]

`-

Page | 2


WHAT WE’RE READING

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

Transmission & Distribution | Gas Blasts Inevitable

The Wall Street Journal reports that over 30,000 miles of aging cast-iron and wrought-iron pipeline are exposed to cracks and

leaks, inevitably leading to explosions. The US Transportation Department has urged gas companies to replace the decrepit pipe,

however it could take until 2050 to complete all necessary upgrades. The Wall Street Journal | Instapaper

Utilities | New Utility Business Proposition

Forbes writes that the utility business model as it stands must adapt or will soon become extinct. Onsite generation, such as

rooftop solar panels, is being driven by falling input costs and favorable credit markets. Estimates show that some states will be

able to undercut utility retail rates by 2024. Forbes | Instapaper

Energy | Putting Drones to Work

The New York Times reports that drones are now serving a potentially lucrative new market: the energy industry. Drones are now

monitoring power lines, inspecting oil & gas pipelines, and checking wind turbines for defects. These tools minimize operator

risk by automating potentially dangerous tasks with precision and accuracy. The New York Times | Instapaper

Downstream | Underestimating America’s Fracking Boom

The Wall Street Journal writes that Sasol, a South African energy and petrochemicals company, is building a 3,034-acre energy

complex in Lake Charles, LA. The Company is tapping into cheap, fracked natural gas as well as the pipeline and shipping

infrastructure along the Gulf Coast. Sasol’s development is just one of 66 projects, totaling a combined $90 billion in downstream

spending over the next five years. The Wall Street Journal | Instapaper

Utilities | New York Launches Major Regulatory Reform

Greentech Media reports that New York is challenging utilities to meet the needs of a more distributed, consumer-focused energy

system. In his proposal, the governor has outlined five objectives of the initiative: increased costumer knowledge, leverage

ratepayer contributions, system-wide efficiency, fuel & resource diversity, and system reliability. Greentech Media | Instapaper

Oil & Gas | Fracking with a “K”

The Fuel Fix writes Merriam-Webster’s Collegiate Dictionary has ended the debate on the shorthand spelling of “hydraulic

fracturing” by spelling “fracking” with a “k.” Some industry veterans have insisted the correct spelling is “fracing,” “fraccing,”

or “frac’ing.” Fuel Fix | Instapaper

Oil & Gas | Safety in the Oilfield

Bloomberg reports that the NIOSH is actively investigating deaths among oilfield workers in North Dakota and Montana. Reports

indicate that the workers were exposed to high levels of volatile hydrocarbons during the hydraulic fracturing process and may

have come in contact with chemicals used in fracking fluids. Bloomberg | Instapaper

Coal | US Coal Finds a Home in Europe

The Wall Street Journal writes although coal faces increased regulatory scrutiny at home, America’s dirty and unwanted resource

is being embraced by the European Union. Russia is currently the leading provider of coal to the EU, however, the US could

increase its market share if political tensions with Moscow disrupt Russian shipments. Wall Street Journal | Instapaper

Energy Efficiency | Securitization of Energy Efficiency

Greentech Media reports on Connecticut’s green bank, CEFIA, and its decision to securitize commercial efficiency assets. This

transaction represents an opportunity that will unlock institutional capital for energy efficiency. Greentech Media | Instapaper

http://online.wsj.com/news/articles/SB20001424052702303948104579537540826635808?tesla=y&mg=reno64-wsj&cb=logged0.7305877709295601

http://www.instapaper.com/hello2?url=http://online.wsj.com/news/articles/SB20001424052702303948104579537540826635808?tesla=y&mg=reno64-wsj&cb=logged0.7305877709295601

http://www.forbes.com/sites/kensilverstein/2014/04/19/onsite-generation-can-utilities-rethink-their-business-proposition/

http://www.instapaper.com/hello2?url=http://www.forbes.com/sites/kensilverstein/2014/04/19/onsite-generation-can-utilities-rethink-their-business-proposition/

http://mobile.nytimes.com/2014/04/22/business/energy-environment/drones-are-becoming-energys-new-roustabouts.html?partner=rss&emc=rss&_r=0&referrer=

http://www.instapaper.com/hello2?url=http://mobile.nytimes.com/2014/04/22/business/energy-environment/drones-are-becoming-energys-new-roustabouts.html?partner=rss&emc=rss&_r=0&referrer=

http://online.wsj.com/articles/are-we-underestimating-americas-fracking-boom-1401234486?tesla=y&mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052702304811904579587673420436230.html

http://www.instapaper.com/hello2?url=http://online.wsj.com/articles/are-we-underestimating-americas-fracking-boom-1401234486?tesla=y&mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052702304811904579587673420436230.html

http://www.greentechmedia.com/articles/read/new-york-launches-major-regulatory-reform-for-utilities

http://www.instapaper.com/hello2?url=http://www.greentechmedia.com/articles/read/new-york-launches-major-regulatory-reform-for-utilities

http://fuelfix.com/blog/2014/05/20/merriam-webster-says-fracking-with-a-k/

http://www.instapaper.com/hello2?url=http://fuelfix.com/blog/2014/05/20/merriam-webster-says-fracking-with-a-k/

http://about.bnef.com/bnef-news/oilfield-deaths-spur-safety-agency-to-study-fracking/?utm_source=feedly&utm_reader=feedly&utm_medium=rss&utm_campaign=oilfield-deaths-spur-safety-agency-to-study-fracking

http://www.instapaper.com/hello2?url=http://about.bnef.com/bnef-news/oilfield-deaths-spur-safety-agency-to-study-fracking/?utm_source=feedly&utm_reader=feedly&utm_medium=rss&utm_campaign=oilfield-deaths-spur-safety-agency-to-study-fracking

http://online.wsj.com/news/article_email/SB10001424052702303417104579543814192542586-lMyQjAxMTA0MDAwNjEwNDYyWj?cb=logged0.5806406664196402

http://www.instapaper.com/hello2?url=http://online.wsj.com/news/article_email/SB10001424052702303417104579543814192542586-lMyQjAxMTA0MDAwNjEwNDYyWj?cb=logged0.5806406664196402

http://www.greentechmedia.com/articles/read/the-first-known-commercial-efficiency-securitization

http://www.instapaper.com/hello2?url=http://www.greentechmedia.com/articles/read/the-first-known-commercial-efficiency-securitization

`-

Page | 3


M&A TRANSACTIONS

Recent M&A Transactions1,2

Date Target Business Description Acquirer

5/29/2014 Ecova, Inc. US based provider of energy and sustainability management solutions. Cofely USA

5/29/2014 MSD Engineering US based provider of valves for the oil & gas, petrochemical, and pharmaceutical

industries.

MRC Global

5/27/2014 Knox Oilfield Supply US based provider of down-hole pumps, rods, valves, and other oilfield equipment. Applied Industrial Technologies

5/27/2014 Hypteck AS US based provider of instruments for pressure, temperature, level, and flow measurement

applications.

MRC Global

5/21/2014 Hi-Line Utility Supply Company US based provider of tools and equipment for the construction and maintenance

industries.

WESCO Distribution

5/20/2014 Management Resources Group US based provider of plant and other asset management solutions internationally. Emerson Electric Co.

5/16/2014 UniversalPegasus US based provider of engineering & construction management services for the energy

industry.

Huntington Ingalls Industries

5/15/2014 Wellsite Rental Services US based provider of rental equipment for the drilling and production sectors of the oil &

gas industry.

NGP Energy Technology

Partners

5/14/2014 Serva Group US based provider of fracking equipment, coiled tubing equipment, and well intervention

and workover equipment.

American Industrial Partners

5/13/2014 MEGTEC Systems US based manufacturer of batteries and other industrial equipment for various process

industries.

Babcock & Wilcox Power

Generation Group

5/13/2014 Oaks Disposal Services US based owner and operator of a special waste landfill that accepts solid waste

primarily related to the production of oil & gas.

Buckhorn Energy Services

5/13/2014 Select Assets, Brine and Fesh

Water Stations

Select salt water disposal wells, brine stations, and fresh water wells in Texas. Buckhorn Energy Services

5/12/2014 Integrated Global Services US based provider of surface protection solutions for a various of industrial end markets. Industrial Growth Partners

5/8/2014 Desert NDT US based provider of nondestructive testing services for the oil & gas industry. ShawCor Ltd.

5/7/2014 Three Amigos Rentals US based provider of water containment systems for drilling and fracking activities in the

Permian Basin.

Extreme Plastics Plus

5/7/2014 Wayne, a GE Business US based provider of fuel dispensers and forecourt technologies. Riverstone Holdings

5/6/2014 R.B. Hinkle Construction US based provider of underground utility installation services in Virginia, Maryland, and

Washington, DC.

PLH Group

5/1/2014 Reliance Industrial Products Canada based manufacturer of hose assemblies for the oil & gas industry. Applied Industrial Technologies

`-

Page | 4


PUBLIC MARKETS

Energy Equipment and Services

TEV / LTM EBITDA TEV / 2014E EBITDA

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

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

6.7x

6.8x

7.8x

8.3x

9.7x

10.4x

10.8x

11.2x

11.7x

Offshore Drillers

Land Drillers

OCTG

E&C

Logistics

Large Cap Service

Distribution

Small Cap Service

Equipment

3.5x

4.5x

5.0x

6.6x

6.7x

7.4x

8.0x

8.0x

10.4x

OCTG

Small Cap Service

Distribution

Offshore Drillers

Land Drillers

E&C

Large Cap Service

Logistics

Equipment

1.1%

3.9%

4.0%

7.5%

8.7%

11.4%

12.1%

18.5%

20.1%

OCTG

E&C

Distribution

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

4.6%

7.3%

7.8%

8.2%

8.8%

9.4%

12.5%

14.5%

16.6%

OCTG

Distribution

E&C

Large Cap Service

Land Drillers

Equipment

Small Cap Service

Offshore Drillers

Logistics

7.1%

11.5%

18.9%

20.5%

20.8%

22.9%

31.9%

32.1%

42.4%

Distribution

E&C

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

7.7%

11.6%

19.6%

20.7%

21.1%

22.0%

32.0%

35.7%

43.2%

Distribution

E&C

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 – 2013) Average EBITDA Margin (2012 – 2014E)

9.5x

11.3x

11.4x

EE and Cleantech

Large Cap

Mid and Small-Cap

9.9x

10.7x

11.0x

Large Cap

Mid and Small-Cap

EE and Cleantech

4.1%

9.4%

21.4%

Large Cap

Mid and Small-Cap

EE and Cleantech

5.7%

8.7%

18.4%

Large Cap

Mid and Small-Cap

EE and Cleantech

(13.4%)

16.0%

16.8%

EE and Cleantech

Large Cap

Mid and Small-Cap

(3.7%)

16.2%

17.9%

EE and Cleantech

Large Cap

Mid and Small-Cap

`-

Page | 6


PUBLIC MARKETS (continued)

Infrastructure Services

TEV / LTM EBITDA TEV / 2014E EBITDA


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

7.4x

8.4x

9.7x

10.9x

12.4x

Large Cap

Utility Services

Mid and Small-Cap

Engineering Svc

Industrial Services

7.5x

7.5x

7.6x

8.0x

10.2x

Large Cap

Mid and Small-Cap

Utility Services

Engineering Svc

Industrial Services

7.1%

9.4%

13.5%

14.6%

18.9%

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

5.4%

6.8%

7.8%

9.8%

13.3%

Engineering Svc

Large Cap

Utility Services

Mid and Small-Cap

Industrial Services

6.4%

7.0%

8.1%

8.3%

9.6%

Large Cap

Mid and Small-Cap

Industrial Services

Engineering Svc

Utility Services

6.8%

8.2%

8.8%

9.0%

10.5%

Large Cap

Industrial Services

Mid and Small-Cap

Engineering Svc

Utility Services

`-

Page | 7


INDUSTRY STATISTICS

Commodity Prices

Commodity Prices – Trailing Twelve Months

(Indexed to 100%)

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $4.62 $4.80 $4.22 (3.8%) 9.3%

Crude Oil ($ per bbl) 102.72 100.84 95.01 1.9% 8.1%

Coal (CAPP) ($ per ton) 61.63 62.28 61.23 (1.0%) 0.7%

25%

50%

75%

100%

125%

150%

5/28/13 8/28/13 11/28/13 2/28/14 5/31/14

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

`-

Page | 8


INDUSTRY STATISTICS (continued)

Rig Counts3

U.S. Rig Counts International Rig Counts

International Rig Count by Country

U.S. Oil vs. Gas Rig Count U.S. Horizontal/Directional vs. Vertical Rig Count

0

500

1,000

1,500

2,000

2,500

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

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

50

40

58

119

46

66

-

96

93

133

272

337

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

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

Oil

Gas

0

200

400

600

800

1,000

1,200

1,400

1,600

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

Horizontal / Directional

Vertical

`-

Page | 9



Rig Counts3 (continued)

U.S. Oil Rig Count by Region U.S. Gas Rig Count by Region

% YTD Change in U.S. Oil Rig Count by Region % YTD Change in U.S. Gas Rig Count by Region

383

0

0

0

2

5

12

19

23

37

44

47

71

183

206

540

Others

Arkoma Woodford

Fayetteville

Haynesville

Marcellus

Ardmore Woodford

Barnett

Utica

Cana Woodford

DJ-Niobrara

Gulf of Mexico

Granite Wash

Mississippian

Williston

Eagle Ford

Permian

96

0

0

1

4

6

7

7

9

14

15

16

17

22

44

81

Others

Williston

Ardmore Woodford

Cana Woodford

Mississippian

Arkoma Woodford

Permian

Eagle Ford

Fayetteville

Gulf of Mexico

Barnett

Granite Wash

DJ-Niobrara

Utica

Haynesville

Marcellus

19%

(100%)

(50%)

(25%)

(2%)

(1%)

0%

0%

0%

1%

8%

10%

12%

18%

19%

52%

Others

Haynesville

Ardmore Woodford

Barnett

Granite Wash

Williston

Arkoma Woodford

Fayetteville

Marcellus

Eagle Ford

Mississippian

Cana Woodford

Utica

Permian

DJ-Niobrara

Gulf of Mexico

(14%)

(93%)

(72%)

(56%)

(26%)

(22%)

(17%)

(11%)

(5%)

0%

0%

0%

5%

5%

20%

300%

Others

Cana Woodford

Eagle Ford

Mississippian

Gulf of Mexico

Permian

Barnett

DJ-Niobrara

Marcellus

Williston

Ardmore Woodford

Fayetteville

Utica

Haynesville

Arkoma Woodford

Granite Wash

`-

Page | 10



Well Counts3

U.S. Land Wells U.S. Land Wells per Rig

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

8,534

9,011 9,075 9,083

8,853

Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14

4.7

5.0

5.1

4.9

5.0

5.35.3

5.4

5.1

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 & Co. is a leading advisor to the energy and power M&A market. Our Energy & 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 & 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, Inc.has been acquired by





has been acquired by has been acquired by



a portfolio company ofa subsidiary of










http://www.harriswilliams.com/industries/energy-and-power

`-

Page | 12


OUR GROUP (continued)

Key Contacts

United States Europe

Energy & Power

Andrew Spitzer | Managing Director

[email protected] +1 (804) 915-0174

Tiff Armstrong | Managing Director




Matthew White | Director


Luke Semple | Vice President


Chris Burnham | Vice President


Environmental Services

Patrick Hanraty | Managing Director


Bob Baltimore | Managing Director




Energy Technology

Tyler Dewing | Director

[email protected]

+1 (617) 482-7501

Julien Darmon | Managing Director

[email protected]

+44 (0) 20 7518 8900

Jeffery Perkins | Managing Director

[email protected]

+49 (69) 3650638 00

Harris Williams & Co. Office Locations

United States Europe

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 (U.S. 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 & Co. Energy & Power Industry Update | June 2014

PUBLIC COMPARABLES

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

TEV May-14 Apr-14 Prior Month Prior Year High % of High May-13 Nov-13 Current 2014E 2015P


Large Cap Service

Schlumberger Limited $138,074 $101.87 $101.75 0.1% 35.1% $103.58 98.3% 9.7x 10.5x 11.2x 10.0x 8.8x

Halliburton Company 59,058 63.44 62.86 0.9% 46.3% 65.11 97.4% 7.5x 8.8x 9.6x 8.1x 6.8x

Baker Hughes Incorporated 34,021 69.99 69.68 0.4% 46.9% 71.52 97.9% 6.8x 7.9x 9.0x 7.1x 6.1x

Weatherford International Ltd. 25,219 20.98 20.47 2.5% 48.6% 21.50 97.6% 8.1x 9.0x 12.7x 7.9x 6.7x

Median 0.7% 46.6% 97.7% 7.8x 8.9x 10.4x 8.0x 6.7x

Equipment

National Oilwell Varco, Inc. $34,682 $81.87 $83.47 (1.9%) 14.5% $84.71 96.7% 8.0x 8.8x 8.1x 7.4x 6.7x

Cameron International Corporation 16,201 63.38 64.60 (1.9%) (0.4%) 66.93 94.7% 11.9x 10.5x 10.9x 10.0x 8.6x

FMC Technologies, Inc. 14,568 57.30 56.80 0.9% (0.4%) 59.79 95.8% 18.4x 14.0x 13.7x 11.9x 10.0x

Oil States International Inc. 6,158 106.26 98.31 8.1% 6.1% 113.64 93.5% 8.1x 6.8x 7.8x 8.0x 7.2x

Dresser-Rand Group Inc. 5,699 60.71 61.21 (0.8%) (4.1%) 67.38 90.1% 13.1x 11.8x 12.6x 12.0x 10.3x

Dril-Quip, Inc. 3,714 101.64 113.74 (10.6%) 7.2% 121.07 84.0% 17.6x 17.5x 14.7x 11.5x 9.7x

Forum Energy Technologies, Inc. 3,485 32.99 32.06 2.9% 8.4% 33.84 97.5% 11.7x 12.1x 12.7x 10.7x 8.8x

Oceaneering International, Inc. 7,752 71.93 73.73 (2.4%) (3.4%) 87.64 82.1% 12.4x 11.4x 10.0x 8.9x 7.7x

Median (1.4% ) 2.9% 94.1% 12.1x 11.6x 11.7x 10.4x 8.7x

Mid and Small-Cap Service

Superior Energy Services, Inc. $6,732 $33.24 $32.55 2.1% 17.5% $33.71 98.6% 5.0x 4.9x 6.5x 5.7x 4.9x

Ensign Energy Services Inc. 2,869 14.83 15.38 (3.6%) (6.8%) 16.97 87.4% 5.8x 6.0x 6.3x 2.9x 5.3x

Trican Well Service Ltd. 2,834 14.63 13.89 5.3% 8.1% 15.29 95.7% 16.2x 13.1x 18.2x 6.8x 7.4x

Key Energy Services Inc. 1,975 8.16 9.81 (16.8%) 29.9% 10.52 77.6% 4.9x 6.5x 7.4x 3.2x 4.7x

Calfrac Well Services Ltd. 2,206 33.99 33.73 0.8% 27.2% 35.79 95.0% 8.0x 10.4x 12.5x 4.6x 6.4x

U.S. Silica Holdings, Inc. 2,853 49.12 40.92 20.0% 120.2% 50.28 97.7% 10.0x 13.6x 18.4x 7.2x 11.4x

Basic Energy Services, Inc. 1,885 25.97 26.03 (0.2%) 86.8% 29.61 87.7% 5.4x 6.2x 7.7x 3.0x 5.1x

C&J Energy Services, Inc. 1,878 30.50 29.94 1.9% 57.9% 31.89 95.6% 3.6x 5.7x 9.9x 4.5x 6.8x

TETRA Technologies, Inc. 1,306 11.46 12.60 (9.0%) 14.6% 13.43 85.3% 9.3x 13.7x 14.4x 3.2x 5.5x

CARBO Ceramics Inc. 3,010 134.03 135.40 (1.0%) 91.6% 144.35 92.9% 8.3x 16.2x 17.3x 7.7x 11.6x

Median 0.3% 28.6% 93.9% 6.9x 8.5x 11.2x 4.5x 6.0x

OCTG

Tenaris SA $25,021 $22.15 $22.48 (1.5%) 3.1% $25.13 88.1% 8.9x 9.5x 9.1x 4.3x 7.8x

Vallourec SA 9,481 53.01 58.57 (9.5%) (5.2%) 69.49 76.3% 9.3x 8.4x 7.8x 3.5x 6.2x

OAO TMK 5,695 9.20 7.65 20.3% (18.7%) 14.16 65.0% 6.3x 6.9x 6.1x 2.9x 5.1x

Median (1.5% ) (5.2% ) 76.3% 8.9x 8.4x 7.8x 3.5x 6.2x

Distribution

MRC Global Inc. $4,195 $28.55 $28.99 (1.5%) (14.0%) $32.70 87.3% 9.4x 9.5x 10.8x 5.0x 8.8x

Median (1.5% ) (14.0% ) 87.3% 9.4x 9.5x 10.8x 5.0x 8.8x


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 $36,579 $41,731 $45,266 $48,897 $53,858 11.2% 9.1% $9,633 $10,788 $12,011 $13,797 $15,575 26.3% 25.9% 26.5% 28.2% 28.9% 26.2% 27.9%

Halliburton Company 24,829 28,503 29,402 32,168 35,224 8.8% 9.5% 6,096 6,087 6,038 7,243 8,761 24.6% 21.4% 20.5% 22.5% 24.9% 22.1% 22.6%

Baker Hughes Incorporated 19,831 21,361 22,364 24,296 26,313 6.2% 8.5% 4,236 3,823 3,647 4,752 5,583 21.4% 17.9% 16.3% 19.6% 21.2% 18.5% 19.0%

Weatherford International Ltd. 12,988 15,215 15,263 15,608 17,147 8.4% 6.0% 2,443 2,445 2,054 3,180 3,749 18.8% 16.1% 13.5% 20.4% 21.9% 16.1% 18.6%

Total $94,227 $106,810 $112,295 $120,970 $132,542 8.7% 8.2% $22,408 $23,143 $23,750 $28,972 $33,667 23.8% 21.7% 21.1% 23.9% 25.4% 20.8% 22.0%

Equipment

National Oilwell Varco, Inc. $14,658 $20,041 $22,869 $24,375 $25,839 24.9% 6.3% $3,492 $4,185 $4,178 $4,696 $5,218 23.8% 20.9% 18.3% 19.3% 20.2% 21.0% 19.2%

Cameron International Corporation 6,959 8,502 9,838 10,359 11,328 18.9% 7.3% 1,119 1,317 1,460 1,602 1,887 16.1% 15.5% 14.8% 15.5% 16.7% 15.5% 15.7%

FMC Technologies, Inc. 5,099 6,151 7,126 7,807 8,630 18.2% 10.0% 670 794 986 1,217 1,474 13.1% 12.9% 13.8% 15.6% 17.1% 13.3% 15.5%

Oil States International Inc. 2,104 2,631 2,670 2,724 3,022 12.6% 6.4% 634 842 790 772 857 30.1% 32.0% 29.6% 28.3% 28.4% 30.6% 28.8%

Dresser-Rand Group Inc. 2,312 2,736 3,033 3,063 3,238 14.5% 3.3% 354 427 453 479 539 15.3% 15.6% 14.9% 15.6% 16.6% 15.3% 15.7%

Dril-Quip, Inc. 601 733 872 1,033 1,191 20.4% 16.8% 157 188 253 319 383 26.2% 25.6% 29.0% 30.9% 32.2% 26.9% 30.7%

Forum Energy Technologies, Inc. 1,128 1,415 1,525 1,703 1,908 16.3% 11.9% 216 290 267 345 414 19.2% 20.5% 17.5% 20.3% 21.7% 19.0% 19.8%

Oceaneering International, Inc. 2,193 2,783 3,287 3,760 4,213 22.4% 13.2% 486 605 747 871 1,003 22.2% 21.7% 22.7% 23.2% 23.8% 22.2% 23.2%

Total $35,054 $44,993 $51,221 $54,824 $59,368 18.5% 9.4% $7,129 $8,647 $9,134 $10,300 $11,774 20.3% 19.2% 17.8% 18.8% 19.8% 20.5% 21.1%

Mid and Small-Cap Service

Superior Energy Services, Inc. $1,964 $4,568 $4,612 $4,815 $5,222 53.2% 6.4% $554 $1,250 $1,076 $1,182 $1,363 28.2% 27.4% 23.3% 24.5% 26.1% 26.3% 24.7%

Ensign Energy Services Inc. 1,890 2,197 2,098 2,324 2,562 5.3% 10.5% 491 564 484 539 603 26.0% 25.7% 23.1% 23.2% 23.5% 24.9% 23.3%

Trican Well Service Ltd. 2,310 2,213 2,115 2,334 2,691 (4.3%) 12.8% 616 242 165 237 432 26.7% 10.9% 7.8% 10.2% 16.1% 15.1% 11.4%

Key Energy Services Inc. 1,729 1,960 1,592 1,607 1,826 (4.1%) 7.1% 420 421 269 305 407 24.3% 21.5% 16.9% 19.0% 22.3% 20.9% 19.4%

Calfrac Well Services Ltd. 1,537 1,595 1,564 1,948 2,160 0.9% 17.5% 413 257 188 271 378 26.9% 16.1% 12.0% 13.9% 17.5% 18.3% 14.5%

U.S. Silica Holdings, Inc. 296 442 546 682 803 35.9% 21.3% 79 141 153 196 252 26.8% 32.0% 28.0% 28.7% 31.4% 28.9% 29.4%

Basic Energy Services, Inc. 1,243 1,375 1,263 1,400 1,513 0.8% 9.5% 333 297 231 301 357 26.8% 21.6% 18.3% 21.5% 23.6% 22.2% 21.2%

C&J Energy Services, Inc. 758 1,112 1,070 1,263 1,457 18.8% 16.7% 285 336 189 213 277 37.6% 30.2% 17.7% 16.9% 19.0% 28.5% 17.9%

TETRA Technologies, Inc. 845 881 909 1,028 1,145 3.7% 12.2% 103 123 91 210 250 12.2% 13.9% 10.0% 20.4% 21.8% 12.0% 17.4%

CARBO Ceramics Inc. 626 646 667 704 825 3.3% 11.2% 235 204 172 198 254 37.6% 31.6% 25.8% 28.1% 30.7% 31.7% 28.2%

Total $13,199 $16,989 $16,437 $18,105 $20,203 11.4% 12.5% $3,529 $3,836 $3,019 $3,653 $4,573 26.7% 22.6% 18.4% 20.2% 22.6% 22.9% 20.7%

OCTG

Tenaris SA $9,972 $10,834 $10,597 $10,881 $11,576 3.1% 4.5% $2,400 $2,847 $2,764 $2,904 $3,179 24.1% 26.3% 26.1% 26.7% 27.5% 25.5% 26.7%

Vallourec SA 5,296 5,326 5,578 $5,848 $6,223 2.6% 5.6% 940 826 883 967 1,102 17.8% 15.5% 15.8% 16.5% 17.7% 16.4% 16.7%

OAO TMK 6,754 6,688 6,432 $6,312 $6,899 (2.4%) 3.6% 1,017 1,006 929 980 1,121 15.1% 15.0% 14.4% 15.5% 16.3% 14.8% 15.4%

Total $22,022 $22,848 $22,607 $23,041 $24,698 1.1% 4.6% $4,357 $4,678 $4,575 $4,851 $5,403 19.8% 20.5% 20.2% 21.1% 21.9% 18.9% 19.6%

Distribution

MRC Global Inc. $4,832 $5,571 $5,231 $5,657 $6,018 4.0% 7.3% $262 $475 $388 $426 $483 5.4% 8.5% 7.4% 7.5% 8.0% 7.1% 7.7%

Total $4,832 $5,571 $5,231 $5,657 $6,018 4.0% 7.3% $262 $475 $388 $426 $483 5.4% 8.5% 7.4% 7.5% 8.0% 7.1% 7.7%

Page | 15



Stock Performance




Logistics

Tidewater Inc. $3,938 $50.00 $51.84 (3.5%) (11.7%) $63.22 79.1% 10.6x 11.4x 9.7x 9.5x 7.5x

Hornbeck Offshore Services, Inc. 2,322 44.26 40.76 8.6% (16.1%) 59.93 73.9% 12.1x 9.2x 9.1x 6.9x 5.1x

Gulfmark Offshore, Inc. 1,754 45.57 44.48 2.5% (2.6%) 53.89 84.6% 15.2x 14.3x 10.0x 8.0x 7.0x

ATCO Ltd. 13,752 47.54 49.04 (3.1%) 1.5% 50.78 93.6% 8.5x 7.9x 8.6x 8.0x 7.3x

Bristow Group, Inc. 3,331 75.45 76.21 (1.0%) 13.5% 85.70 88.0% 10.2x 11.3x 11.5x 10.4x 8.4x

Median (1.0% ) (2.6% ) 84.6% 10.6x 11.3x 9.7x 8.0x 7.3x

Offshore Drillers

Transocean Ltd. $23,700 $42.02 $42.88 (2.0%) (19.7%) 55.74 75.4% 7.6x 7.3x 6.7x 6.6x 6.6x

Diamond Offshore Drilling, Inc. 7,777 50.15 53.50 (6.3%) (28.9%) 73.00 68.7% 7.5x 6.9x 6.7x 6.3x 5.1x

Rowan Companies plc 5,169 30.57 31.29 (2.3%) (11.9%) 38.65 79.1% 9.7x 8.9x 8.8x 6.9x 4.7x

Hercules Offshore, Inc. 1,808 4.45 4.51 (1.3%) (38.4%) 7.96 55.9% 8.6x 6.8x 5.5x 4.6x 4.2x

Atwood Oceanics, Inc. 4,563 48.35 50.04 (3.4%) (11.5%) 59.49 81.3% 9.7x 8.3x 8.1x 7.5x 5.6x

Noble Corp. 14,090 30.49 31.49 (3.2%) (25.1%) 41.60 73.3% 9.5x 8.3x 6.5x 5.8x 5.3x

Ensco plc 16,605 51.42 51.66 (0.5%) (17.9%) 62.59 82.2% 8.7x 8.1x 7.1x 7.0x 6.3x

Median (2.3% ) (19.7% ) 75.4% 8.7x 8.1x 6.7x 6.6x 5.3x

Land Drillers

Nabors Industries Ltd. $11,242 $26.12 $24.73 5.6% 55.7% 28.20 92.6% 4.8x 5.1x 6.8x 6.3x 5.3x

Helmerich & Payne, Inc. 11,380 108.84 107.00 1.7% 70.7% 117.00 93.0% 5.0x 5.7x 5.7x 7.3x 6.7x

Patterson-UTI Energy Inc. 5,195 32.96 32.22 2.3% 51.5% 34.11 96.6% 4.0x 4.1x 5.9x 5.5x 4.9x

Precision Drilling Corporation 4,844 12.64 12.54 0.8% 51.0% 13.46 93.9% 7.8x 9.0x 8.1x 6.7x 5.7x

Pioneer Energy Services Corp. 1,673 15.78 13.51 16.8% 111.8% 15.84 99.6% 4.3x 4.0x 7.0x 6.9x 6.5x

Median 2.3% 55.7% 93.9% 4.8x 5.1x 6.8x 6.7x 5.7x

Engineering & Construction

Technip SA $11,193 $106.98 $113.80 (6.0%) (6.2%) 126.00 84.9% 9.8x 7.8x 8.1x 7.4x 5.7x

Saipem SpA 19,223 26.35 26.98 (2.3%) (4.1%) 29.41 89.6% 8.1x 16.0x 22.5x 9.7x 7.5x

Subsea 7 SA 7,032 20.04 18.73 7.0% (9.6%) 22.22 90.2% 7.3x 9.2x 8.5x 5.1x 4.6x

Petrofac Limited 7,927 21.07 24.25 (13.1%) 0.8% 25.62 82.2% 8.1x 8.1x 7.8x 7.0x 5.5x

McDermott International Inc. 1,819 7.12 6.98 2.0% (22.4%) 9.60 74.2% 4.9x NM NM 16.5x NM

Median (2.3% ) (6.2% ) 84.9% 8.1x 8.6x 8.3x 7.4x 5.6x


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. $1,051 $1,060 $1,230 $1,426 $1,590 8.2% 13.7% $271 $265 $347 $414 $538 25.8% 25.0% 28.2% 29.0% 33.8% 26.3% 30.3%

Hornbeck Offshore Services, Inc. 331 463 548 714 887 28.7% 27.2% 121 192 255 340 463 36.5% 41.4% 46.6% 47.7% 52.2% 41.5% 48.8%

Gulfmark Offshore, Inc. 382 389 455 541 599 9.1% 14.8% 138 103 159 220 253 36.1% 26.5% 34.9% 40.6% 42.2% 32.5% 39.2%

ATCO Ltd. 3,991 4,012 4,359 4,772 5,152 4.5% 8.7% 1,493 1,545 1,693 1,893 2,001 37.4% 38.5% 38.8% 39.7% 38.8% 38.3% 39.1%

Bristow Group, Inc. 1,115 1,199 1,344 1,660 1,888 9.8% 18.5% 247 261 295 323 394 22.1% 21.8% 21.9% 19.5% 20.8% 21.9% 20.7%

Total $6,870 $7,124 $7,936 $9,112 $10,116 12.1% 16.6% $2,269 $2,366 $2,749 $3,190 $3,648 33.0% 33.2% 34.6% 35.0% 36.1% 32.1% 35.7%

Offshore Drillers

Transocean Ltd. $7,407 $8,773 $9,070 $9,262 $9,281 10.7% 1.2% $2,515 $3,522 $3,512 $3,519 $3,545 34.0% 40.1% 38.7% 38.0% 38.2% 37.6% 38.3%

Diamond Offshore Drilling, Inc. 3,254 2,936 2,844 3,057 3,681 (6.5%) 13.8% 1,649 1,337 1,186 1,232 1,524 50.7% 45.5% 41.7% 40.3% 41.4% 46.0% 41.1%

Rowan Companies plc 939 1,393 1,579 1,877 2,446 29.7% 24.5% 364 515 587 740 1,090 38.7% 37.0% 37.2% 39.4% 44.6% 37.6% 40.4%

Hercules Offshore, Inc. 575 618 858 1,061 1,137 22.2% 15.1% 155 172 293 389 434 26.9% 27.8% 34.1% 36.6% 38.2% 29.6% 36.3%

Atwood Oceanics, Inc. 637 756 1,018 1,227 1,544 26.4% 23.1% 377 390 547 607 809 59.2% 51.6% 53.7% 49.5% 52.4% 54.8% 51.9%

Noble Corp. 2,616 3,431 4,122 5,053 5,690 25.5% 17.5% 1,128 1,537 1,980 2,404 2,643 43.1% 44.8% 48.0% 47.6% 46.5% 45.3% 47.4%

Ensco plc 2,798 4,301 4,920 5,073 5,601 32.6% 6.7% 1,150 2,097 2,348 2,359 2,632 41.1% 48.8% 47.7% 46.5% 47.0% 45.9% 47.1%

Total $18,226 $22,208 $24,411 $26,610 $29,380 20.1% 14.5% $7,338 $9,569 $10,453 $11,250 $12,678 40.3% 43.1% 42.8% 42.3% 43.2% 42.4% 43.2%

Land Drillers

Nabors Industries Ltd. $6,013 $6,843 $6,152 $6,643 $7,160 1.1% 7.9% $1,841 $1,966 $1,680 $1,775 $2,137 30.6% 28.7% 27.3% 26.7% 29.8% 28.9% 28.0%

Helmerich & Payne, Inc. 2,529 3,138 3,374 3,716 4,118 15.5% 10.5% 1,004 1,278 1,393 1,559 1,679 39.7% 40.7% 41.3% 42.0% 40.8% 40.6% 41.3%

Patterson-UTI Energy Inc. 2,566 2,723 2,716 2,926 3,202 2.9% 8.6% 958 990 916 936 1,055 37.3% 36.4% 33.7% 32.0% 33.0% 35.8% 32.9%

Precision Drilling Corporation 1,951 2,041 2,030 2,329 2,619 2.0% 13.6% 579 477 637 797 919 29.7% 23.4% 31.4% 34.2% 35.1% 28.1% 33.6%

Pioneer Energy Services Corp. 716 919 960 991 1,031 15.8% 3.6% 191 248 236 238 253 26.6% 26.9% 24.6% 24.1% 24.6% 26.1% 24.4%

Total $13,775 $15,664 $15,232 $16,606 $18,131 7.5% 8.8% $4,572 $4,959 $4,863 $5,306 $6,043 33.2% 31.7% 31.9% 32.0% 33.3% 31.9% 32.0%

Engineering & Construction

Technip SA $6,813 $8,204 $9,336 $10,272 $11,445 17.1% 10.7% $841 $1,002 $1,039 $1,095 $1,416 12.3% 12.2% 11.1% 10.7% 12.4% 11.9% 11.4%

Saipem SpA 12,593 13,124 12,256 12,559 12,447 (1.3%) 0.8% 2,129 1,947 689 1,439 1,852 16.9% 14.8% 5.6% 11.5% 14.9% 12.5% 10.7%

Subsea 7 SA 5,055 6,297 6,297 6,791 7,119 11.6% 6.3% 816 1,044 825 1,383 1,532 16.1% 16.6% 13.1% 20.4% 21.5% 15.3% 18.3%

Petrofac Limited 5,801 6,240 6,329 6,885 8,306 4.5% 14.6% 759 842 1,015 1,131 1,443 13.1% 13.5% 16.0% 16.4% 17.4% 14.2% 16.6%

McDermott International Inc. 3,445 3,642 2,659 2,740 3,018 (12.1%) 6.5% 335 422 (259) 111 264 9.7% 11.6% (9.7%) 4.0% 8.8% 3.9% 1.0%

Total $33,707 $37,506 $36,877 $39,247 $42,335 3.9% 7.8% $4,880 $5,257 $3,309 $5,159 $6,507 14.5% 14.0% 9.0% 13.1% 15.4% 11.5% 11.6%

Page | 17



Stock Performance




Large Cap Equipment and Services

General Electric Company $642,413 $26.66 $26.60 0.2% 13.0% $28.09 94.9% 21.1x 22.3x 22.6x 21.5x 22.2x

Siemens Aktiengesellschaft 127,124 133.44 132.83 0.5% 25.1% 137.92 96.7% 9.8x 12.2x 11.9x 8.9x 8.1x

ABB Ltd. 57,152 23.84 26.04 (8.4%) 7.3% 27.64 86.2% 10.0x 10.9x 10.1x 9.8x 8.2x

Schneider Electric S.A. 58,867 94.78 92.98 1.9% 20.1% 96.25 98.5% 9.9x 10.4x 11.3x NA NA

Honeywell International Inc. 73,969 92.51 92.65 (0.2%) 16.0% 95.91 96.5% 12.6x 13.1x 11.3x 9.9x 9.1x

Emerson Electric Co. 50,592 66.65 68.44 (2.6%) 15.6% 70.66 94.3% 9.0x 10.3x 10.4x 9.9x 9.3x

Eaton Corporation plc 43,560 73.98 73.95 0.0% 7.7% 78.19 94.6% 16.3x 13.7x 13.0x 11.6x 10.3x

Alstom SA 16,915 39.50 37.36 5.7% 4.9% 42.16 93.7% 6.5x 6.6x 6.8x NA NA

Median 0.1% 14.3% 94.8% 9.9x 11.5x 11.3x 9.9x 9.2x

Mid and Small-Cap Equipment and Services

Ametek Inc. $14,104 $52.84 $51.49 2.6% 21.8% $62.05 85.2% 13.5x 14.4x 15.1x 14.0x 12.9x

Hubbell Inc. 6,788 116.01 116.80 (0.7%) 16.6% 122.55 94.7% 10.9x 11.1x 11.7x 10.9x 10.1x

Valmont Industries, Inc. 4,287 158.07 145.07 9.0% 3.6% 160.24 98.6% 8.6x 6.9x 7.9x 8.1x 7.3x

Littelfuse Inc. 1,943 88.14 94.84 (7.1%) 19.9% 99.46 88.6% 10.3x 12.3x 11.1x 10.0x 9.4x

AZZ incorporated 1,521 44.62 43.40 2.8% 2.5% 49.64 89.9% 9.8x 11.5x 10.3x 10.4x 9.0x

ESCO Technologies Inc. 911 34.19 33.97 0.6% 6.7% 37.39 91.4% 16.9x 14.1x 11.5x 10.7x 10.1x

Thermon Group Holdings, Inc. 800 23.31 23.84 (2.2%) 16.8% 29.06 80.2% 10.1x 14.6x 11.4x 10.7x 10.2x

Badger Meter Inc. 792 50.15 50.53 (0.8%) 12.1% 56.96 88.0% 13.7x 16.7x 13.7x 13.1x 11.3x

Powell Industries, Inc. 649 62.18 64.24 (3.2%) 24.9% 70.75 87.9% 7.4x 11.0x 10.2x 9.0x 7.4x

Global Power Equipment Group Inc. 295 16.63 18.17 (8.5%) (0.1%) 20.98 79.2% 9.9x 12.5x 10.1x 9.5x 6.4x

Median (0.7% ) 16.6% 88.6% 10.3x 12.3x 11.4x 10.7x 10.1x


SolarCity Corporation $5,261 $51.98 $55.40 (6.2%) NA $88.35 58.8% NM NM NM NM 37.0x

Itron, Inc. 1,751 38.85 39.96 (2.8%) (6.9%) 46.09 84.3% 8.7x 11.6x 9.6x 11.0x 9.9x

OPOWER, Inc. 866 16.72 NM NM NM 26.00 64.3% NM NM NM NM NM

Silver Spring Networks, Inc. 443 12.06 15.93 (24.3%) NA 33.82 35.7% NM NM NM 27.2x 7.7x

Ameresco, Inc. 471 6.92 6.50 6.5% (16.3%) 10.88 63.6% 12.9x 18.3x 17.4x 14.5x 12.5x

EnerNOC, Inc. 478 19.17 21.95 (12.7%) 27.7% 24.35 78.7% NM 8.0x 9.5x 6.4x 9.5x

PowerSecure International, Inc. 174 8.31 22.65 (63.3%) (39.9%) 27.44 30.3% 20.6x 17.3x 8.1x 4.9x 3.2x

Echelon Corporation 77 2.63 2.57 2.3% 3.1% 4.18 62.9% NM NM NM NM NM

Median (6.2% ) (6.9% ) 63.3% 12.9x 14.4x 9.5x 11.0x 9.7x


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


Large Cap Equipment and Services

General Electric Company $94,522 $100,149 $100,542 $149,135 $150,272 3.1% 22.3% $27,846 $29,238 $28,875 $30,027 $26,415 29.5% 29.2% 28.7% 20.1% 17.6% 29.1% 22.1%

Siemens Aktiengesellschaft 72,526 77,395 75,882 76,522 79,546 2.3% 2.4% 9,969 8,921 7,604 10,542 11,572 13.7% 11.5% 10.0% 13.8% 14.5% 11.8% 12.8%

ABB Ltd. 37,990 39,336 41,848 42,396 44,142 5.0% 2.7% 5,538 5,259 5,636 6,522 7,003 14.6% 13.4% 13.5% 15.4% 15.9% 13.8% 14.9%

Schneider Electric S.A. 22,345 23,946 23,551 25,510 26,990 2.7% 7.1% 3,584 3,933 3,775 4,085 4,598 16.0% 16.4% 16.0% 16.0% 17.0% 16.2% 16.4%

Honeywell International Inc. 36,529 37,665 39,055 40,690 42,637 3.4% 4.5% 3,531 5,082 6,490 7,498 8,150 9.7% 13.5% 16.6% 18.4% 19.1% 13.3% 18.1%

Emerson Electric Co. 24,222 24,412 24,669 24,841 25,943 0.9% 2.6% 4,797 4,828 4,844 4,973 5,376 19.8% 19.8% 19.6% 20.0% 20.7% 19.7% 20.1%

Eaton Corporation plc 16,049 16,311 22,046 22,838 24,080 17.2% 4.5% 2,203 2,350 3,307 3,666 4,183 13.7% 14.4% 15.0% 16.1% 17.4% 14.4% 16.1%

Alstom SA 20,923 19,934 20,269 20,008 19,973 (1.6%) (0.7%) 2,122 1,901 1,882 1,783 1,719 10.1% 9.5% 9.3% 0 0 9.7% 8.9%

Total $325,106 $339,148 $347,862 $401,939 $413,584 4.1% 5.7% $59,590 $61,512 $62,413 $69,094 $69,016 18.3% 18.1% 17.9% 17.2% 16.7% 16.0% 16.2%

Mid and Small-Cap Equipment and Services

Ametek Inc. $2,990 $3,334 $3,594 $3,906 $4,116 9.6% 7.0% $722 $851 $934 $1,027 $1,107 24.2% 25.5% 26.0% 26.3% 26.9% 25.2% 26.4%

Hubbell Inc. 2,872 3,044 3,184 3,371 3,562 5.3% 5.8% 487 535 574 623 671 17.0% 17.6% 18.0% 18.5% 18.8% 17.5% 18.4%

Valmont Industries, Inc. 2,661 3,030 3,304 3,369 3,562 11.4% 3.8% 342 451 563 533 582 12.8% 14.9% 17.0% 15.8% 16.3% 14.9% 16.4%

Littelfuse Inc. 665 668 758 853 903 6.8% 9.2% 154 141 168 196 205 23.1% 21.1% 22.1% 23.0% 22.7% 22.1% 22.6%

AZZ incorporated 381 469 571 763 860 22.4% 22.7% 85 99 129 147 169 22.3% 21.1% 22.6% 19.3% 19.7% 22.0% 20.5%

ESCO Technologies Inc. 451 479 490 534 568 4.3% 7.7% 62 65 73 84 90 13.8% 13.5% 14.9% 15.7% 15.8% 14.1% 15.5%

Thermon Group Holdings, Inc. 241 272 284 284 298 8.5% 2.4% 53 58 71 74 77 21.9% 21.4% 24.8% 26.2% 26.0% 22.7% 25.7%

Badger Meter Inc. 263 320 334 363 387 12.7% 7.6% 37 57 53 61 72 14.1% 17.7% 15.8% 16.7% 18.5% 15.8% 17.0%

Powell Industries, Inc. 562 717 675 735 822 9.5% 10.4% 28 61 63 72 88 5.0% 8.6% 9.4% 9.8% 10.7% 7.7% 9.9%

Global Power Equipment Group Inc. 457 463 484 539 590 3.0% 10.4% 29 29 29 31 46 6.3% 6.2% 6.0% 5.8% 7.9% 6.2% 6.6%

Total $11,543 $12,796 $13,678 $14,716 $15,668 9.4% 8.7% $1,999 $2,346 $2,656 $2,848 $3,108 17.3% 18.3% 19.4% 19.3% 19.8% 16.8% 17.9%


SolarCity Corporation $60 $127 $164 $265 $441 65.9% 64.1% ($49) ($70) ($106) ($135) ($10) (82.1%) (55.3%) (65.0%) (51.0%) (2.4%) (67.5%) (39.4%)

Itron, Inc. 2,434 2,178 1,949 1,898 1,973 (10.5%) 0.6% 315 265 173 162 191 12.9% 12.2% 8.9% 8.5% 9.7% 11.3% 9.0%

OPOWER, Inc. 29 52 89 113 143 75.7% 26.8% (21) (11) (12) (32) (28) (71.9%) (21.8%) (13.1%) (28.0%) (19.7%) (35.6%) (20.3%)

Silver Spring Networks, Inc. 237 197 327 366 440 17.4% 16.0% (87) (82) (35) 16 54 (36.9%) (41.5%) (10.8%) 4.4% 12.4% (29.7%) 2.0%

Ameresco, Inc. 728 631 574 580 600 (11.2%) 2.2% 65 49 27 32 38 8.9% 7.8% 4.7% 5.6% 6.3% 7.1% 5.5%

EnerNOC, Inc. 287 278 383 445 514 15.7% 15.8% 10 3 51 74 98 3.6% 1.0% 13.2% 16.7% 19.1% 5.9% 16.3%

PowerSecure International, Inc. 130 162 270 316 375 44.2% 17.8% 2 9 22 36 54 1.8% 5.8% 8.0% 11.5% 14.3% 5.2% 11.2%

Echelon Corporation 156 134 86 76 92 (25.8%) 3.5% (5) (3) (6) (16) (13) (3.4%) (2.6%) (7.2%) (21.5%) (14.5%) (4.4%) (14.4%)

Total $4,061 $3,759 $3,842 $4,059 $4,578 21.4% 18.4% $230 $160 $113 $138 $383 5.7% 4.3% 2.9% 3.4% 8.4% (13.4%) (3.7%)

Page | 19



Stock Performance




Large Cap Infrastructure Services

Fluor Corporation $10,334 $75.34 $75.73 (0.5%) 17.2% $83.93 89.8% 8.7x 9.9x 7.4x 7.5x 6.6x

Chicago Bridge & Iron Company N.V. 10,556 81.10 79.91 1.5% 27.2% 89.22 90.9% 14.3x 12.0x 10.8x 9.3x 8.3x

Jacobs Engineering Group Inc. 7,574 54.62 62.10 (12.0%) (3.2%) 66.88 81.7% 9.0x 9.3x 10.6x 8.7x 7.4x

URS Corporation 5,134 44.98 47.00 (4.3%) (7.6%) 55.79 80.6% 6.7x 6.9x 6.7x 6.9x 6.8x

KBR, Inc. 2,546 24.38 25.40 (4.0%) (31.7%) 36.70 66.4% 11.3x 10.9x 6.4x 5.0x 4.3x

Median (4.0% ) (3.2% ) 81.7% 9.0x 9.9x 7.4x 7.5x 6.8x

Mid and Small-Cap Infrastructure Services

The Babcock & Wilcox Company $3,417 $32.58 $33.82 (3.7%) 8.8% $36.00 90.5% 9.0x 10.1x 5.9x 8.4x 7.3x

Foster Wheeler AG 2,959 33.37 33.74 (1.1%) 46.7% 34.41 97.0% 8.1x 10.8x 12.1x 9.6x 8.0x

Tutor Perini Corporation 2,198 31.15 30.19 3.2% 66.8% 32.11 97.0% 6.8x 7.4x 8.4x 6.9x 6.2x

Primoris Services Corporation 1,531 28.74 28.03 2.5% 34.4% 33.42 86.0% 8.5x 9.8x 8.7x 7.9x 6.8x

Granite Construction Incorporated 1,292 36.34 37.89 (4.1%) 13.2% 40.55 89.6% 10.5x 19.5x 21.1x 7.2x 5.6x

Great Lakes Dredge & Dock Corporation 694 7.79 8.61 (9.5%) (5.2%) 9.44 82.5% 9.3x 10.8x 8.8x 6.7x 5.6x

Willbros Group Inc. 809 12.08 11.37 6.2% 79.5% 13.05 92.6% 7.5x 8.8x 10.6x 6.5x 5.7x

Orion Marine Group, Inc 299 11.46 12.03 (4.7%) (3.9%) 13.77 83.2% 18.7x 13.1x 14.0x 9.4x 6.4x

Median (2.4% ) 23.8% 90.1% 8.7x 10.5x 9.7x 7.5x 6.3x

Utility Services

Quanta Services, Inc. $7,177 $34.12 $35.20 (3.1%) 18.1% $37.42 91.2% 8.7x 8.8x 10.4x 8.7x 7.6x

MasTec, Inc. 3,949 39.44 40.76 (3.2%) 23.0% 44.80 88.0% 8.6x 8.0x 9.2x 7.6x 6.7x

Dycom Industries Inc. 1,433 30.59 31.21 (2.0%) 35.1% 34.00 90.0% 7.6x 7.2x 7.6x 7.6x 6.6x

Aegion Corporation 1,182 24.31 23.91 1.7% 4.0% 25.64 94.8% 10.0x 10.8x 10.5x 8.0x 7.2x

Pike Corporation 523 9.04 9.98 (9.4%) (28.0%) 13.36 67.7% 5.8x 5.6x 7.6x 7.2x 6.4x

MYR Group, Inc. 484 25.28 24.12 4.8% 23.6% 27.30 92.6% 5.0x 5.6x 5.5x 5.8x 5.4x

Median (2.5% ) 20.6% 90.6% 8.1x 7.6x 8.4x 7.6x 6.6x

Industrial Services

Bilfinger SE $5,393 $118.93 $118.65 0.2% 12.7% $126.51 94.0% 8.6x 10.2x 8.6x 6.5x 6.0x

EMCOR Group Inc. 2,985 45.02 45.28 (0.6%) 11.7% 48.00 93.8% 7.7x 9.0x 9.7x 8.1x 7.2x

Team, Inc. 922 42.69 42.70 (0.0%) 16.9% 48.09 88.8% 10.2x 12.9x 13.1x 11.5x 9.2x

Mistras Group, Inc. 760 23.48 22.44 4.6% 8.4% 25.23 93.1% 10.7x 10.2x 12.4x 10.7x 8.7x

Matrix Service Company 839 32.26 31.42 2.7% 85.4% 35.34 91.3% 9.2x 9.3x 13.2x 11.4x 9.1x

Furmanite Corporation 447 10.96 10.10 8.5% 54.4% 12.70 86.3% 10.6x 12.0x 12.4x 9.8x 7.3x

Median 1.5% 14.8% 92.2% 9.7x 10.2x 12.4x 10.2x 8.0x

Engineering Services

AECOM Technology Corporation $3,883 $32.24 $32.75 (1.6%) 4.5% $35.24 91.5% 8.9x 7.6x 8.6x 8.0x 7.6x

AMEC plc 5,682 19.73 20.80 (5.2%) 23.8% 21.15 93.2% 9.0x 10.5x 10.8x 9.0x 7.6x

Stantec Inc. 3,067 62.35 57.56 8.3% 45.5% 66.57 93.7% 10.2x 12.8x 13.2x 11.5x 10.3x

Tetra Tech Inc. 1,773 26.66 28.28 (5.7%) (5.5%) 30.92 86.2% 9.0x 14.0x 12.9x 7.2x 6.5x

Aecon Group Inc. 1,256 15.60 16.49 (5.4%) 48.1% 17.26 90.4% 9.3x 8.3x 10.9x 6.1x 5.4x

Median (5.2% ) 23.8% 91.5% 9.0x 10.5x 10.9x 8.0x 7.6x


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


Large Cap Infrastructure Services

Fluor Corporation $23,381 $27,577 $27,352 $26,900 $28,760 8.2% 2.5% $1,187 $946 $1,397 $1,392 $1,598 5.1% 3.4% 5.1% 5.2% 5.6% 4.5% 5.3%

Chicago Bridge & Iron Company N.V. 4,551 5,485 11,095 13,083 14,287 56.1% 13.5% 416 517 934 1,139 1,275 9.1% 9.4% 8.4% 8.7% 8.9% 9.0% 8.7%

Jacobs Engineering Group Inc. 10,382 10,894 11,818 13,596 15,087 6.7% 13.0% 628 701 766 882 1,009 6.1% 6.4% 6.5% 6.5% 6.7% 6.3% 6.6%

URS Corporation 9,545 10,973 10,991 10,936 11,152 7.3% 0.7% 619 828 761 755 761 6.5% 7.5% 6.9% 6.9% 6.8% 7.0% 6.9%

KBR, Inc. 9,103 7,770 7,283 7,448 7,904 (10.6%) 4.2% 497 361 400 506 605 5.5% 4.6% 5.5% 6.8% 7.7% 5.2% 6.6%

Total $56,962 $62,699 $68,538 $71,963 $77,189 13.5% 6.8% $3,348 $3,354 $4,259 $4,674 $5,247 5.9% 5.3% 6.2% 6.5% 6.8% 6.4% 6.8%

Mid and Small-Cap Infrastructure Services

The Babcock & Wilcox Company $2,952 $3,291 $3,269 $2,985 $3,060 5.2% (3.2%) $87 $351 $579 $402 $472 2.9% 10.7% 17.7% 13.5% 15.4% 10.4% 15.5%

Foster Wheeler AG 4,458 3,391 3,306 3,883 4,404 (13.9%) 15.4% 230 271 244 315 374 5.2% 8.0% 7.4% 8.1% 8.5% 6.8% 8.0%

Tutor Perini Corporation 3,716 4,111 4,176 4,703 5,344 6.0% 13.1% 214 214 260 328 333 5.7% 5.2% 6.2% 7.0% 6.2% 5.7% 6.5%

Primoris Services Corporation 1,460 1,542 1,944 2,140 2,357 15.4% 10.1% 133 129 177 192 222 9.1% 8.4% 9.1% 9.0% 9.4% 8.9% 9.2%

Granite Construction Incorporated 2,010 2,083 2,267 2,657 3,000 6.2% 15.0% 146 110 61 174 223 7.3% 5.3% 2.7% 6.6% 7.4% 5.1% 5.6%

Great Lakes Dredge & Dock Corporation 520 588 731 810 863 18.6% 8.6% 79 70 79 105 118 15.2% 11.9% 10.8% 12.9% 13.7% 12.6% 12.5%

Willbros Group Inc. 1,376 1,929 2,019 2,190 2,298 21.1% 6.7% 37 69 76 125 143 2.7% 3.6% 3.8% 5.7% 6.2% 3.4% 5.2%

Orion Marine Group, Inc 260 292 355 400 448 16.8% 12.3% 3 7 21 33 47 1.1% 2.5% 6.0% 8.1% 10.6% 3.2% 8.2%

Total $16,753 $17,228 $18,067 $19,768 $21,774 9.4% 9.8% $929 $1,221 $1,498 $1,672 $1,933 5.5% 7.1% 8.3% 8.5% 8.9% 7.0% 8.8%

Utility Services

Quanta Services, Inc. $4,194 $5,920 $6,523 $7,585 $8,352 24.7% 13.2% $334 $623 $689 $824 $932 8.0% 10.5% 10.6% 10.9% 11.2% 9.7% 10.9%

MasTec, Inc. 2,831 3,727 4,325 4,687 5,203 23.6% 9.7% 241 331 429 524 587 8.5% 8.9% 9.9% 11.2% 11.3% 9.1% 10.8%

Dycom Industries Inc. 1,036 1,201 1,609 1,819 1,938 24.6% 9.8% 105 129 175 192 222 10.2% 10.8% 10.9% 10.6% 11.4% 10.6% 10.9%

Aegion Corporation 926 1,017 1,091 1,351 1,424 8.6% 14.2% 88 113 109 148 167 9.5% 11.1% 10.0% 11.0% 11.7% 10.2% 10.9%

Pike Corporation 594 685 919 821 870 24.4% (2.7%) 48 64 114 72 81 8.1% 9.4% 12.4% 8.8% 9.4% 10.0% 10.2%

MYR Group, Inc. 780 999 903 886 954 7.6% 2.8% 48 80 88 84 91 6.1% 8.0% 9.7% 9.5% 9.6% 7.9% 9.6%

Total $10,361 $13,549 $15,369 $17,149 $18,741 18.9% 7.8% $864 $1,340 $1,602 $1,844 $2,080 8.3% 9.9% 10.4% 10.8% 11.1% 9.6% 10.5%

Industrial Services

Bilfinger SE $8,209 $8,344 $8,415 $8,937 $9,249 1.2% 4.8% $350 $455 $453 $595 $645 4.3% 5.5% 5.4% 6.7% 7.0% 5.0% 6.3%

EMCOR Group Inc. 5,613 6,347 6,417 6,777 7,236 6.9% 6.2% 272 305 286 373 426 4.8% 4.8% 4.5% 5.5% 5.9% 4.7% 5.3%

Team, Inc. 508 624 714 758 851 18.6% 9.2% 57 74 74 81 100 11.2% 11.8% 10.4% 10.7% 11.8% 11.1% 10.9%

Mistras Group, Inc. 339 437 529 610 679 25.0% 13.3% 48 60 61 71 85 14.2% 13.7% 11.6% 11.7% 12.6% 13.2% 11.9%

Matrix Service Company 627 739 893 1,224 1,414 19.3% 25.9% 42 43 51 73 92 6.7% 5.8% 5.7% 6.0% 6.5% 6.1% 6.0%

Furmanite Corporation 316 326 427 551 617 16.2% 20.2% 30 22 36 46 61 9.5% 6.7% 8.5% 8.3% 9.9% 8.2% 8.9%

Total $15,612 $16,816 $17,395 $18,857 $20,046 14.6% 13.3% $799 $958 $962 $1,239 $1,410 5.1% 5.7% 5.5% 6.6% 7.0% 8.1% 8.2%

Engineering Services

AECOM Technology Corporation $8,037 $8,218 $8,153 $8,097 $8,436 0.7% 1.7% $480 $438 $456 $481 $492 6.0% 5.3% 5.6% 5.9% 5.8% 5.6% 5.8%

AMEC plc 3,261 4,088 3,974 4,198 4,512 10.4% 6.6% 292 313 318 371 405 9.0% 7.7% 8.0% 8.8% 9.0% 8.2% 8.6%

Stantec Inc. 1,379 1,554 1,832 2,045 2,247 15.3% 10.7% 199 216 248 294 320 14.4% 13.9% 13.5% 14.4% 14.2% 13.9% 14.0%

Tetra Tech Inc. 1,792 2,022 2,025 2,105 2,267 6.3% 5.8% 200 208 137 243 268 11.2% 10.3% 6.8% 11.6% 11.8% 9.4% 10.1%

Aecon Group Inc. 2,896 2,887 3,069 3,102 3,219 2.9% 2.4% 135 121 122 229 263 4.7% 4.2% 4.0% 7.4% 8.2% 4.3% 6.5%

Total $17,365 $18,769 $19,053 $19,546 $20,680 7.1% 5.4% $1,306 $1,296 $1,281 $1,619 $1,748 7.5% 6.9% 6.7% 8.3% 8.5% 8.3% 9.0%

Page | 21


SOURCES

1. Capital IQ.

2. MergerMarket.

3. Baker Hughes.

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