North American Energy Partners Inc. ("NAEP" or "the Company")
(TSX:NOA) (NYSE:NOA) today announced results for the year and for
the three months ended March 31, 2012.
The Company has prepared its consolidated financial statements
in accordance with accounting principles generally accepted in the
United States (US GAAP). Except where otherwise specifically
indicated, all dollar amounts are expressed in Canadian
dollars.
Highlights of the Year Ended March 31, 2012
-- NAEP was awarded a five-year master services agreement with an
indicative value of $500 million, covering civil construction and mining
services for Suncor Energy Inc. (Suncor).
-- The Company was awarded a number of major construction projects with
combined contract values of approximately $324 million:
-- two contracts covering both the shear key foundation and the
mechanically stabilized earth (MSE) wall for Syncrude Canada
Limited's (Syncrude) mine relocation project,
-- the initial earthworks contract for the Joslyn North Mine Project,
-- two site development contracts at the PetroChina Dover SAGD project
and
-- an above-ground industrial construction contract for the Mt.
Milligan Copper/Gold Mine in Northern British Columbia.
-- The Company reached final agreement with Canadian Natural Resources
Limited (Canadian Natural) on amendments to the long-term overburden
removal and mining services contract (the "Canadian Natural contract")
resulting in:
-- a $38.4 million payment in recognition of past costs,
-- $47.0 million in net proceeds from the accelerated sale of certain
contract-related assets to Canadian Natural and
-- an amended target-price contract structure, which includes both a
minimum margin and a mechanism for NAEP to earn additional margin by
achieving mutually agreed upon productivity and safety targets.
-- The Company achieved record consolidated revenues of $1 billion.
-- The Piling segment achieved a 75.6% increase in revenue and a 149.3%
increase in segment profit over the prior year, reflecting improving
commercial and industrial construction market demand and favourable
winter weather conditions.
Consolidated Financial Highlights
Three Months Ended
Year Ended March 31, March 31,
(dollars in thousands,
except per share amounts) 2012 2011 2012 2011
----------------------------------------------------------------------------
Revenue $1,006,545 $ 858,048 $ 282,506 $ 174,510
Gross profit $ 60,901 $ 58,136 $ 869 $ (17,388)
Gross profit margin 6.1% 6.8% 0.3% -10.0%
General and administrative
expenses $ 54,400 $ 59,828 $ 14,662 $ 14,313
Operating loss $ (390) $ (10,725) $ (15,812) $ (35,330)
Operating margin 0.0% -1.2% -5.6% -20.2%
Net loss $ (21,162) $ (34,650) $ (16,877) $ (30,452)
Per share information
Net loss - basic $ (0.58) $ (0.96) $ (0.47) $ (0.84)
Net loss - diluted $ (0.58) $ (0.96) $ (0.47) $ (0.84)
Consolidated EBITDA(1) $ 56,978 $ 84,101 $ 7,561 $ 24,004
Capital spending $ 66,676 $ 37,286 $ 31,187 $ 5,475
Cash and cash equivalents $ 1,400 $ 722 $ 1,400 $ 722
1. For a definition of Consolidated EBITDA and reconciliation to net
income, see "Non-GAAP Financial Measures" and "Consolidated EBITDA",
below.
"The 2012 fiscal year brought significant weather and operating
challenges that hampered our profitability. However, it also
brought important achievements that have laid the foundation for
improved performance going forward," said Rod Ruston, NAEP's
President and CEO.
"One of the highlights of the year was successfully concluding
our contract negotiations with Canadian Natural. The changes in the
amended contract have significantly strengthened our financial
position and turned a cash negative contract into a cash positive
contract going forward. The amended contract also provides a
minimum margin to negate any possibility of the contract losing
money in the future. Coupled with the restart of Canadian Natural's
operations after the fire in 2011, this provides an opportunity for
additional EBITDA that was not available to our Heavy Construction
and Mining segment last year. Other highlights of the year included
winning a number of major new contracts, including our first
contract at the Joslyn North Mine where we are working for
Total."
Consolidated revenue for the year ended March 31, 2012 was
$1,006.5 million, $148.5 million or 17.3% higher than fiscal 2011,
despite seven months of suspended operations at Canadian Natural's
Horizon mine, as this customer recovered from a plant fire.
Excluding activity related to the Canadian Natural contract,
consolidated revenue was $921.2 million in fiscal 2012, $234.6
million or 34.2% higher than fiscal 2011. For the three months
ended March 31, 2012, consolidated revenue was $282.5 million, an
increase of $108.0 million or 61.9% over the same period last year.
Excluding activity related to the Canadian Natural contract,
revenue was $252.0 million, an increase of $86.4 million or 52.2%
over the same period a year ago.
Project development activity increased, supported by higher
levels of heavy and light civil construction in the oil sands and
by increased activity in the Piling and Pipeline segments.
Recurring services revenues increased on a full-year basis,
supported by new oil sands contracts but declined in the fourth
quarter as a result of unseasonably warm winter temperatures that
delayed muskeg removal and reclamation activities and unexpected
work stoppages at two major oil sands sites.
Gross profit for the year ended March 31, 2012 was $60.9 million
compared to $58.1 million in the prior year and was $0.9 million
for the three months ended March 31, 2012 compared to a gross loss
of $17.4 million a year ago. Excluding activity under the Canadian
Natural contract, the Company recorded a gross profit of $57.7
million for the current year and a gross loss of $2.3 million in
the fourth quarter, compared to a gross profit of $89.4 million and
$22.1 million in the respective prior year periods. Margins in the
three months and year ended March 31, 2012 were below
expectations.
"While our Piling division achieved very strong performance, a
high volume of Pipeline revenue at negative margin offset these
gains. Margins in our Heavy Construction and Mining segment were
also weaker than expected, particularly in the fourth quarter when
we geared up for a large slate of work that was subsequently
delayed," said Mr. Ruston.
For the year ended March 31, 2012, NAEP recorded a net loss of
$21.2 million (basic and diluted loss per share of $0.58), compared
to a net loss of $34.7 million (basic and diluted loss per share of
$0.96) for the year ended March 31, 2011. For the three months
ended March 31, 2012, NAEP recorded a net loss of $16.9 million
(basic and diluted loss per share of $0.47), compared to a net loss
of $30.5 million (basic and diluted loss per share of $0.84) during
the same period last year.
"While fiscal 2012 proved to be a difficult year, we believe the
major challenges are now behind us," added Mr. Ruston, "Going
forward, our amended contract with Canadian Natural provides more
stable margins on a large volume of work, while also enabling us to
significantly improve our cash position and reduce our leased
equipment fleet through an accelerated equipment buyout agreement.
Our Pipeline segment has shifted its focus to lower-risk,
maintenance work. Together with continued strong performance from
our Piling division and improving demand across all parts of our
business, we are anticipating stronger performance in fiscal
2013."
Amendment to Credit Agreement
On March 27, 2012, the Company's lender syndicate approved an
amendment to NAEP's credit agreement. The amendment extends the
maturity date of the credit agreement by six months to October 31,
2013 and provides relief from the agreement's Consolidated
EBITDA-related covenants by temporarily amending them. The
amendment also extends the term of a temporary increase to the
Company's revolving credit facility to June 30, 2012.
Subsequent Event: NAEP appoints Martin Ferron as Chief Executive
Officer
On May 28, 2012, NAEP announced that Rod Ruston will be stepping
down after seven years as the Company's President and CEO. He will
be returning to his native Australia to take up a new business
opportunity. Mr. Ruston will be replaced by Martin Ferron with the
change being effective at the close of business on June 7,
2012.
As Director, President and CEO of Helix Energy Solutions Inc.,
an international energy services company, Mr. Ferron successfully
refocused the company on improved project execution, asset
utilization and profit performance. He also transformed Helix
through a combination of measured organic growth, acquisitions and
divestures. Prior to joining Helix, Mr. Ferron worked in
successively more senior management positions with oil services and
construction companies including McDermott Marine Construction,
Oceaneering International and Comex Group. He holds a B.Sc. in
Civil Engineering from City University, London, a M.Sc. in Marine
Technology from Strathclyde University, Glasgow, and an MBA from
Aberdeen University.
Segment Results
Heavy Construction and Mining
Three Months Ended
Year Ended March 31, March 31,
(dollars in thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Segment revenue $ 670,720 $ 667,037 $ 181,094 $ 146,475
Segment profit (loss) 86,567 50,703 23,418 (14,071)
Segment margin 12.9% 7.6% 12.9% -9.6%
For the year ended March 31, 2012, the Heavy Construction and
Mining segment reported revenue of $670.7 million, a $3.7 million
increase from the same period last year. An otherwise strong start
to the current fiscal year was interrupted by wildfires in the Fort
McMurray area, which necessitated the evacuation of all personnel
from Shell's site for two weeks and from Canadian Natural's Horizon
site for three weeks. Subsequent to the wildfire and evacuation at
the Horizon mine, NAEP's work at this site was suspended until
January 2, 2012.
Excluding activity from the Canadian Natural contract, segment
revenue increased 18.1% to $585.4 million for the year ended March
31, 2012, from $495.6 million during the prior year. This
improvement reflects increased activity at Suncor and Syncrude, as
well as the start-up of mine construction activity at the Joslyn
North Mine Project.
For the three months ended March 31, 2012, revenue increased to
$181.1 million, a $34.6 million improvement from the same period
last year. This increase reflects improved project development
revenue with the addition of heavy civil construction volumes at
the Joslyn North Mine Project and light industrial construction
activity at the Mt. Milligan Copper/Gold Project. These gains were
partially offset by the reduction in recurring services revenue.
While demand for reclamation, overburden removal and site services
increased under new contracts with Suncor and Syncrude, these gains
were offset by lower mine services demand at Shell, unexpected work
stoppages at two major oil sands sites and a slowdown in muskeg
removal and reclamation activity caused by the unusually warm
winter.
For the year ended March 31, 2012, Heavy Construction and Mining
segment margin was 12.9% of revenue, compared to 7.6% during the
year ended March 31, 2011. Excluding revenue and profit from the
Canadian Natural overburden removal contract, segment margin would
have been 14.2% for the year ended March 31, 2012, compared to
16.5% for the year ended March 31, 2011.
For the three months ended March 31, 2012, Heavy Construction
and Mining segment margin was 12.9% compared to negative 9.6%
during the same period last year. Excluding the impact of the
Canadian Natural contract from both periods, Heavy Construction and
Mining segment profit for the three months ended March 31, 2012
would have been $20.2 million or 13.4% of revenue, compared to
$25.4 million or 18.5% in the same period last year.
Excluding the impact of the Canadian Natural contract, the
year-over-year change in segment margin reflects continued pricing
pressure due to the current oversupply of equipment capacity in the
market, together with project start-up delays and unexpected work
stoppages. Margins were further affected by the negative effect of
unseasonably warm weather on muskeg removal and reclamation
productivity in the fourth quarter. These impacts were partially
offset by strong margins on an increased volume of heavy civil
construction projects.
Piling
Three Months Ended
Year Ended March 31, March 31,
(dollars in thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Segment revenue $ 185,321 $ 105,559 $ 52,914 $ 22,256
Segment profit 46,012 18,455 13,447 1,955
Segment margin 24.8% 17.5% 25.4% 8.8%
For the year ended March 31, 2012, Piling segment revenue
increased to $185.3 million, $79.8 million higher than in the year
ended March 31, 2011. This improvement reflects the continued
recovery of commercial and industrial construction markets and the
resulting increase in activity across all regions. Fiscal 2012
revenue also includes $35.8 million from a full year's operation of
the acquired Cyntech business, compared to a $7.3 million
contribution during five months of operation in fiscal 2011.
For the three months ended March 31, 2012, the Piling segment
achieved revenue of $52.9 million, an increase of $30.7 million
compared to the same period last year. Strong market demand was a
key factor in this increase, together with the warm winter weather
conditions, which allowed for the completion of late-starting
projects.
For the year ended March 31, 2012, Piling segment profit margin
increased to 24.8% of revenue, compared to 17.5% for the year ended
March 31, 2011. The significant improvement reflects increased
volumes, improved pricing and above-average performance on a number
of large piling jobs completed during the period. It also reflects
an $8.8 million profit contribution from Cyntech, compared to $0.9
million during the year ended March 31, 2011.
For the three months ended March 31, 2012, Piling segment margin
increased significantly to 25.4%, from 8.8% during the same period
last year. Strong volumes across all regions and exceptional
productivity during the unseasonably warm winter months contributed
to the positive results. Segment margins for the prior-year period
were negatively impacted by project start-up delays resulting from
an abnormally long and cold winter in Alberta and Saskatchewan, as
well as by a margin reduction on a larger lump-sum contract.
Pipeline
Three Months Ended
Year Ended March 31, March 31,
(dollars in thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Segment revenue $ 150,504 $ 85,452 $ 48,498 $ 5,779
Segment loss (11,322) (3,034) (9,360) (1,549)
Segment margin -7.5% -3.6% -19.3% -26.8%
For the year ended March 31, 2012, the Pipeline segment reported
revenues of $150.5 million, a $65.1 million increase over the year
ended March 31, 2011. The stronger revenue primarily reflects the
execution of two large-diameter pipeline projects in Northeast
British Columbia and Northern Alberta. It also reflects the
start-up of pipeline maintenance activity under a new
cost-reimbursable contract covering integrity dig programs in
Saskatchewan and Manitoba. For the three months ended March 31,
2012, revenue increased to $48.5 million, a $42.7 million
improvement reflecting activity on the large-diameter pipeline
projects.
The Pipeline segment recorded a loss of $11.3 million in fiscal
2012 and a loss of $9.4 million for the three months ended March
31, 2012. The segment losses reflect cost escalation on materials
and site overhead costs related to the two current-year pipeline
projects, as well as increases in the estimated cost to complete
spring clean-up and warranty work on the two prior-year projects in
Northern British Columbia. Partially offsetting the segment losses
were strong margins on the new pipeline maintenance contract and a
recovery of costs related to a project undertaken in fiscal
2010.
The Pipeline segment currently has unsigned change orders for
projects completed in 2010, 2011 and 2012. These change orders
relate to unfavorable weather, beyond the risk assumed in the
contracts, changes in construction methodology, changes in
environmental compliance requirements and significant changes to
project scope. Consistent with the Company's normal method of
accounting for claims, $21.2 million of claims revenue has been
recognized only to the extent of costs incurred at March 31, 2012
until such time as the outstanding claims are resolved. The
Pipeline segment management team is actively working with its
customers to expedite the execution of these unsigned change
orders.
Outlook
The Company anticipates steady activity levels and improved
profitability throughout fiscal 2013.
In NAEP's recurring services business, near-term demand for
certain mine support services could continue to be impacted by
insourcing, project delays and project deferrals as producers focus
on cost control. However demand for reclamation and tailings
services, combined with mine expansion projects and the resumption
of overburden removal activity at Canadian Natural following last
year's seven-month shutdown, should help to offset these impacts.
At Suncor, NAEP expects to maintain volumes with a variety of
projects under its five-year master services agreement, while at
Syncrude, the Company plans to ramp up production on the
construction of the shear key foundation as part of the first phase
of the mine relocation project at Syncrude's Base Mine. As this
project nears completion this summer, NAEP is scheduled to
transition into the second phase of the relocation, with
construction of the MSE wall.
At Canadian Natural's Horizon site, NAEP expects to operate
continuously throughout the year after having reached final
agreement on the amendment to the long-term overburden removal and
mining services contract. The amended contract includes a revised
payment structure that carries less risk than the unit-rate
structure it replaces. It also ensures a base margin on all work
performed with the opportunity to enhance margins by meeting
mutually agreed-upon performance targets. Exxon's Kearl project is
expected to begin production in 2012 and create additional bidding
opportunities for mine support services.
On the project development side of the business, the Company
expects to continue executing initial earthworks at the Joslyn
North Mine Project. Suncor has also announced 2012 capital spending
plans for initial site development at Fort Hills and NAEP intends
to pursue opportunities for work on this site as they arise. NAEP's
industrial construction work at the Mt. Milligan Copper/Gold
Project in Northern British Columbia is expected to continue
through to the end of the year. In addition, NAEP was recently
awarded a site development contract at PetroChina's Dover SAGD
project and the Company intends to pursue site development
opportunities on other SAGD projects.
The outlook for NAEP's Piling business remains positive with
strong industry fundamentals and a large project backlog supporting
the expectation of continued strong performance from this segment
in fiscal 2013.
The Company does not anticipate a significant contribution from
the Pipeline division in fiscal 2013 as a result of its decision to
downsize the segment and reduce risk. The division is expecting to
continue executing a pipeline integrity dig program under the
multi-year cost-reimbursable contract with a major Canadian
pipeline company. The division also intends to pursue small oil
sands projects and will consider opportunities to construct
mid-to-large inch diameter pipelines on a cost-reimbursable or
time-and- materials basis. In anticipation of constrained
contractor supply, NAEP believes opportunities may arise to
negotiate low-risk cost-reimbursable or time-and-materials
contracts, which if successful, could eliminate the risks posed by
lump-sum contracts.
Overall, NAEP has a healthy backlog of work heading into the
next fiscal year. The Company has addressed the losses in the
Pipeline division and resolved the Canadian Natural contract issue
with a positive outcome that has provided benefits for both
parties. With a continued focus on performance, efficiency and risk
management, the Company expects to improve profitability and to
continue to strengthen its balance sheet in fiscal 2013.
Conference Call and Webcast
Management will hold a conference call and webcast to discuss
the fourth-quarter and full fiscal-year financial results tomorrow,
Thursday, June 7, 2012 at 9:00 am Eastern time.
The call can be accessed by dialing:
Toll free: 1-877-407-9210 or International: 1-201-689-8049
A replay will be available through July 6, 2012 by dialing:
Toll Free: 1-877-660-6853 or International: 1-201-612-7415
(Account: 286 Conference ID: 395350).
Non-GAAP Financial Measures
This release contains non-GAAP financial measures. These
measures do not have standardized meanings under US GAAP and are
therefore unlikely to be comparable to similar measures used by
other companies. The non-GAAP financial measure disclosed by the
Company in this release is Consolidated EBITDA (as defined within
the Credit Agreement). The Company provides a reconciliation of
Consolidated EBITDA to net income reported in accordance with US
GAAP below. Investors and readers are encouraged to review the
reconciliation of this non-GAAP financial measure to reported net
income.
Consolidated EBITDA
Consolidated EBITDA is a measure defined by the Company's Credit
Agreement. This measure is defined as EBITDA (which is calculated
as net income before interest, income taxes, depreciation and
amortization) excluding the effects of unrealized foreign exchange
gain or loss, realized and unrealized gain or loss on derivative
financial instruments, non-cash stock-based compensation expense,
gain or loss on disposal of property, plant and equipment the
impairment of goodwill, the amendment related to the Canadian
Natural overburden removal contract and certain other non-cash
items included in the calculation of net income. The Credit
Agreement requires the Company to maintain a minimum interest
coverage ratio and a maximum senior leverage ratio, which are
calculated using Consolidated EBITDA. Non-compliance with these
financial covenants could result in the Company being required to
immediately repay all amounts outstanding under its credit
facility. Consolidated EBITDA should not be considered as an
alternative to operating income or net income as a measure of
operating performance or cash flows as a measure of liquidity.
Consolidated EBITDA has important limitations as an analytical tool
and should not be considered in isolation or as a substitute for
analysis of the Company's results as reported under US GAAP. For
example, Consolidated EBITDA:
-- does not reflect cash expenditures or requirements for capital
expenditures or capital commitments;
-- does not reflect changes in cash requirements for working capital needs;
-- does not reflect the interest expense or the cash requirements necessary
to service interest or principal payments on debt;
-- excludes tax payments that represent a reduction in cash available to
the Company; and
-- does not reflect any cash requirements for assets being depreciated and
amortized that may have to be replaced in the future.
Consolidated EBITDA also excludes unrealized foreign exchange
gains and losses and realized and unrealized gains and losses on
derivative financial instruments, which, in the case of unrealized
losses, may ultimately result in a liability that will need to be
paid and in the case of realized losses, represents an actual use
of cash during the period.
A reconciliation of net (loss) income to Consolidated EBITDA is as follows:
Three Months Ended
Year Ended March 31, March 31,
(dollars in thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net (loss) income $ (21,162) $ (34,650) $ (16,877) $ (30,452)
Adjustments:
Interest expense 30,325 29,991 7,801 7,361
Income tax benefit (7,223) (6,448) (5,296) (10,305)
Depreciation 48,900 39,440 20,961 12,682
Amortization of intangible
assets 5,702 3,540 1,239 1,288
Realized and unrealized gain
on derivative financial
instruments (2,382) (2,305) (1,422) (1,965)
Loss on disposal of
property, plant and
equipment 1,741 1,948 1,040 520
(Gain) loss on disposal of
assets held for sale (466) 825 (10) (23)
Stock-based compensation
expense 1,629 2,191 375 529
Equity in loss (earnings) of (86) 2,720 (250) 1,844
Loss on debt extinguishment - 4,324 - -
Revenue writedown on
Canadian - 42,525 - 42,525
-----------------------------------------------
Consolidated EBITDA $ 56,978 $ 84,101 $ 7,561 $ 24,004
-----------------------------------------------
-----------------------------------------------
Forward-Looking Information
This release contains forward-looking information that is based
on expectations and estimates as of the date of this release.
Forward-looking information is subject to known and unknown risks
and other factors that may cause future actions, conditions or
events to differ materially from the anticipated actions,
conditions or events expressed or implied by such forward-looking
information. Forward-looking information does not relate strictly
to historical or current facts and can be identified by the use of
the future tense or other forward-looking words such as "believe",
"expect", "anticipate", "intend", "plan", "estimate", "should",
"may", "could", "would", "target", "objective", "projection",
"forecast", "continue", "strategy", "position" or the negative of
those terms or other variations of them or comparable
terminology.
Examples of such forward-looking information in this release
include but are not limited to, the following: that changes in the
amended contract with Canadian Natural are expected to negate any
possibility of the contract losing money in the future and generate
improved performance going forward; that the amended contract with
Canadian Natural is expected to provide more stable margins on a
large volume of work; that strong performance in the Piling
division and improving demand across all parts of the business is
expected to continue; that the Company expects improved
profitability and steady activity levels and revenues throughout
fiscal 2013; that near-term demand for certain mine support
services could continue to be impacted by insourcing, project
delays and project deferrals as producers focus on cost control;
that higher reclamation and overburden volumes, mine expansion
projects and an increased focus on tailings management are expected
to offset a possible reduction in mine support activity; that NAEP
expects to maintain volumes with a variety of projects under its
five-year master services agreement at Suncor; that the Company
plans to ramp up production on the construction of the shear key
foundation and transition into the second phase of the relocation
with construction of the MSE wall; that NAEP expects to operate
continuously throughout the year after at Canadian Natural; that
the Company expects to earn a base margin on all work performed for
Canadian Natural; that Exxon's Kearl project is expected to begin
production in 2012 and create additional bidding opportunities for
mine support services; that the Company intends to continue
executing initial earthworks at the Joslyn North Mine Project; that
the Company does not expect a significant contribution from the
Pipeline division in fiscal 2013; that the Pipeline business
expects to continue executing a pipeline integrity dig program
under the multi-year cost-reimbursable contract with its customer;
that the Pipeline division intends to pursue small oil sands
projects and consider opportunities to construct mid-to-large inch
diameter pipelines on a cost-reimbursable or time-and-materials
basis; that opportunities may arise to negotiate low-risk
cost-reimbursable or time-and-materials contracts, which if
successful, could eliminate the risks posed by lump-sum contracts;
and that Company expects to improve profitability and continue to
strengthen its balance sheet in fiscal 2013.
There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could
differ materially from those expected or estimated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. Each of the forward-looking statements
in this news release is subject to significant risks and
uncertainties and is based on a number of assumptions which may
prove to be incorrect. The material factors or assumptions used to
develop the above forward-looking statements and the risks and
uncertainties that could cause actual results to differ materially
from the information presented in the above are discussed in NAEP's
Management Discussion & Analysis for the three months and year
ended March 31, 2012. While management anticipates that subsequent
events and developments may cause its views to change, the Company
does not intend to update this forward-looking information, except
as required by applicable securities laws. This forward-looking
information represents management's views as of the date of this
document and such information should not be relied upon as
representing their views as of any date subsequent to the date of
this document.
For more complete information about NAEP, you should read the
disclosure documents filed with the SEC and the CSA. You may obtain
these documents for free by visiting the SEC website at www.sec.gov
or SEDAR on the CSA website at www.sedar.com.
About the Company
North American Energy Partners Inc. (www.naepi.ca) is one of the
largest providers of heavy construction, mining, piling and
pipeline services in Western Canada. For more than 50 years, NAEP
has provided services to large oil, natural gas and resource
companies, with a principal focus on the Canadian oil sands. NAEP
maintains one of the largest independently owned equipment fleets
in the region.
Contacts: North American Energy Partners Inc. Kevin Rowand
Investor Relations (780) 969-5528 (780) 969-5599
(FAX)krowand@nacg.ca www.naepi.ca
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