Investor Presentation Raymond James Infrastructure & Construction Conference

May 23, 2012 - Toronto

Rod Ruston President and CEO

David Blackley Chief Financial Officer

2

Forward-Looking Statements

The information provided in this presentation contains forward-looking statements and information which reflect the current view of North American Energy Partners with respect to future events and financial performance. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from those in forward-looking statements include success of business development efforts, changes in oil and gas prices, availability of a skilled labour force, internal controls, general economic conditions, terms of our debt instruments, exchange rate fluctuations, weather conditions, performance of our customers, access to equipment, changes in laws and ability to execute transactions. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation, other than those required by applicable law, to update or revise those statements.

For more complete information about us you should read our disclosure documents filed with the SEC and the CSA. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

Overview

Founded in 1953

TSX and NYSE listings: “NOA”

Current share price: $2.89

52 week high/low: $9.74/$2.89

Market capitalization: $108 million

Shares outstanding: 36 million

52 week average daily share volume: 213,300

3

Heavy Construction and Mining

Piling Pipeline

* Data from NYSE in USD as at May 17, 2012

Presentation Agenda

Corporate update

Opportunities

About the company

Financial results

Segment performance and opportunities

4

CNRL Contract Resolution

5

CNRL recognized that NACG is the best option for overburden removal & mining services

$38 million settlement for past cost escalations and change orders Removal of $10 million letter of credit for 2012 Profitable contract structure with reduced risk NAEP continues to operate all equipment with guaranteed base margin and

upside potential based on performance

~$40 million of additional net proceeds to NACG Early buyout of ~30% of contract-related assets Includes the buyout of contract-related operating leases, owned assets, inventory

and maintenance facility

Strengthened working relationship Opportunities to extend contract beyond 2015 Opportunities to provide broader range of services

Credit Agreement Amendments

Recent amendments to credit facility include: Temporary relief from Consolidated EBITDA-related covenants

Extension of credit agreement maturity date to October 31, 2013

Temporary facility capacity of $20.8 million to be eliminated by June 30, 2012, in line with receipt of proceeds from asset sale to CNRL

Capacity of the revolving facility after June 30, 2012 will be $85 million less any outstanding letters of credit

6

The Opportunity

Largest heavy construction and mining contractor in high growth oil sands market

Poised to benefit from recently announced oil sands development

Position further entrenched by recent competitor difficulties

Significant barriers to new entrants

Proven base of stable recurring services business with recent long-term contract wins

7

Key Customer Contracts

3-year master services agreement 3-year muskeg removal contract

4-year master services agreement covering mining services & construction

Year 6 of 10-year overburden removal contract

8

5-year master services agreement covering mining services & construction

Recently commenced one-year contract Significant earthworks still to be awarded by the client

About the Company

Expertise 30+ years in Northern Alberta’s harsh

operating environment Knowledge to come up with best

solutions for customers

Broad Service Offering Unique suite of services across project

lifecycle

Operational Flexibility Unrivalled equipment fleet Active on every site

Long-Term Customer Relationships Reliability; on-time delivery

9

12 Months Ended December 31, 2011

Revenue by End Market

Largest Construction & Mining Contractor in the Oil Sands

11% 69%

8%

12%

Commercial & Public Construction

Canadian Oil Sands

Pipeline

Industrial

First On, Last Off

10

Explore and Design Initial Development and Secondary Upgrades / Expansions

Build Relationship Major Projects

Initial mine site development, project site development, airstrips, pipeline construction

Overburden removal, mine infrastructure development, reclamation, tailing ponds remediation, equipment and labour supply

Project Development Phase (3-4 years) Ongoing Operations Phase (30-40 years)

Operation / Ongoing Services

Recurring Services

86% of NAEP’s Oil Sands Revenue

Active on Every Oil Sands Mining Site

Current or recent NOA job site Providing estimates

EXXON KEARL

SHELL/ALBIAN JACKPINE AND MUSKEG RIVER

SYNCRUDE AURORA

UTS

CANADIAN NATURAL

HORIZON

TOTAL JOSLYN

SUNCOR VOYAGEUR

SUNCOR MILLENNIUM and

STEEPBANK

SYNCRUDE BASE PLANT

Fort McMurray

70 k

m

SUNCOR FORT HILLS

11

Current Activity: 10-year overburden removal and dyke construction, mine operations and projects group support

Future Opportunities: plant site civil projects

Current Activity: site development (ditching, water diversion, reclamation, haul roads, camp grading, etc.)

Future Opportunities: MSE wall, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining (unknown if Total will contract this scope of self perform)

Future Opportunities: Phase 2 Kearl Expansion Project (earthworks), long-term overburden and reclamation (undefined volumes)

MRM Current Activity: major tailings projects (AFD Phase 2 & 3 construction, tailings corridor), plant site civil support

Future Opportunities: major tailings projects, haul road construction, debottlenecking & civil scopes

JPM Current Activity: reclamation, major tailings projects (TTD construction)

Future Opportunities: major tailings projects, starter dyke construction, debottlenecking & civil scopes

Future Opportunities: site development, haul roads, civil construction, MSE walls, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining

Current Activity: overburden removal, reclamation (Dyke 11A, stacking, ditching), ramp removal, heavy civil (STP finger dyke, Dyke 12 drains, NSE road, equipment rental (8 x 793s)

Future Opportunities: overburden and reclamation (undefined volumes), light and heavy civil for mining and tailings operations and projects groups

Future Opportunities: mine train relocations, MSE walls & associated civil scopes

Current Activity: 2012 winter reclamation prep, MLMR shear key construction, base mine tailings dam, manmade water shed construction, mine operations support

Future Opportunities: overburden and reclamation (undefined volumes), MSE wall construction, various construction projects for mining, tailings and projects group

Future Opportunities: civil underground construction

Tailings & Environmental Services

Engineered Earth Structures

12

Pipeline & infrastructure Fluids Transfer &

Hydraulic Transport

Tailings Management Pond Closure & Land Reforming Final Reclamation

13

12%

Sep 10

Sep 10

$862

Financial Performance

Rolling LTM Revenue Rolling LTM EBITDA* C ($) millions C ($) millions

14%

*Consolidated EBITDA as defined within the credit agreement Consolidated EBITDA as percentage of revenue

Jun 10

Jun 10

$798

8%

Dec 09

$716

Dec 09

17%

Mar 10

$761

Mar 10

16%

10%

Dec 10

Dec 10

$904

$105 $114 $120 $122

$87

Mar 11

$858

10%

Mar 11

$84

Jun 11

$868

Jun 11

$78

9%

Sep 11

$879

Sep 11

$83

10%

Dec 11

$899

Dec 11

$73

Operating Leases

Significant growth in operating lease portfolio during 2008-2010

Operating lease expense directly impacts Consolidated EBITDA

14

200

150

100

50

0

($) millions

Impact of Operating Leases Consolidated EBITDA

2007 2008 2009 2010 2011

Lease Expense

150

125

100

75

50

25

0

($) millions

Operating Lease Portfolio Lease Additions Lease Expense

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fiscal Year Fiscal Year

* Future lease expense reflects operating lease commitments as at September 30, 2011

Purchase Price $5.0M $5.0M Lease Term / Asset Life 5 years 12 years

Residual / Salvage Value $1.0M $0.3M

Depreciation $1.2M -

$3.0M NBV - End of Period

Interest

Lease Expense

Consolidated EBITDA

$5.2M

($5.2M)

-

$1.0M

$2.0M

-

Cumulative Impact (5 years): -

Operating Leases

15

Operating Lease Purchase Large Truck Example

Pros: Low cost financing Readily accessible

Cons: Accelerated amortization Consolidated EBITDA impact

Operating Leases

16

$66 million of potential equity value in operating lease portfolio

Potential equity value can be realized through future earnings

($) millions

* Values are as at September 30, 2011 and exclude leases related to the Canadian Natural overburden removal contract

$224

$158

Calculated Net Book Value Actual Lease Buyout Value

Current Lease Portfolio Value

$66 million of potential equity

50

100

150

200

250

0

Heavy Construction & Mining Outlook

Strong recurring services volumes anticipated in the 4th quarter Resumed overburden removal operations at Canadian Natural

Heavy demand for overburden and muskeg removal work under new and existing contracts

Building shear key foundation for mine relocation at Syncrude

Recently awarded initial site development contract for Joslyn

17

18

Piling Outlook

Strong activity levels across all regions and sectors Large backlog of projects expected to contribute to strong Q4

activity levels

Pipeline Outlook

Focus on completing two current pipeline projects and moving forward with new maintenance contract

Industry fundamentals improving, but current contract structures continue to create cost uncertainty

19

Investment Highlights

Largest construction and mining contractor in the oil sands

Solid core business of recurring services with high barriers to entry and near-term growth potential

Investment in Canada’s oil sands without direct exposure to the price of oil

Financially secure with the ability to generate strong cash flow

Attractive near-term growth potential

20

Thank you