energy, power & infrastructureindustry update march 2016 power equipment and services p p h...

wwwharriswilliamscom

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

ENERGY POWER amp INFRASTRUCTURE

INDUSTRY UPDATE MARCH 2016

PAGE |


SUMMARY

1

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Andrew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matthew WhiteManaging Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke SempleDirectorlsempleharriswilliamscom+1 (804) 915-0158

Chris BurnhamVice Presidentcburnhamharriswilliamscom +1 (804) 915-0142

Ian ThomasVice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Jeffery PerkinsManaging Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

EMCOR Group has entered into a definitive agreement to acquire Ardent Services

(ldquoArdentrdquo) a portfolio company of Cadent Energy Partners for a total

consideration of $205 million Ardent is a leading provider of electrical and

instrumentation services to the energy infrastructure market in North America

HWampCo served as exclusive financial advisor to Ardent on the transactionSource | Instapaper

Southern Company (NYSESO) the Atlanta based utility and telecommunications

provider has agreed to a definitive merger with PowerSecure (NYSEPOWR) for an

approximate value of $435 million PowerSecure a leading provider of distributed

generation energy efficiency and related techonologies for electric utilities and

their commercial and industrial (ldquoCampIrdquo) customers will become a wholly owned

subsidiary of Southern Company through the transactionSource | Instapaper

OpTerra a portfolio company of GFI Energy Ventures Oaktree Capital has been acquired by ENGIE (ENXTPAENGI) OpTerra an energy services company (ldquoESCOrdquo) is a leading US provider of energy efficiency renewable and infrastructure project management OpTerra is the latest addition to ENGIErsquos list of energy efficiency renewable and energy management subsidiaries which also includes GDF Suez and Cofely ServicesSource | Instapaper

Kurion a California based developer of technologies for nuclear waste management has been acquired by Veolia (ENXTPAVIE) for a total consideration of $350 million Veolia operating through its water waste solutions and energy services divisions provides a wide range of environmental services globallySource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Mar-15 Sep-15 Current 2015 2016E

Energy Services and Equipment

Large Cap Service 146 (174) 62x 76x 136x 103x 135x

Equipment 173 (239) 66x 67x 83x 70x 120x

Small-Cap Service 309 (444) 42x 56x 72x 127x 159x

OCTG 192 (110) 48x 66x 62x 74x 81x

Distribution 463 63 81x 162x 70x 92x 110x

Logistics 575 (460) 54x 59x 71x 54x 80x

Offshore Drillers 381 (205) 53x 42x 36x 39x 57x

Land Drillers 451 (201) 42x 34x 53x 53x 108x

EampC 301 (71) 62x 66x 53x 62x 60x

Power Services and Equipment

Large Cap PSampE 136 (29) 111x 99x 111x 99x 104x

Small-Cap PSampE 97 (23) 111x 99x 104x 111x 104x

EE and Cleantech 305 (276) 96x 113x 127x 135x 104x

Industrial amp Infrastructure Services

Large Cap 203 02 64x 55x 80x 57x 64x

Small-Cap 296 (288) 84x 87x 95x 93x 60x

Utility Services 234 (30) 75x 75x 78x 83x 67x

Industrial Services 97 63 90x 81x 78x 77x 70x

DesignProfessional Services 111 (41) 110x 99x 90x 89x 83x

TEV LTM EBITDA as of

PAGE |



ldquoThe worldrsquos largest crude exporter is focusing on renewable-energy sources such as solar power in preparation for apost-oil global economy Oil Minister Ali al-Naimi said at a conference in Berlin on Thursday Still he doesnrsquot expectthat era to dawn any time soon estimating that consumers will still be burning fossil fuels for at least another 50 yearsrdquoFuel Fix | Instapaper

2

OIL amp GAS | SAUDI ARABIA AFTER OIL



ldquoRooftop solar is casting a $2 billion shadow over power generators across the eastern US With more than a millionUS houses set to have solar panels by the end of next month grid managers serving the eastern US plan to cut theamount of electricity they buy from conventional plants by about 1400 megawatts starting in 2019 according toindustry consultant ICF International Inc Thatrsquos enough juice to power about 780000 householdsrdquoBloomberg | Instapaper

SOLAR | THE IMPACT OF ROOFTOP SOLAR

ldquoEverybody loves to hate electricity utilities To many they represent all of the evils (real and perceived) of theelectricity industry inefficiency excessive and incomprehensible billing and a conspiratorial resistance to newtechnologies So it is no surprise that recent legal disputes over residential solar power have been framed as anattempt by utilities to suppress an emerging competitor Entities as varied as Morgan Stanley and the Rocky MountainInstitute have been saying that utilities are doomed because battery technology will soon allow people to create theirown electricity from solar panels store it with batteries and allow them to unplug completely from the grid thatcurrently holds them hostage But this narrative is incorrect and misleadingmdashand worse leads us down a risky pathrdquoSlate | Instapaper

SOLAR | hellipA COUNTERPOINT

REMEMBERED | AUBREY McCLENDON

ldquoThe US was supposed to be the worldrsquos new swing oil producer able to nimbly open and close the taps in responseto market forces thanks to its bounty of shale fields But as oil prices show some signs of stabilizing Americanproducers and oilfield-services companies are warning that they may not be able to jump-start drilling The reasonmany independent companies are too financially strapped have let go too many workers or have idled too muchequipment to immediately ramp up againrdquoWall Street Journal | Instapaper

OIL amp GAS | HOW FAST CAN SHALE ldquoSWINGrdquo

CLEAN ENERGY | GATES FOUNDATION ANNUAL LETTER

ldquoIt was a tragic end to a life that epitomised the winner-takes-all spirit of American capitalism On March 2nd the dayafter he was indicted by a federal grand jury on charges of rigging bids for oil-drilling rights Aubrey McClendon afounder of Chesapeake Energy and one of the pioneers of Americarsquos natural-gas revolution died after driving his carat high speed into a wallrdquoThe Economist | Instapaper

ldquoThe challenge we face is big perhaps bigger than many people imagine But so is the opportunity If the world canfind a source of cheap clean energy it will do more than halt climate change It will transform the lives of millions ofthe poorest families Im so optimistic about the worldrsquos ability to make a miracle happen that Irsquom willing to make aprediction Within the next 15 yearsmdashand especially if young people get involvedmdashI expect the world will discover aclean energy breakthrough that will save our planet and power our worldhellipA cheap clean source of energy wouldchange everythingrdquoGates Notes | Instapaper

PAGE |

MampA TRANSACTIONS

3

RECENT MampA TRANSACTIONS12



Date Target Business Description Acquirer

3212016 Ardent Serv ices US based provider of power control process automation serv ices and

specialty electrical and instrumentation (EampI) serv ices for process

industries

EMCOR Group

3182016 Trac ID Systems Norway based developer of wireless identification monitoring and

communication systems for oil and gas maritime and aquaculture

industries

National Oilwell Varco

392016 Marlin Serv ices US based provider of marine construction fabrication and pipeline

serv ices for the oil and gas industry

Gulf Coast Specialty

Energy Serv ices

392016 Osmose Communications

Serv ices

US based provider of engineering serv ices for outside plant (OSP)

inside plant (ISP) data solutions project and construction management

SQUAN

322016 Bodine Serv ices of the

Midwest

US based provider of waste management environmental consulting

and plant maintenance throughout the Midwest

Univar USA

312016 Power Electronics US based manufacturer and integrator of electrical enclosure systems

for power and industrial end markets

AZZ

312016 Heatron US based designer and manufacturer of custom-engineered products

for OEMs

NIBE

2292016 Genesys Engineering US based provider of power engineering planning and project

management for energy and utiltiy infrastructure

Willdan Group

2252016 OpTerra US based energy serv ice company (ESCO) prov iding energy

efficiency renewable and infrastructure development projects and

serv ices

ENGIE

2242016 PowerSecure International US based provider of products and serv ices to electric utilities and to

their commercial institutional and industrial customers

Southern Company

2232016 AampB Valve and Piping

Systems

US based provider of valves pipes fittings and related products and

serv ices to the energy industry

Private Investors

2192016 First Coast Scaffolding US based provider of systems scaffolding swing stages and related

equipment for industrial and commercial projects in North America

BRACE Industrial Group

2122016 Cybermetrix US based provider of test cells equipment and serv ices for engine and

power systems

SGS

252016 ESPSurgeX US based provider of power protection monitoring and diagnostic

solutions

Ametek

252016 Brookfield Engineering

Laboratories

US based manufacturer of v iscometers and theometers for laboratory

and online process control applications

Ametek

232016 Kurion US based developer of technologies for nuclear waste management Veolia

222016 ShoffnerKalthoff US based mechanical and electrical contractor and HVAC serv ice

provider

Comfort Systems USA

PAGE |

PUBLIC MARKETS OVERVIEW

4



Energy Equipment and Services

TEV LTM EBITDA TEV 2015 EBITDA

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

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

36x

53x

53x

62x

70x

71x

72x

83x

136x

Offshore Drillers

Land Drillers

EampC

OCTG

Distribution

Logistics

Small Cap Service

Equipment

Large Cap Service

(30)

(28)

46

54

64

73

82

110

126

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

39x

53x

54x

62x

70x

74x

92x

103x

127x

Offshore Drillers

Land Drillers

Logistics

EampC

Equipment

OCTG

Distribution

Large Cap Service

Small Cap Service

64

107

187

199

204

207

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

87

110

125

180

187

278

297

469

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(409)

(345)

(282)

(275)

(266)

(248)

(203)

(146)

(29)

Land Drillers

Small Cap Service

Large Cap Services

Distribution

Equipment

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5



Power Equipment and Services

99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6



Infrastructure Services

78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)

TRAILING TWELVE MONTHS

Commodity Prices

25

50

75

100

125

150

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

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

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $199 $193 $294 32 (323)

Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS



US RIG COUNTS INTERNATIONAL RIG COUNTS

Rig Counts3

INTERNATIONAL RIG COUNT BY COUNTRY

US OIL VS GAS RIG COUNT

US HORIZONTALDIRECTIONAL VS VERTICAL RIG COUNT

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Horizontal Directional

Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9



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

Rig Counts3

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

97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4

YoY CHANGE BY SECTOR MoM CHANGE BY SECTOR

NON-RESIDENTIAL US CONSTRUCTION SPEND

Seasonally Adjusted Annual Rate

($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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

Total Private Public

(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11



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

Construction Indicators56

NEW DESIGN CONTRACTS DODGE MOMENTUM INDEX (DMI)

Indexed to Year 2000

50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Commercial Industrial Institutional

42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted

Seasonally Adjusted Seasonally Adjusted

January 496 553 505 499

January 509 February 1261

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

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

PAGE |

OUR GROUP

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



SELECT RELEVANT EXPERIENCE

Oil amp Gas Equipment and Services

Coal Products and Services

Energy

Power Products and Technology

Electric and Natural Gas Transmission and Distribution

Energy Efficiency and Clean Technology

Renewable Energy Services and Equipment

Power SELECT RELEVANT EXPERIENCE

Industrial and Infrastructure Services

Engineering and Construction

Environmental Services

Infrastructure SELECT RELEVANT EXPERIENCE

a portfolio company of

has been acquired by



a subsidiary of





Tanglewood Investments Inc







12





amp





PAGE |

Energy Poweramp Infrastructure

IndustrialsHealthcare amp Life Sciences

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Business Services

Building Products amp Materials

Technology Media amp Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS amp CO OFFICE LOCATIONS

UNITED STATES EUROPE

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

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



OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance

Stock Price Change from 52-Week TEV EBITDA EBITDA

TEV Mar-16 Feb-16 Prior Month Prior Year High of High Mar-15 Sep-15 Current 2015 2016E


Large Cap Service

Schlumberger Limited $98396 $7352 $7175 25 (92) $9513 773 81x 79x 102x 100x 128x

Halliburton Company 36397 3630 2994 212 (126) 5020 723 57x 60x 89x 88x 120x

Baker Hughes Incorporated 22573 4744 4120 151 (221) 7045 673 60x 74x 170x 117x 157x

Weatherford International plc 13696 755 662 140 (351) 1491 507 64x 79x 171x 105x 143x

Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment

National Oilwell Varco Inc $14171 $3258 $2806 161 (320) $5664 575 43x 43x 69x 57x 182x

Cameron International Corporation 14029 6642 6561 12 510 7122 933 66x 85x 89x 95x 130x

FMC Technologies Inc 6508 2754 2348 173 (239) 4443 620 71x 69x 83x 66x 91x

Oceaneering International Inc 3722 3384 2655 275 (360) 5965 567 65x 57x 60x 56x 83x

Dril-Quip Inc 1877 5949 5134 159 (125) 8178 727 75x 67x 63x 70x 110x

Oil States International Inc 1711 3144 2389 316 (199) 4816 653 47x 42x 92x 94x 157x

Forum Energy Technologies Inc 1480 1315 910 445 (303) 2544 517 66x 67x 175x 100x NM

Median 173 (239) 620 66x 67x 83x 70x 120x

Mid and Small-Cap Service

Superior Energy Services Inc $3060 $1325 $883 501 (350) $2695 492 36x 35x 47x 73x 119x

TETRA Technologies Inc 1638 641 507 264 137 944 679 154x 95x 72x 69x 73x

US Silica Holdings Inc 1358 2180 1596 366 (269) 4017 543 79x 59x 158x 127x 358x

CampJ Energy Services Ltd 1343 188 225 (164) (827) 1845 102 37x 88x NM 354x NM

Ensign Energy Services Inc 1318 482 389 239 (344) 963 501 36x 41x 57x 59x 103x

Basic Energy Services Inc 986 346 178 944 (412) 1050 330 35x 49x 88x 423x NM

Key Energy Services Inc 846 053 024 1165 (683) 279 190 83x 305x NM NM 324x

Calfrac Well Services Ltd 768 121 089 353 (816) 860 141 37x 40x 71x 366x 290x

Trican Well Service Ltd 538 109 105 32 (613) 415 262 51x 53x 139x NM 159x

CARBO Ceramics Inc 397 1653 1521 87 (476) 4704 351 46x 130x NM NM NM

Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x

Vallourec SA 3157 747 432 730 (659) 3022 247 48x 73x NM NM NM

Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution

MRC Global Inc $2204 $1376 $915 504 199 $1762 781 64x 65x 70x 92x 110x

NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15



Revenue Revenue Growth EBITDA EBITDA Margin Avg Margin

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


Large Cap Service

Schlumberger Limited $41731 $45266 $48580 $35467 $28365 79 (236) $10935 $12224 $13584 $9831 $7386 262 270 280 277 260 271 272

Halliburton Company 28503 29402 32870 23696 17512 74 (270) 6087 6038 7174 4106 2941 214 205 218 173 168 212 186

Baker Hughes Incorporated 21361 22364 24551 15820 11764 72 (308) 3803 3647 4847 1894 1388 178 163 197 120 118 180 145

Weatherford International plc 15215 15263 14911 9432 7029 (10) (313) 2445 2054 2514 1303 900 161 135 169 138 128 155 145

Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment

National Oilwell Varco Inc $17194 $19221 $21440 $15075 $8703 117 (363) $4005 $3937 $4495 $2498 $740 233 205 210 166 85 216 153

Cameron International Corporation 7795 9138 10381 8720 6890 154 (185) 1220 1362 1642 1483 1056 157 149 158 170 153 155 160

FMC Technologies Inc 6151 7126 7943 6492 5153 136 (195) 795 978 1285 980 700 129 137 162 151 136 143 150

Oceaneering International Inc 2783 3287 3660 3037 2464 147 (179) 605 747 858 670 448 217 227 234 220 182 226 212

Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305

Oil States International Inc 1518 1629 1820 1113 726 95 (368) 339 358 446 182 63 223 220 245 164 87 229 165

Forum Energy Technologies Inc 1415 1525 1740 1071 693 109 (369) 290 266 312 152 11 205 175 179 142 15 186 112

Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180


Superior Energy Services Inc $4293 $4350 $4557 $2786 $1813 30 (369) $1254 $1140 $1199 $419 $152 292 262 263 150 84 272 166

TETRA Technologies Inc 881 909 1078 1144 922 106 (75) 123 94 113 242 183 139 104 105 211 199 116 171

US Silica Holdings Inc 442 546 877 645 506 409 (240) 141 148 222 108 33 318 270 253 167 65 281 162

CampJ Energy Services Ltd 1112 1070 1608 1733 1262 203 (114) 336 189 252 37 (27) 302 177 157 21 (21) 212 52

Ensign Energy Services Inc 2204 1975 2005 1017 681 (46) (417) 566 455 476 222 130 257 231 237 219 190 242 215

Basic Energy Services Inc 1375 1263 1491 810 577 41 (378) 297 231 313 24 (33) 216 183 210 29 (57) 203 61

Key Energy Services Inc 1960 1592 1427 796 545 (147) (382) 421 266 118 (29) 4 215 167 83 (36) 08 155 18

Calfrac Well Services Ltd 1600 1472 2156 1067 723 161 (421) 258 177 308 21 9 161 120 143 20 13 141 58

Trican Well Service Ltd 2221 1991 2078 948 413 (33) (554) 243 156 192 (22) 7 109 78 92 (24) 17 93 28

CARBO Ceramics Inc 646 667 648 271 163 02 (498) 204 172 159 (35) (48) 316 258 245 (129) (292) 273 (59)

Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x

Bristow Group Inc 1820 1990 1420 401 (647) 6464 308 85x 70x 71x 53x 80x

Tidewater Inc 1732 701 484 448 (670) 3180 220 54x 58x 71x 40x 80x

Hornbeck Offshore Services Inc 1181 1031 606 701 (465) 2522 409 55x 51x 49x 55x 69x

Gulfmark Offshore Inc 665 727 298 1440 (455) 1768 411 48x 60x 96x 139x 189x

Civeo Corporation 562 156 089 760 (353) 496 315 23x 26x 31x 43x 64x

Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers

Transocean Ltd $10404 $1078 $866 245 (239) 2190 492 34x 34x 32x 32x 62x

Noble Corporation plc 7433 1124 761 477 (170) 1858 605 56x 49x 38x 43x 63x

Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x

Diamond Offshore Drilling Inc 5391 2362 1735 361 (125) 3595 657 50x 48x 49x 53x 75x

Rowan Companies plc 4239 1627 1162 400 (140) 2431 669 68x 52x 42x 42x 48x

Atwood Oceanics Inc 2099 935 602 553 (661) 3566 262 56x 37x 27x 28x 41x

Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers

Helmerich amp Payne Inc $6204 $6083 $4864 251 (79) 7990 761 42x 34x 61x 53x 128x

Nabors Industries Ltd 5972 914 630 451 (285) 1699 538 43x 39x 53x 53x 86x

Patterson-UTI Energy Inc 3280 1725 1375 255 (37) 2311 746 36x 31x 43x 62x 125x

Precision Drilling Corporation 2661 452 305 483 (201) 726 622 47x 52x 81x 78x 105x

Pioneer Energy Services Corp 540 246 115 1139 (472) 869 283 27x 24x 33x 51x 108x

Median 451 (201) 622 42x 34x 53x 53x 108x

Engineering amp Construction

Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x

Petrofac Limited 6087 1339 1044 283 10 1558 860 69x 117x 209x 116x 76x

Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x

McDermott International Inc 1233 416 241 726 268 600 693 146x 66x 45x 62x 60x

Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics

ATCO Ltd $4025 $4103 $3932 NM NM (12) NM $1537 $1580 $1437 $1274 $1475 382 385 365 NM NM 377 365

Bristow Group Inc 1199 1344 1516 1881 1746 124 73 263 291 291 330 229 220 217 192 176 131 209 166

Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265

Hornbeck Offshore Services Inc 463 548 635 486 331 171 (278) 192 255 284 216 112 414 466 447 445 337 442 410

Gulfmark Offshore Inc 389 455 496 274 155 129 (441) 103 159 172 46 23 265 349 347 168 151 320 222

Civeo Corporation 1109 1041 943 NM NM (78) NM 492 427 331 124 74 444 410 351 NM NM 402 351

Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410

Noble Corporation plc 2135 2472 3148 3110 2371 214 (132) 1053 1189 1559 1702 1183 493 481 495 547 499 490 514

Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494

Diamond Offshore Drilling Inc 2936 2844 2737 2376 1626 (34) (229) 1337 1186 1133 1023 673 455 417 414 430 414 429 420

Rowan Companies plc 1393 1579 1824 2133 1904 145 22 526 587 707 1010 897 378 372 388 474 471 379 444

Atwood Oceanics Inc 756 1018 1103 1381 1062 208 (19) 390 548 561 757 566 517 538 508 548 533 521 530

Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers

Helmerich amp Payne Inc $3138 $3374 $3706 $2955 $1577 87 (348) $1278 $1400 $1559 $1126 $475 407 415 421 381 301 414 368

Nabors Industries Ltd 6843 6152 6804 3843 2358 (03) (411) 1966 1680 1753 1121 695 287 273 258 292 295 273 281

Patterson-UTI Energy Inc 2723 2716 3182 1857 962 81 (450) 990 916 986 512 202 364 337 310 276 210 337 265

Precision Drilling Corporation 2047 1911 2030 1116 762 (04) (387) 478 600 581 340 215 234 314 286 305 282 278 291

Pioneer Energy Services Corp 919 960 1055 541 324 71 (446) 248 235 264 106 33 269 244 251 196 102 255 183

Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102

Petrofac Limited 6240 6329 6241 6942 7862 00 122 842 1013 887 506 794 135 160 142 73 101 146 105

Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198

McDermott International Inc 3642 2659 2301 3153 2900 (205) 123 410 (251) 72 211 234 113 (94) 32 67 81 17 60

Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance




Large Cap Equipment and Services

General Electric Company $480302 $3092 $2886 71 221 $3149 982 310x 198x 295x 167x 198x

Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x

Honeywell International Inc 90304 11210 10495 68 88 11214 1000 119x 108x 117x 115x 107x

ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x

Schneider Electric SE 42367 6317 5353 180 (185) 8493 744 112x 99x 102x 99x 96x

Emerson Electric Co 39524 5464 4662 172 (29) 6275 871 85x 75x 98x 95x 104x

Eaton Corporation plc 37177 6347 5482 158 (61) 7382 860 111x 93x 112x 113x 110x

Median 136 (29) 871 111x 99x 111x 99x 104x

Mid and Small-Cap Equipment and Services

Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x

Hubbell Inc 6094 10300 9239 115 (64) 11284 913 106x 91x 103x 109x 106x

Valmont Industries Inc 3303 12456 10740 160 09 12867 968 77x 77x 104x 102x 97x

Littelfuse Inc 2583 12275 11332 83 256 12459 985 116x 108x 139x 143x 124x

AZZ incorporated 1766 5659 4958 141 275 6036 938 94x 99x 104x 114x 106x

ESCO Technologies Inc 1038 3902 3551 99 15 3998 976 126x 117x 120x 120x 102x

Badger Meter Inc 1020 6591 6492 15 117 6948 949 145x 148x 162x 174x 154x

Babcock amp Wilcox Enterprises Inc 758 2162 1970 97 NM 2217 975 NM 135x 88x 58x 55x

Thermon Group Holdings Inc 613 1818 1664 93 (209) 2563 709 92x 93x 95x 72x 97x

Powell Industries Inc 275 2919 2605 121 (125) 3945 740 120x 90x 67x 71x 103x

Global Power Equipment Group Inc 86 293 275 65 (777) 1392 210 97x 39x 32x NM NM

Median 97 (23) 938 111x 99x 104x 111x 104x


SolarCity Corporation $5968 $2706 $1837 473 (456) $6379 424 NM NM NM NM NM

Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x

Silver Spring Networks Inc 599 1422 1090 305 455 1618 879 NM NM 61x NM 339x

Ameresco Inc 459 500 415 205 (276) 798 627 125x 107x 121x 104x 86x

PowerSecure International Inc 419 1861 1008 846 543 1870 995 NM 221x 183x 179x 109x

OPOWER Inc 296 670 798 (160) (363) 1297 517 NM NM NM NM NM

EnerNOC Inc 188 755 472 600 (311) 1500 503 41x 53x NM NM NM

Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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



General Electric Company $100030 $100416 $106637 $122158 $126057 32 87 $21313 $18072 $19794 $27457 $24218 213 180 186 225 192 193 201

Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123

Honeywell International Inc 37665 39055 40306 38556 40504 34 02 5082 6490 6755 7847 8434 135 166 168 204 208 156 193

ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127

Schneider Electric SE 31572 32214 30187 28742 29121 (22) (18) 5186 5013 4510 4175 4469 164 156 149 145 153 156 149

Emerson Electric Co 24412 24669 24537 22309 20509 03 (86) 4751 4766 4885 4154 3760 195 193 199 186 183 196 190

Eaton Corporation plc 16311 22046 22552 20896 19828 176 (62) 2350 3307 3586 3300 3317 144 150 159 158 167 151 161

Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169

Valmont Industries Inc 3030 3304 3123 2654 2547 15 (97) 451 563 444 334 338 149 170 142 126 133 154 134

Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221

AZZ incorporated 469 571 752 821 914 266 103 98 127 143 157 170 210 223 191 192 186 208 190

ESCO Technologies Inc 479 490 531 541 585 53 49 65 73 82 85 102 135 149 154 158 174 146 162

Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167

Babcock amp Wilcox Enterprises Inc 2039 1768 1486 1706 1802 (146) 101 216 234 19 132 137 106 133 13 77 76 84 55

Thermon Group Holdings Inc 272 284 277 305 275 09 (04) 58 71 72 85 63 214 248 261 279 229 241 256

Powell Industries Inc 691 641 648 655 541 (32) (86) 60 60 41 38 28 87 93 64 59 51 81 58

Global Power Equipment Group Inc 463 484 539 NM NM 79 NM 26 29 27 NM NM 56 60 50 NM NM 55 50

Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157


SolarCity Corporation $127 $164 $255 $389 $594 418 526 ($70) ($107) ($237) ($493) ($438) (553) (650) (931) (1269) (737) (711) (979)

Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85

Silver Spring Networks Inc 197 327 191 281 302 (14) 257 (82) (35) (80) 11 18 (415) (107) (417) 41 60 (313) (105)

Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72

PowerSecure International Inc 162 270 257 422 513 259 414 9 21 (0) 24 40 58 79 (01) 56 78 45 44

OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance


TEV Mar-16 Feb-16 Prior Month Mar-15 Prior Year High of High Mar-15 Sep-15 Current 2015 2016E


Large Cap Infrastructure Services

Fluor Corporation $6648 $5521 $4499 227 $5677 (27) $6226 887 53x 41x 60x 57x 63x

Chicago Bridge amp Iron Company NV 6585 3851 3299 167 4443 (133) 5945 648 56x 52x 54x 56x 64x

Jacobs Engineering Group Inc 5647 4408 3721 185 4399 02 4825 914 72x 58x 101x 77x 85x

SNC-Lavalin Group Inc 5036 3578 2974 203 3184 124 3724 961 78x 100x 147x 112x 104x

KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x

Mid and Small-Cap Infrastructure Services

Amec Foster Wheeler plc $4227 $724 $503 439 $1397 (482) $1454 498 115x 117x 81x 76x 85x

Granite Construction Incorporated 1518 4391 3763 167 3351 310 4521 971 100x 103x 95x 99x 80x

Tutor Perini Corporation 1513 1559 1253 244 2258 (310) 2474 630 62x 69x 103x 88x 61x

Primoris Services Corporation 1415 2513 1946 291 1753 434 2525 995 60x 83x 108x 104x 75x

Aecon Group Inc 725 1214 1023 187 875 388 1282 947 81x 91x 76x 58x 58x

Great Lakes Dredge amp Dock Corp 605 429 330 300 585 (267) 630 681 87x 81x 71x 72x 59x

Willbros Group Inc 147 177 118 500 310 (429) 358 494 405x 206x NM 313x 32x

Orion Marine Group Inc 255 535 353 516 901 (406) 960 557 74x 56x 110x 129x 44x

Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services

Quanta Services Inc $3978 $2267 $1804 257 $2782 (185) $3061 741 87x 75x 66x 77x 68x

Dycom Industries Inc 2663 6279 5188 210 4709 333 9082 691 101x 123x 91x 104x 74x

MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x

MYR Group Inc 450 2522 2081 212 2961 (148) 3224 782 60x 55x 49x 53x 51x

Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services

EMCOR Group Inc $2748 $4802 $4490 69 $4518 63 $5237 917 78x 82x 78x 77x 71x

Bilfinger SE 1930 4399 4445 (10) 5800 (242) 6781 649 90x 56x 58x 65x 63x

Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x

Aegion Corporation 889 2087 1810 153 1760 186 2241 931 68x 64x 67x 74x 70x

Mistras Group Inc 829 2496 2179 145 1796 390 2500 998 105x 79x 122x 118x 105x

Matrix Service Company 410 1813 1652 97 1758 31 2622 691 65x 156x 88x 148x 52x

Formation Group plc 36 011 013 (192) 003 2819 018 580 220x NM 10x 10x 08x

Median 97 63 691 90x 81x 78x 77x 70x

Design Professional Services

AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x

WSP Global Inc 3368 2756 2706 18 3213 (142) 3133 880 176x 149x 119x 106x 88x

Stantec Inc 2434 2370 2299 31 2473 (41) 2933 808 100x 104x 108x 101x 91x

ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x

Tetra Tech Inc 1767 2900 2610 111 2447 185 2919 993 110x 99x 97x 89x 83x

WS Atkins plc 1679 1903 1744 91 1929 (13) 2430 783 84x 84x 73x 76x 70x

RPS Group plc 788 311 239 300 354 (120) 369 844 71x 72x 66x 74x 74x

Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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



Fluor Corporation $27577 $27352 $21532 $18241 $18547 (116) (72) $946 $1397 $1409 $1152 $1043 34 51 65 63 56 50 62

Chicago Bridge amp Iron Company NV 5485 11095 12975 13111 11729 538 (49) 515 938 1176 1197 1066 94 85 91 91 91 90 91

Jacobs Engineering Group Inc 10894 11818 12695 11976 11487 80 (49) 695 766 774 733 672 64 65 61 61 59 63 60

SNC-Lavalin Group Inc 7550 6730 6334 6710 7102 (84) 59 662 452 559 461 491 88 67 88 69 69 81 75

KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64


Amec Foster Wheeler plc $6644 $6583 $6223 $7905 $7729 (32) 114 $518 $527 $471 $564 $510 78 80 76 71 66 78 71

Granite Construction Incorporated 2083 2267 2275 2377 2540 45 56 110 58 115 157 191 53 26 50 66 75 43 64

Tutor Perini Corporation 4111 4176 4492 5020 5201 45 76 214 260 295 167 248 52 62 66 33 48 60 49

Primoris Services Corporation 1542 1944 2086 1952 2134 163 11 129 176 163 137 177 84 90 78 70 83 84 77

Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53

Great Lakes Dredge amp Dock Corporation 588 731 807 857 876 171 42 70 79 74 85 92 119 108 91 99 105 106 99

Willbros Group Inc 1834 1495 1594 1146 892 (68) (252) 62 37 9 1 22 34 25 05 01 25 21 10

Orion Marine Group Inc 292 355 386 470 649 149 296 7 21 33 20 56 25 60 86 42 86 57 72

Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services

Quanta Services Inc $5920 $6412 $7747 $7469 $7619 144 (08) $623 $621 $655 $516 $582 105 97 85 69 76 96 77

Dycom Industries Inc 1201 1609 1812 2010 2549 228 186 128 173 178 256 364 107 108 98 127 143 104 123

MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99

Aegion Corporation 1017 1091 1331 1352 1292 144 (15) 113 109 126 122 120 111 100 95 90 93 102 92

Mistras Group Inc 437 529 623 721 721 195 75 60 61 63 69 77 137 116 101 96 106 118 101

Matrix Service Company 739 893 1263 1355 1341 307 30 43 49 79 25 77 58 55 63 19 57 59 46

Formation Group plc 4 9 13 NM NM 875 NM (1) (0) (0) 0 0 (225) (40) (08) NM NM (91) (08)

Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61

Professional Services

AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes

4 US Department of Commerce

5 American Institute of Architects

6 Dodge Data amp Analytics

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

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

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

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

Copyrightcopy 2016 Harris Williams amp Co all rights reserved

DISCLOSURES

22

01 - EPampI Monthly Reader (0316)

02 - EPampI Monthly Reader_Support (0316)

PAGE |


SUMMARY

1

CONTENTS


MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Andrew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matthew WhiteManaging Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke SempleDirectorlsempleharriswilliamscom+1 (804) 915-0158

Chris BurnhamVice Presidentcburnhamharriswilliamscom +1 (804) 915-0142

Ian ThomasVice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Jeffery PerkinsManaging Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

EMCOR Group has entered into a definitive agreement to acquire Ardent Services

(ldquoArdentrdquo) a portfolio company of Cadent Energy Partners for a total

consideration of $205 million Ardent is a leading provider of electrical and

instrumentation services to the energy infrastructure market in North America

HWampCo served as exclusive financial advisor to Ardent on the transactionSource | Instapaper

Southern Company (NYSESO) the Atlanta based utility and telecommunications

provider has agreed to a definitive merger with PowerSecure (NYSEPOWR) for an

approximate value of $435 million PowerSecure a leading provider of distributed

generation energy efficiency and related techonologies for electric utilities and

their commercial and industrial (ldquoCampIrdquo) customers will become a wholly owned

subsidiary of Southern Company through the transactionSource | Instapaper

OpTerra a portfolio company of GFI Energy Ventures Oaktree Capital has been acquired by ENGIE (ENXTPAENGI) OpTerra an energy services company (ldquoESCOrdquo) is a leading US provider of energy efficiency renewable and infrastructure project management OpTerra is the latest addition to ENGIErsquos list of energy efficiency renewable and energy management subsidiaries which also includes GDF Suez and Cofely ServicesSource | Instapaper

Kurion a California based developer of technologies for nuclear waste management has been acquired by Veolia (ENXTPAVIE) for a total consideration of $350 million Veolia operating through its water waste solutions and energy services divisions provides a wide range of environmental services globallySource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Mar-15 Sep-15 Current 2015 2016E


Large Cap Service 146 (174) 62x 76x 136x 103x 135x

Equipment 173 (239) 66x 67x 83x 70x 120x

Small-Cap Service 309 (444) 42x 56x 72x 127x 159x

OCTG 192 (110) 48x 66x 62x 74x 81x

Distribution 463 63 81x 162x 70x 92x 110x

Logistics 575 (460) 54x 59x 71x 54x 80x

Offshore Drillers 381 (205) 53x 42x 36x 39x 57x

Land Drillers 451 (201) 42x 34x 53x 53x 108x

EampC 301 (71) 62x 66x 53x 62x 60x


Large Cap PSampE 136 (29) 111x 99x 111x 99x 104x

Small-Cap PSampE 97 (23) 111x 99x 104x 111x 104x

EE and Cleantech 305 (276) 96x 113x 127x 135x 104x

Industrial amp Infrastructure Services

Large Cap 203 02 64x 55x 80x 57x 64x

Small-Cap 296 (288) 84x 87x 95x 93x 60x

Utility Services 234 (30) 75x 75x 78x 83x 67x

Industrial Services 97 63 90x 81x 78x 77x 70x

DesignProfessional Services 111 (41) 110x 99x 90x 89x 83x


PAGE |




2














PAGE |

MampA TRANSACTIONS

3







industries

EMCOR Group



industries





Energy Serv ices


Serv ices



SQUAN


Midwest



Univar USA



AZZ


for OEMs

NIBE



Willdan Group



serv ices

ENGIE



Southern Company


Systems



Private Investors





power systems

SGS


solutions

Ametek


Laboratories



Ametek



provider

Comfort Systems USA

PAGE |


4







36x

53x

53x

62x

70x

71x

72x

83x

136x

Offshore Drillers

Land Drillers

EampC

OCTG

Distribution

Logistics

Small Cap Service

Equipment

Large Cap Service

(30)

(28)

46

54

64

73

82

110

126

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

39x

53x

54x

62x

70x

74x

92x

103x

127x

Offshore Drillers

Land Drillers

Logistics

EampC

Equipment

OCTG

Distribution

Large Cap Service

Small Cap Service

64

107

187

199

204

207

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

87

110

125

180

187

278

297

469

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(409)

(345)

(282)

(275)

(266)

(248)

(203)

(146)

(29)

Land Drillers

Small Cap Service

Large Cap Services

Distribution

Equipment

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |




2














PAGE |

MampA TRANSACTIONS

3







industries

EMCOR Group



industries





Energy Serv ices


Serv ices



SQUAN


Midwest



Univar USA



AZZ


for OEMs

NIBE



Willdan Group



serv ices

ENGIE



Southern Company


Systems



Private Investors





power systems

SGS


solutions

Ametek


Laboratories



Ametek



provider

Comfort Systems USA

PAGE |


4







36x

53x

53x

62x

70x

71x

72x

83x

136x

Offshore Drillers

Land Drillers

EampC

OCTG

Distribution

Logistics

Small Cap Service

Equipment

Large Cap Service

(30)

(28)

46

54

64

73

82

110

126

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

39x

53x

54x

62x

70x

74x

92x

103x

127x

Offshore Drillers

Land Drillers

Logistics

EampC

Equipment

OCTG

Distribution

Large Cap Service

Small Cap Service

64

107

187

199

204

207

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

87

110

125

180

187

278

297

469

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(409)

(345)

(282)

(275)

(266)

(248)

(203)

(146)

(29)

Land Drillers

Small Cap Service

Large Cap Services

Distribution

Equipment

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

MampA TRANSACTIONS

3







industries

EMCOR Group



industries





Energy Serv ices


Serv ices



SQUAN


Midwest



Univar USA



AZZ


for OEMs

NIBE



Willdan Group



serv ices

ENGIE



Southern Company


Systems



Private Investors





power systems

SGS


solutions

Ametek


Laboratories



Ametek



provider

Comfort Systems USA

PAGE |


4







36x

53x

53x

62x

70x

71x

72x

83x

136x

Offshore Drillers

Land Drillers

EampC

OCTG

Distribution

Logistics

Small Cap Service

Equipment

Large Cap Service

(30)

(28)

46

54

64

73

82

110

126

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

39x

53x

54x

62x

70x

74x

92x

103x

127x

Offshore Drillers

Land Drillers

Logistics

EampC

Equipment

OCTG

Distribution

Large Cap Service

Small Cap Service

64

107

187

199

204

207

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

87

110

125

180

187

278

297

469

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(409)

(345)

(282)

(275)

(266)

(248)

(203)

(146)

(29)

Land Drillers

Small Cap Service

Large Cap Services

Distribution

Equipment

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |


4







36x

53x

53x

62x

70x

71x

72x

83x

136x

Offshore Drillers

Land Drillers

EampC

OCTG

Distribution

Logistics

Small Cap Service

Equipment

Large Cap Service

(30)

(28)

46

54

64

73

82

110

126

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

39x

53x

54x

62x

70x

74x

92x

103x

127x

Offshore Drillers

Land Drillers

Logistics

EampC

Equipment

OCTG

Distribution

Large Cap Service

Small Cap Service

64

107

187

199

204

207

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

87

110

125

180

187

278

297

469

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(409)

(345)

(282)

(275)

(266)

(248)

(203)

(146)

(29)

Land Drillers

Small Cap Service

Large Cap Services

Distribution

Equipment

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |


5




99x

111x

135x

Large Cap

Mid and Small-Cap

EE and Cleantech

104x

111x

127x

Mid and Small-Cap

Large Cap

EE and Cleantech

25

54

209

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

16

178

Large Cap

Mid and Small-Cap

EE and Cleantech

(136)

156

163

EE and Cleantech

Large Cap

Mid and Small-Cap




(149)

157

163

EE and Cleantech

Mid and Small-Cap

Large Cap

PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |


6




78x

78x

80x

90x

95x

Utility Services

Industrial Services

Large Cap

Design Professional

Services

Mid and Small-Cap

57x

77x

83x

89x

93x

Large Cap

Industrial Services

Utility Services

Design Professional

Services

Mid and Small-Cap

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

61

62

64

91

97

Industrial Services

Mid and Small-Cap

Large Cap

Utility Services

Design Professional

Services

45

64

65

114

216

Mid and Small-Cap

Large Cap

Design Professional

Services

Utility Services

Industrial Services

(56)

45

57

68

103

Large Cap

Mid and Small-Cap

Industrial Services

Utility Services

Design Professional

Services




PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

INDUSTRY STATISTICS

7



(Indexed to 100)


Commodity Prices

25

50

75

100

125

150



Price Change From



Crude Oil ($ per bbl) 4114 3293 4665 249 (118)

Coal (CAPP) ($ per ton) 4347 4405 5302 (13) (180)

PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

INDUSTRY STATISTICS




Rig Counts3




0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

28

20

36

69

50

50

-

68

71

113

305

187

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


97

0

0

0

1

2

3

3

4

7

15

22

31

34

40

150

Others

Fayetteville

Marcellus

Utica

Haynesville

Ardmore Woodford

Arkoma Woodford

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Gulf of Mexico

Williston

Cana Woodford

Eagle Ford

Permian

(17)

(57)

(38)

(37)

(36)

(33)

(32)

(25)

(25)

(20)

0

0

0

0

3

5

Others

Arkoma Woodford

Eagle Ford

Williston

Mississippian

Ardmore Woodford

DJ-Niobrara

Barnett

Permian

Granite Wash

Fayetteville

Marcellus

Haynesville

Utica

Cana Woodford

Gulf of Mexico

23

0

0

0

0

0

0

0

1

2

4

4

5

10

13

31

Others

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Permian

Gulf of Mexico

Granite Wash

Eagle Ford

Utica

Haynesville

Marcellus

(50)

(100)

(100)

(78)

(50)

(43)

(43)

(33)

(29)

(17)

(16)

0

0

0

0

0

Others

Arkoma Woodford

Cana Woodford

Permian

Barnett

Haynesville

Granite Wash

Gulf of Mexico

Utica

Eagle Ford

Marcellus

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

INDUSTRY STATISTICS

10



Construction Spend4




($ in Millions)

$0

$100000

$200000

$300000

$400000

$500000

$600000

$700000

$800000

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


(79)

(32)

02

06

08

14

16

18

81

113

121

169

196

272

339

348

Water Supply

Public Safety

Religious

Transportation

Commercial

Sewage amp Waste

Conservation

Healthcare

Power

Manufacturing

Educational

Amusement

Office

Communication

Highway amp Street

Lodging

(43)

(42)

(25)

(15)

(11)

(01)

02

07

20

29

40

42

42

63

100

146

Commercial

Communication

Transportation

Public Safety

Educational

Healthcare

Office

Amusement

Water Supply

Power

Sewage amp Waste

Manufacturing

Religious

Lodging

Conservation

Highway amp Street

PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

INDUSTRY STATISTICS

11







50

75

100

125

150

175

200

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16

Billings Inquiries

20

25

30

35

40

45

50

55

60

65

70

03

04

05

06

07

08

09

10

11

12

13

14

15

16


42

44

46

48

50

52

54

56

58

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Seasonally Adjusted


January 496 553 505 499




PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

OUR GROUP







Energy














a subsidiary of












12





amp





PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |





Services

Business Services




Consumer










NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai





OUR FIRM

13

PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median 146 (174) 698 62x 76x 136x 103x 135x

Equipment








Median 173 (239) 620 66x 67x 83x 70x 120x












Median 309 (444) 340 42x 56x 72x 127x 159x

OCTG

Tenaris SA $12923 $1209 $1030 174 (110) $1730 699 56x 66x 76x 96x 108x

PAO TMK 3325 304 255 192 (36) 475 640 48x 47x 49x 51x 54x


Median 192 (110) 640 48x 66x 62x 74x 81x

Distribution


NOW Inc 2036 1881 1322 423 (72) 2586 727 98x 259x NM NM NM

Median 463 63 754 81x 162x 70x 92x 110x


PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

15




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


Large Cap Service





Total $106810 $112295 $120912 $84415 $64670 54 (282) $23270 $23963 $28119 $17134 $12615 218 213 233 203 195 204 187

Equipment





Dril-Quip Inc 733 872 931 841 591 127 (203) 188 253 310 271 154 256 290 333 322 261 293 305



Total $37589 $42799 $47914 $36348 $25220 126 (266) $7441 $7901 $9348 $6235 $3171 198 185 195 172 126 207 180












Total $16734 $15836 $17925 $11219 $7605 73 (345) $3843 $3030 $3351 $987 $410 230 191 187 88 54 199 87

OCTG

Tenaris SA $10834 $10597 $10338 $7201 $5420 (23) (276) $2874 $2795 $2680 $1373 $888 265 264 259 191 164 263 205

PAO TMK 6688 6432 6009 4165 3856 (52) (199) 1006 929 782 626 621 150 144 130 150 161 142 147

Vallourec SA 7022 7682 6900 4079 3677 (09) (270) 1088 1259 1024 (92) (213) 155 164 148 (23) (58) 156 23

Total $24544 $24711 $23247 $15445 $12953 (28) (248) $4969 $4983 $4486 $1907 $1296 202 202 193 123 100 187 125

Distribution

MRC Global Inc $5571 $5231 $5933 $4527 $3196 32 (266) $475 $386 $406 $237 $75 85 74 68 52 23 76 48

NOW Inc 3414 4296 4105 3041 2111 97 (283) 180 241 202 (61) (152) 53 56 49 (20) (72) 53 (14)

Total $8985 $9527 $10038 $7568 $5307 64 (275) $655 $627 $608 $176 ($77) 73 66 61 23 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $11730 $2977 $2731 90 (209) $3789 786 84x 90x 101x 92x 82x






Median 575 (460) 362 54x 59x 71x 54x 80x

Offshore Drillers



Ensco plc 7250 1127 853 321 (458) 2840 397 40x 34x 35x 37x 53x




Median 381 (205) 549 53x 42x 36x 39x 57x

Land Drillers






Median 451 (201) 622 42x 34x 53x 53x 108x


Saipem SpA $10458 $043 $034 243 (956) 1450 30 62x 275x 278x 219x 74x

Technip SA 6123 5757 4426 301 (71) 7486 769 58x 55x 53x 46x 48x


Subsea 7 SA 2019 767 568 351 (132) 1084 708 21x 22x 17x 18x 31x


Median 301 (71) 708 62x 66x 53x 62x 60x


PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

17




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


Logistics



Tidewater Inc 1060 1230 1418 1526 989 157 (165) 265 347 417 437 211 250 282 294 286 213 275 265




Total $8246 $8721 $8941 $4166 $3222 82 (203) $2852 $3059 $2932 $2427 $2124 346 351 328 583 659 338 297

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6951 $4048 10 (328) $3518 $3385 $3796 $3062 $1474 401 373 424 441 364 399 410


Ensco plc 3639 4323 4565 3965 2986 120 (191) 1814 2201 2348 1989 1396 498 509 514 502 468 507 494




Total $19631 $21306 $22329 $19916 $13997 110 (146) $8639 $9096 $10104 $9543 $6190 440 427 452 479 442 454 469

Land Drillers






Total $15671 $15113 $16778 $10312 $5982 46 (409) $4960 $4830 $5143 $3205 $1619 317 320 307 311 271 311 278


Saipem SpA $17304 $16307 $15582 $12763 $11871 (51) (127) $2567 $958 $1457 $512 $1425 148 59 94 40 120 100 85

Technip SA 10817 12184 12194 13009 12240 62 02 1321 1381 1200 1361 1273 122 113 98 105 104 111 102


Subsea 7 SA 6297 6297 6870 4854 3713 45 (265) 1044 816 1345 1113 627 166 130 196 229 169 164 198


Total $44299 $43776 $43187 $40721 $38586 (30) (29) $6184 $3917 $4961 $3703 $4353 140 89 115 91 113 107 110

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 101207 10429 9179 136 (28) 11745 888 106x 111x 111x 95x 90x


ABB Ltd 44482 1947 1740 119 (66) 2289 851 98x 80x 98x 96x 96x




Median 136 (29) 871 111x 99x 111x 99x 104x


Ametek Inc $13376 $5016 $4598 91 (55) $5767 870 134x 133x 122x 124x 123x











Median 97 (23) 938 111x 99x 104x 111x 104x



Itron Inc 1860 4226 3672 151 163 4329 976 96x 118x 133x 135x 98x






Median 305 (276) 627 96x 113x 127x 135x 104x


PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

19




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




Siemens 99396 99404 88711 84988 89706 (55) 06 11457 9984 10498 10661 11293 115 100 118 125 126 111 123


ABB Ltd 39336 41848 39830 35418 34633 06 (68) 5240 5649 4888 4528 4516 133 135 123 128 130 130 127




Total $348723 $359652 $352760 $353067 $360358 25 (20) $55379 $53281 $54916 $62121 $60007 159 148 156 176 167 156 163


Ametek Inc $3334 $3594 $4022 $3997 $4025 98 00 $851 $934 $1056 $1083 $1084 255 260 263 271 269 259 268

Hubbell Inc 3044 3184 3359 3399 3458 50 14 535 574 597 561 572 176 180 178 165 165 178 169


Littelfuse Inc 668 758 852 864 901 129 28 141 168 182 189 207 211 221 214 219 229 215 221



Badger Meter Inc 320 334 365 374 406 68 55 58 53 63 60 68 180 157 174 159 167 170 167





Total $14809 $15412 $15954 $15316 $15454 54 16 $2558 $2885 $2729 $2725 $2768 173 187 171 178 179 163 157



Itron Inc 2178 1949 1971 1879 1918 (49) (14) 265 178 169 132 190 122 91 86 70 99 100 85


Ameresco Inc 631 574 593 635 654 (31) 50 49 27 38 44 53 78 47 64 69 81 63 72


OPOWER Inc 52 89 128 148 161 575 120 (11) (12) (38) (10) (9) (218) (131) (297) (66) (57) (215) (140)

EnerNOC Inc 278 383 472 395 379 303 (104) 2 50 45 (23) (39) 06 130 96 (58) (103) 77 (22)

Total $3625 $3756 $3867 $4149 $4521 209 178 $162 $123 ($104) ($315) ($185) 45 33 (27) (76) (41) (136) (149)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1315 1512 1215 244 1428 59 2077 728 NM NM NM 40x 41x

Median 203 02 887 64x 55x 80x 57x 64x










Median 296 (288) 656 84x 87x 95x 93x 60x

Utility Services



MasTec Inc 2615 1987 1385 435 1827 88 2152 923 63x 75x 90x 88x 65x


Median 234 (30) 761 75x 75x 78x 83x 67x

Industrial Services



Team Inc 1149 2741 2363 160 3850 (288) 4755 576 98x 108x 143x 120x 112x





Median 97 63 691 90x 81x 78x 77x 70x


AECOM $8879 $3152 $2514 254 $3021 43 $3540 890 155x 93x 90x 92x 83x



ARCADIS NV 2134 1881 1315 430 3146 (402) 3538 531 133x 106x 78x 76x 83x




Median 111 (41) 844 110x 99x 90x 89x 83x


PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |

PUBLIC COMPARABLES

21




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







KBR Inc 7770 7214 6366 5160 4374 (95) (171) 361 237 (232) 327 306 46 33 (36) 63 70 14 32

Total $59276 $64208 $59901 $55199 $53239 64 (56) $3180 $3791 $3686 $3870 $3578 54 59 62 70 67 60 64






Aecon Group Inc 2897 2888 2257 2028 2339 (117) 18 122 115 90 124 132 42 40 40 61 57 41 53




Total $19992 $20440 $20121 $21755 $22360 45 45 $1232 $1274 $1249 $1255 $1428 62 62 62 58 64 61 62

Utility Services



MasTec Inc 3727 4325 4612 4134 4676 112 07 331 429 404 298 417 89 99 88 72 89 92 83

MYR Group Inc 999 903 944 1061 1113 (28) 86 80 86 89 84 85 80 96 95 79 77 90 84

Total $11847 $13248 $15115 $14674 $15957 114 68 $1162 $1309 $1325 $1154 $1449 98 99 88 79 91 95 91

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6665 $6920 18 38 $315 $305 $356 $358 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 6830 6835 (171) (49) 600 612 299 296 304 55 59 40 43 44 51 42

Team Inc 624 714 813 917 1302 142 265 73 74 85 81 136 117 104 105 88 105 108 99





Total $20016 $19982 $18029 $17841 $18411 216 57 $1203 $1211 $1009 $951 $1088 60 61 56 53 59 57 61


AECOM $8218 $8153 $8357 $18155 $18396 08 484 $434 $447 $418 $1046 $1056 53 55 50 58 57 53 55

WSP Global Inc 1262 1898 2506 3189 3821 409 235 110 142 191 314 392 87 75 76 99 103 79 92

Stantec Inc 1559 1725 1792 1735 2028 72 64 216 232 243 237 267 139 135 135 137 132 136 135

ARCADIS NV 3344 3465 3189 3730 3703 (23) 77 251 267 237 273 297 75 77 74 73 80 76 76

Tetra Tech Inc 2022 2025 1860 1733 1893 (41) 09 208 129 152 199 210 103 64 82 115 111 83 103

WS Atkins plc 2736 2589 2917 2582 2643 33 (48) 187 169 199 221 242 68 65 68 86 92 67 82

RPS Group plc 903 940 892 791 721 (07) (101) 113 123 122 108 98 126 131 137 136 136 131 136

Total $20044 $20795 $21513 $31915 $33206 65 103 $1518 $1509 $1561 $2399 $2562 76 73 73 75 77 89 97

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22



energy, power & infrastructureindustry update march 2016 power equipment and services p p h...

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