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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 MAY 2016

PAGE |


SUMMARY

1

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Drew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matt WhiteManaging Director mwhiteharriswilliamscom+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

Jeff PerkinsManaging Director jperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Oracle (NYSEORCL) has entered into a definite agreement to acquire Opower

(NYSEOPWR) in a transaction valued at approximately $532 million Opower is a

leading provider of customer engagement and energy efficiency cloud services

to the $23 trillion utilities industry Opower serves over 100 global utilities 60 million

utility end customers and has stored and analyzed over 600 billion meter reads

into its big data platformSource | Instapaper

Tercel Oilfield Products a portfolio company of Lime Rock Partners has been

acquired by Warburg Pincus-backed Rubicon Oilfield International Tercel is a

global provider of drilling and completion tools and technologies Rubicon was

founded in partnership with Warburg Pincus in 2015 to create a global enterprise in

the upstream oilfield technology sectorSource | Instapaper

The Integrated Demand Resources (iDR) business of Johnson Controls (NYSEJCI) has been acquired by CPower CPower is an energy management company that creates strategies to help businesses streamline energy usage offset costs through Demand Response participation and reach sustainability goalsSource | Instapaper

Technip (EuronextTEC) and FMC Technologies (NYSEFTI) have entered into a definitive merger agreement that will create a global oilfield and subsea engineering and technology company with an approximate market capitalization of $13 billion The transaction is estimated to deliver at least $400 million in annual pretax cost synergies by 2019 FMC is the global leader in subsea system engineering services and technologies Technip is a world leader in project management engineering and construction for the energy industrySource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month May-15 Nov-15 Current 2015 2016E

Energy Services and Equipment

Large Cap Service (42) (249) 78x 89x 144x 125x 254x

Equipment (24) (310) 75x 65x 79x 69x 111x

Small-Cap Service (116) (679) 83x 88x 110x 75x 110x

OCTG (52) (306) 65x 78x 116x 88x 121x

Distribution (55) (224) 132x 76x 97x 74x NM

Logistics (205) (659) 62x 66x 67x 54x 82x

Offshore Drillers (45) (522) 57x 44x 35x 35x 56x

Land Drillers (67) (392) 45x 43x 50x 50x 128x

EampC (50) (185) 89x 48x 47x 46x 45x

Power Services and Equipment

Large Cap PSampE (24) (71) 121x 102x 105x 107x 104x

Small-Cap PSampE (16) 08 122x 117x 108x 110x 108x

EE and Cleantech (51) (311) 103x 143x 117x 112x 95x

Industrial amp Infrastructure Services

Large Cap 05 (151) 69x 63x 85x 62x 66x

Small-Cap (83) 10 101x 94x 89x 94x 71x

Utility Services 07 03 80x 78x 79x 94x 66x

Industrial Services (68) (14) 102x 95x 75x 96x 75x

DesignProfessional Services (48) (127) 127x 90x 90x 87x 84x

TEV LTM EBITDA as of

PAGE |



ldquoI explained how [YieldCos] (which own solar farms wind farms and similar assets) could grow their dividends atdouble-digit rates despite no internal growth or retained earnings This ldquoweird trickrdquo can work so long as the YieldCorsquosstock price is rising allowing it to sell stock at higher valuations and increase the amount of money invested per shareAs long as investors expected dividends to continue to rise rapidly they fed this virtuous cycle by bidding the stockprice up which in turn increased the expected dividend growth Many YieldCos increased their dividend increaseprojections in 2014 and early 2015 when the bubble was at its height Then the YieldCos got greedyrdquo

Greentech Media | Instapaper

2

RENEWABLES | THE YIELDCO BOOM AND BUST



ldquoThe final regulations unveiled Thursday will add an estimated $530 million in additional costs per year by 2025according to the Environmental Protection Agency Thatrsquos at least 25 percent higher than the preliminary versionreleased in August and it comes as low oil prices force the industry to pare spending on new explorationrdquo

Bloomberg New Energy Finance | Instapaper

OIL amp GAS | HEIGHTENED METHANE REGULATIONS

ldquoThis summer if all goes according to plan the second reactor at Watts Bar Nuclear Power Plant will begin supplyingpower to the US electrical grid Construction on the reactor in Spring City Tennessee has proceeded in fits and startssince the project began in 1973 It will be the first new nuclear reactor to come online in the US since the first WattsBar reactor was completed 20 years ago

Quartz | Instapaper

NUCLEAR | BETTER LATE THAN NEVER

COAL | REQUIEM FOR KING COAL

ldquoAs crude prices have fallen about 60 percent since their most recent peak in June 2014 investors have seen $1trillion in value vanish More than 40 oil-related companies have sought bankruptcy protection and more filings areexpected Lenders are setting aside billions of dollars to cover losses But over the last seven calendar years Pioneerrsquosstock has risen an average of 34 percent annually more than 10 times the rate of Exxon and Shell In 2016 its sharesare up 29 percentrdquo

Bloomberg | Instapaper

OIL amp GAS | PIONEER ndash A RARE BRIGHT SPOT

OIL amp GAS | NOT-SO-BIG OIL

ldquoAmericarsquos coal industry is hurting In the past year thousands of workers have been laid off and a majority of thecountryrsquos major coal companies have filed for bankruptcy Coal production is at a 30-year lowBut what does itsound likerdquo

Inside Energy | Instapaper

ldquoNot only do the supermajors need to brace for the possibility of a renewed slide in oil prices in the short term theymust also prepare for a future in which oil demand is increasingly uncertain because of climate change pollution andthe emergence of alternative sources of energyhellipin the meantime companies need to develop a new businessmodel built around a quest for returns rather than for reservesldquo

The Economist | Instapaper

INFRASTRUCTURE | SYSTEM OVERLOAD

ldquoFrom the crumbling bridges of California to the overflowing sewage drains of Houston and the rusting railroad tracksin the Northeast Corridor decaying infrastructure is all around us and the consequences are so familiar that webarely notice themmdashlike urban traffic congestion slow-moving trains and flights that are often disrupted thanks to anoutdated air-traffic-control system The costs are significant once you reckon wasted time lost productivity poorpublic-health outcomes and increased carbon emissionsrdquo

The New Yorker | Instapaper

PAGE |

MampA TRANSACTIONS

3

RECENT MampA TRANSACTIONS12



Date Target Business Description Acquirer

5192016 FMC Technologies US based global serv ice provider and designer of technological

systems and products for the energy industry

Technip

5162016 Chesapeake Testing

Serv ices

US based provider of environmental simulation and NDT and ballistic

experimentation

National Technical Systems

5122016 LSB Industries Climate

Control Business

US based climate control business of LSB Industries the manufacturer

of various chemical products and water source and geothermal heat

pumps

NIBE

5112016 US Refueling US based supplier of diesel fuels propane and exhaust fluids for

commercial and industrial customers in the US

RelaDyne

5102016 Green Charge Networks US based manufacturer of energy storage systems for commercial

retail and industrial customres

ENGIE SA

5102016 Tercel Oilfield Products US based manufacturer of oilfield products for drilling completion and

production projects in the upstream oil and gas industry

Rubicon Oilfield

International

542016 Stevenson amp Associates US based provider of civ il structural and mechanical engineering

serv ices for special performance facilities

JENSEN HUGHES

522016 Johnson Controls

Integrated DR Business

US based integrated demand resources (iDR) business of Johnson

Controls a global energy technology and diversified industrial

company

CPower

522016 WEDGE Energy Serv ices US based provider of engineering construction and investment in oil

and gas properties

Legacy Measurement

Solutions

512016 Opower US based provider of cloud-based software to the utility industry Oracle

4282016 Team Oil Tools Completion

Packer Business

US based completion packer business of Team Oil Tools a

manufacturer and supplier of a wide range of oil and gas industry

equipment

Forum Energy Technologies

4272016 Colmar Belting US based distributor of conveyor belts and belting serv ices primarily for

the power transmission industry

Motion Industries

4262016 Summit Casing Equipment US based provider of casing equipment and related products to the oil

and gas industry

Renovo Capital

4252016 Global Resource Options US based provider of engineering procurement construction and

other serv ices for solar PV projects

EDF Renewable Energy

4212016 SunEdison Rooftop Solar

Business

US based Rooftop Solar div ision of SunEdison the global prov ider of

renewable power to residential commercial government and utility

clients

Ecotricity Group

4132016 Dexter Field Serv ices US based provider of leak detection and repair and monitoring

serv ices

ATC Group Serv ices

4122016 The Van Dyke Technology

Group

US based information systems engineering company providing

information-sharing solutions for the federal government

Jacobs Engineering

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)

35x

47x

50x

67x

79x

97x

110x

116x

144x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

(30)

(28)

46

54

64

73

82

110

122

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

35x

46x

50x

54x

69x

74x

75x

88x

125x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

64

107

187

199

204

216

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

73

112

120

176

179

276

294

478

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(411)

(352)

(293)

(289)

(278)

(267)

(202)

(152)

(28)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5



Power Equipment and Services

107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6



Infrastructure Services

75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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

May-15 Aug-15 Nov-15 Feb-16 May-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) $221 $218 $296 12 (254)

Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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

79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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

(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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

40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted

Seasonally Adjusted Seasonally Adjusted

April 506 569 520 490

April 543 1165

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





holdings of

have been acquired by

and

PAGE |

Energy Poweramp Infrastructure

IndustrialsHealthcare amp Life Sciences

Transportation amp Logistics

Aerospace Defense amp Government

Services

Business Services

Building Products amp Materials

Technology Media amp Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS amp CO OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston Massachusetts 02110Phone +1 (617) 482-7501

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

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NETWORK OFFICES

Beijing

Hong Kong

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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 May-16 Apr-16 Prior Month Prior Year High of High May-15 Nov-15 Current 2015 2016E


Large Cap Service

Schlumberger Limited $111610 $7496 $7964 (59) (185) $9261 809 93x 92x 131x 116x 171x

Halliburton Company 40936 4091 4004 22 (114) 4669 876 65x 76x 119x 101x 200x

Baker Hughes Incorporated 21789 4533 4650 (25) (312) 6607 686 75x 86x 157x 134x 307x

Weatherford International plc 11087 494 802 (384) (668) 1481 334 80x 109x 281x 138x 310x

Median (42) (249) 748 78x 89x 144x 125x 254x

Equipment

National Oilwell Varco Inc $13700 $3183 $2922 89 (381) $5155 617 50x 53x 108x 67x NM

FMC Technologies Inc 6364 2712 2952 (81) (368) 4368 621 84x 75x 79x 71x 104x

Oceaneering International Inc 3692 3327 3407 (23) (377) 5377 619 68x 66x 61x 55x 89x

Dril-Quip Inc 1870 6043 6197 (25) (218) 7920 763 82x 65x 73x 68x 117x

Oil States International Inc 1691 3201 3312 (34) (251) 4381 731 56x 58x 133x 93x 434x

Forum Energy Technologies Inc 1820 1705 1466 163 (218) 2246 759 81x 86x NM 287x NM

Median (24) (310) 676 75x 65x 79x 69x 111x

Mid and Small-Cap Service

Superior Energy Services Inc $3516 $1625 $1500 83 (312) $2377 684 42x 49x 147x 88x 267x

TETRA Technologies Inc 1431 508 732 (306) (258) 944 538 125x 87x 73x 62x 110x

US Silica Holdings Inc 1721 2677 2542 53 (201) 3355 798 88x 88x 358x 200x NM

Ensign Energy Services Inc 1361 546 604 (96) (448) 953 574 54x 44x 65x 59x 100x

CampJ Energy Services Ltd 1182 032 147 (781) (979) 1592 20 123x 158x NM NM NM

Basic Energy Services Inc 1030 206 260 (208) (768) 923 223 44x 88x NM NM NM

Key Energy Services Inc 863 033 038 (136) (873) 258 127 166x NM NM NM NM

Calfrac Well Services Ltd 767 142 149 (52) (802) 685 207 52x 69x NM NM NM

Trican Well Service Ltd 382 120 131 (83) (635) 344 348 77x 173x NM NM NM

CARBO Ceramics Inc 289 1132 1625 (303) (722) 4704 241 97x NM NM NM NM

Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x

Vallourec SA 3734 347 423 (179) (863) 2658 131 73x 138x NM NM NM

Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution

MRC Global Inc $2081 $1347 $1412 (46) (150) $1610 837 72x 76x 97x 74x 310x

NOW Inc 1737 1688 1804 (64) (298) 2403 702 192x NM NM NM NM

Median (55) (224) 770 132x 76x 97x 74x NM


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 $35475 $30030 79 (214) $10935 $12224 $13584 $9644 $7593 262 270 280 272 253 271 268

Halliburton Company 28503 29402 32870 23633 16072 74 (301) 6087 6038 7174 4067 2709 214 205 218 172 169 212 186

Baker Hughes Incorporated 21361 22364 24551 15742 10937 72 (333) 3803 3647 4847 1621 1255 178 163 197 103 115 180 138

Weatherford International plc 15215 15263 14911 9433 6799 (10) (325) 2445 2054 2514 801 828 161 135 169 85 122 155 125

Total $106810 $112295 $120912 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment

National Oilwell Varco Inc $17194 $19221 $21440 $14757 $7986 117 (390) $4005 $3937 $4495 $2046 $678 233 205 210 139 85 216 144

FMC Technologies Inc 6151 7126 7943 6363 5092 136 (199) 795 978 1285 896 681 129 137 162 141 134 143 145

Oceaneering International Inc 2783 3287 3660 3063 2414 147 (188) 605 747 858 666 445 217 227 234 218 184 226 212

Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308

Oil States International Inc 1518 1629 1820 1100 723 95 (369) 339 358 446 183 61 223 220 245 166 84 229 165

Forum Energy Technologies Inc 1415 1525 1740 1074 662 109 (383) 290 266 312 63 (3) 205 175 179 59 (04) 186 78

Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176


Superior Energy Services Inc $4293 $4350 $4557 $2775 $1739 30 (382) $1254 $1140 $1199 $398 $135 292 262 263 143 77 272 161

TETRA Technologies Inc 881 909 1078 1130 922 106 (75) 123 94 113 231 181 139 104 105 204 196 116 168

US Silica Holdings Inc 442 546 877 643 502 409 (244) 141 148 222 86 31 318 270 253 134 62 281 150

Ensign Energy Services Inc 2204 1975 2005 1003 685 (46) (416) 566 455 476 231 125 257 231 237 231 183 242 217

CampJ Energy Services Ltd 1112 1070 1608 1749 1246 203 (120) 336 189 252 12 (29) 302 177 157 07 (23) 212 47

Basic Energy Services Inc 1375 1263 1491 806 565 41 (384) 297 231 313 19 (36) 216 183 210 24 (63) 203 57

Key Energy Services Inc 1960 1592 1427 792 491 (147) (413) 421 266 118 (125) (5) 215 167 83 (157) (11) 155 (28)

Calfrac Well Services Ltd 1600 1472 2156 1078 699 161 (431) 258 177 308 14 (2) 161 120 143 13 (03) 141 51

Trican Well Service Ltd 2221 1991 2078 856 428 (33) (546) 243 156 192 (66) 7 109 78 92 (77) 16 93 10

CARBO Ceramics Inc 646 667 648 280 157 02 (509) 204 172 159 (55) (57) 316 258 245 (197) (363) 273 (105)

Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x

Bristow Group Inc 1634 1459 2139 (318) (760) 6115 239 93x 73x 64x 53x 72x

Tidewater Inc 1696 625 855 (269) (775) 2798 223 65x 58x 69x 41x 82x

Hornbeck Offshore Services Inc 1139 889 1058 (160) (616) 2330 382 56x 50x 47x 55x 105x

Gulfmark Offshore Inc 577 430 573 (250) (703) 1455 296 59x 93x 84x 136x 249x

Civeo Corporation 614 192 130 477 (525) 406 473 32x 34x 34x 50x 83x

Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers

Transocean Ltd $9592 $932 $1068 (127) (536) 2031 459 40x 36x 30x 32x 65x

Noble Corporation plc 6756 867 1155 (249) (508) 1777 488 67x 52x 34x 34x 58x

Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x

Diamond Offshore Drilling Inc 5163 2418 2376 18 (256) 3274 739 61x 49x 47x 48x 74x

Rowan Companies plc 4218 1703 1678 15 (270) 2361 721 67x 49x 42x 41x 47x

Atwood Oceanics Inc 2110 1140 915 246 (661) 3363 339 53x 33x 27x 27x 38x

Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers

Nabors Industries Ltd $5664 $810 $1038 (220) (489) 1590 509 45x 44x 50x 50x 81x

Helmerich amp Payne Inc 5942 5881 6306 (67) (221) 7631 771 48x 43x 58x 45x 128x

Patterson-UTI Energy Inc 3225 1744 1842 (53) (189) 2164 806 40x 40x 42x 55x 156x

Precision Drilling Corporation 2504 447 491 (89) (392) 684 654 72x 66x 76x 107x 123x

Pioneer Energy Services Corp 556 289 276 47 (620) 763 379 36x 33x 34x 50x 168x

Median (67) (392) 654 45x 43x 50x 50x 128x

Engineering amp Construction

Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x

Petrofac Limited 5461 1154 1325 (129) (183) 1475 782 92x 142x 188x 188x 69x

Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x

McDermott International Inc 1296 454 455 (02) (50) 600 757 107x 48x 47x 46x 54x

Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365

Bristow Group Inc 1199 1344 1516 1727 1746 124 73 263 291 291 310 228 220 217 192 180 130 209 167

Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262

Hornbeck Offshore Services Inc 463 548 635 476 335 171 (274) 192 255 284 209 109 414 466 447 438 325 442 404

Gulfmark Offshore Inc 389 455 496 275 155 129 (441) 103 159 172 42 23 265 349 347 154 150 320 217

Civeo Corporation 1109 1041 943 518 NM (78) NM 492 427 331 123 74 444 410 351 NM NM 402 351

Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413

Noble Corporation plc 2135 2472 3148 3262 2331 214 (140) 1053 1189 1559 1973 1165 493 481 495 605 500 490 533

Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498

Diamond Offshore Drilling Inc 2936 2844 2737 2360 1607 (34) (234) 1337 1186 1133 1067 693 455 417 414 452 431 429 432

Rowan Companies plc 1393 1579 1824 2137 1877 145 14 526 587 707 1030 895 378 372 388 482 477 379 449

Atwood Oceanics Inc 756 1018 1103 1342 1050 208 (24) 390 548 561 777 562 517 538 508 579 535 521 541

Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers

Nabors Industries Ltd $6843 $6152 $6804 $3864 $2349 (03) (413) $1966 $1680 $1753 $1130 $695 287 273 258 292 296 273 282

Helmerich amp Payne Inc 3138 3374 3706 3151 1572 87 (349) 1278 1400 1559 1310 464 407 415 421 416 295 414 377

Patterson-UTI Energy Inc 2723 2716 3182 1891 938 81 (457) 990 916 986 584 207 364 337 310 309 220 337 280

Precision Drilling Corporation 2047 1911 2030 1121 765 (04) (386) 478 600 581 235 203 234 314 286 210 265 278 254

Pioneer Energy Services Corp 919 960 1055 541 317 71 (452) 248 235 264 111 33 269 244 251 205 105 255 187

Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102

Petrofac Limited 6240 6329 6241 6844 7870 00 123 842 1013 887 291 791 135 160 142 43 101 146 95

Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209

McDermott International Inc 3642 2659 2301 3070 2900 (205) 123 410 (251) 72 279 238 113 (94) 32 91 82 17 68

Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance




Large Cap Equipment and Services

General Electric Company $453285 $2956 $3115 (51) 66 $3205 922 348x 310x 295x 279x 214x

Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x

Honeywell International Inc 94053 11322 11580 (22) 64 11656 971 121x 114x 120x 122x 112x

ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x

Schneider Electric SE 42267 6306 6348 (07) (195) 7998 788 126x 101x 102x 102x 95x

Emerson Electric Co 36609 5065 5565 (90) (179) 6230 813 93x 86x 92x 86x 94x

Eaton Corporation plc 35512 5980 6277 (47) (185) 7351 813 121x 102x 108x 107x 107x

Median (24) (71) 915 121x 102x 105x 107x 104x

Mid and Small-Cap Equipment and Services

Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x

Hubbell Inc 6464 10480 10859 (35) (52) 11192 936 109x 98x 109x 109x 112x

Valmont Industries Inc 3396 13109 12538 46 34 14594 898 86x 89x 107x 107x 98x

Littelfuse Inc 2546 10910 12104 (99) 88 12459 876 122x 131x 130x 137x 111x

AZZ incorporated 1749 5641 5749 (19) 143 6036 935 101x 111x 103x 111x 103x

ESCO Technologies Inc 1053 3857 3883 (07) 08 3998 965 129x 124x 117x 128x 105x

Badger Meter Inc 1100 7214 7305 (12) 121 7872 916 161x 153x 158x 175x 153x

Babcock amp Wilcox Enterprises Inc 807 2150 2186 (16) NM 2399 896 NM 153x 103x 93x 61x

Thermon Group Holdings Inc 625 1855 1885 (16) (204) 2563 724 95x 86x 97x 77x 99x

Powell Industries Inc 328 3361 3027 110 (83) 3945 852 171x 87x 70x 87x 138x

Median (16) 08 897 122x 117x 108x 110x 108x


SolarCity Corporation $5884 $2194 $3028 (275) (647) $6312 348 NM NM NM NM NM

Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x

Silver Spring Networks Inc 534 1295 1438 (99) (16) 1618 800 NM 187x 117x 54x 310x

Ameresco Inc 427 482 463 41 (340) 798 604 124x 117x 96x 112x 80x

EnerNOC Inc 202 684 721 (51) (311) 1121 610 82x NM NM NM NM

Median (51) (311) 610 103x 143x 117x 112x 95x


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 $100148 $100542 $106758 $105808 $124942 32 82 $21313 $18072 $19794 $16264 $21194 213 180 185 154 170 193 170

Siemens 99396 99404 88711 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117

Honeywell International Inc 37665 39055 40306 38581 40644 34 04 5082 6490 6755 7711 8407 135 166 168 200 207 156 191

ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126

Schneider Electric SE 31572 32214 30187 28933 28746 (22) (24) 5186 5013 4510 4139 4467 164 156 149 143 155 156 149

Emerson Electric Co 24412 24669 24537 22304 20751 03 (80) 4751 4766 4885 4264 3877 195 193 199 191 187 196 192

Eaton Corporation plc 16311 22046 22552 20855 19947 176 (60) 2350 3307 3586 3314 3312 144 150 159 159 166 151 161

Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173

Valmont Industries Inc 3030 3304 3123 2619 2521 15 (102) 451 563 444 317 347 149 170 142 121 138 154 134

Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217

AZZ incorporated 469 571 752 817 899 266 94 98 127 143 157 171 210 223 191 192 190 208 191

ESCO Technologies Inc 479 490 531 537 584 53 49 65 73 82 82 100 135 149 154 153 171 146 159

Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171

Babcock amp Wilcox Enterprises Inc 2039 1768 1486 1757 1779 (146) 94 216 234 19 87 133 106 133 13 49 75 84 46

Thermon Group Holdings Inc 272 284 277 309 275 09 (05) 58 71 72 81 63 214 248 261 262 229 241 251

Powell Industries Inc 691 641 648 662 542 (32) (86) 60 60 41 38 24 87 93 64 57 44 81 55

Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167


SolarCity Corporation $127 $164 $255 $400 $576 418 503 ($70) ($107) ($237) ($481) ($587) (553) (650) (931) (1204) (1019) (711) (1051)

Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87

Silver Spring Networks Inc 197 327 191 490 301 (14) 255 (82) (35) (80) 99 17 (415) (107) (417) 201 57 (313) (53)

Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance


TEV May-16 Apr-16 Prior Month May-15 Prior Year High of High May-15 Nov-15 Current 2015 2016E


Large Cap Infrastructure Services

Fluor Corporation $6916 $4997 $5360 (68) $5889 (151) $5891 848 57x 48x 62x 62x 66x

Chicago Bridge amp Iron Company NV 5829 3659 3641 05 5748 (363) 5782 633 66x 53x 47x 47x 55x

Jacobs Engineering Group Inc 6037 4922 4296 146 4432 111 5072 970 72x 72x 108x 102x 90x

SNC-Lavalin Group Inc 5182 3937 3735 54 3636 83 3982 989 111x 114x 152x 111x 104x

KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x

Mid and Small-Cap Infrastructure Services

Amec Foster Wheeler plc $3955 $653 $716 (87) $1470 (556) $1436 455 150x 83x 76x 81x 78x

Granite Construction Incorporated 1435 4121 4712 (125) 3761 96 4859 848 101x 94x 89x 89x 75x

Tutor Perini Corporation 1775 2119 1576 345 2291 (75) 2431 872 69x 80x 121x 121x 70x

Primoris Services Corporation 1271 2136 2377 (101) 1900 124 2525 846 73x 101x 97x 94x 72x

Aecon Group Inc 842 1305 1348 (32) 1145 140 1328 983 117x 99x 88x 94x 63x

Great Lakes Dredge amp Dock Corp 617 438 476 (80) 574 (237) 617 710 104x 72x 72x 75x 67x

Orion Marine Group Inc 253 500 571 (124) 841 (405) 845 592 70x 103x 121x 121x 46x

Willbros Group Inc 231 307 241 274 220 395 343 895 NM NM NM NM 105x

Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services

Quanta Services Inc $3702 $2282 $2289 (03) $3015 (243) $3061 746 96x 65x 61x 74x 64x

Dycom Industries Inc 2854 7197 6813 56 5882 224 9082 792 109x 111x 98x 114x 78x

MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x

MYR Group Inc 401 2338 2630 (111) 2987 (217) 3171 737 62x 41x 43x 49x 47x

Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services

EMCOR Group Inc $2700 $4577 $4833 (53) $4640 (14) $5237 874 85x 84x 76x 75x 72x

Bilfinger SE 1955 4208 4362 (35) 4573 (80) 5070 830 82x 82x 58x 85x 64x

Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x

Aegion Corporation 923 1948 2158 (97) 1884 34 2241 869 73x 72x 70x 77x 77x

Mistras Group Inc 797 2455 2511 (22) 1801 363 2647 927 102x 107x 117x 138x 93x

Matrix Service Company 349 1576 1934 (185) 1828 (138) 2622 601 130x 140x 75x 108x 45x

Formation Group plc 31 009 010 (68) 004 1269 018 482 272x NM 09x NM NM

Median (68) (14) 830 102x 95x 75x 96x 75x

Design Professional Services

AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x

WSP Global Inc 3799 3171 3173 (01) 3615 (123) 3241 978 190x 131x 134x 128x 96x

Stantec Inc 3155 2484 2610 (48) 2847 (127) 2903 856 129x 114x 140x 150x 97x

ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x

Tetra Tech Inc 1913 2872 3122 (80) 2657 81 3174 905 119x 88x 105x 101x 91x

WS Atkins plc 1715 1940 2019 (39) 2249 (138) 2435 797 98x 90x 75x 85x 71x

RPS Group plc 676 260 296 (123) 364 (287) 358 724 78x 85x 56x 71x 70x

Median (48) (127) 856 127x 90x 90x 87x 84x


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 $18114 $18567 (116) (71) $946 $1397 $1409 $1116 $1042 34 51 65 62 56 50 61

Chicago Bridge amp Iron Company NV 5485 11095 12975 12930 11691 538 (51) 515 938 1176 1229 1069 94 85 91 95 91 90 92

Jacobs Engineering Group Inc 10894 11818 12695 12115 11487 80 (49) 695 766 774 593 674 64 65 61 49 59 63 56

SNC-Lavalin Group Inc 7550 6730 6334 6749 7231 (84) 69 662 452 559 465 496 88 67 88 69 69 81 75

KBR Inc 7770 7214 6366 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62


Amec Foster Wheeler plc $6644 $6583 $6223 $8045 $7542 (32) 101 $518 $543 $471 $491 $504 78 83 76 61 67 79 68

Granite Construction Incorporated 2083 2267 2275 2371 2537 45 56 110 58 115 160 191 53 26 50 68 75 43 64

Tutor Perini Corporation 4111 4176 4492 4920 5191 45 75 214 260 295 147 253 52 62 66 30 49 60 48

Primoris Services Corporation 1542 1944 2086 1929 2146 163 14 129 176 163 136 177 84 90 78 70 83 84 77

Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46

Great Lakes Dredge amp Dock Corporation 588 731 807 857 876 171 42 70 79 74 82 92 119 108 91 96 105 106 98

Orion Marine Group Inc 292 355 386 466 648 149 296 7 21 33 21 55 25 60 86 45 85 57 72

Willbros Group Inc 1834 1495 1594 909 892 (68) (252) 62 37 9 (21) 22 34 25 05 (23) 25 21 02

Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services

Quanta Services Inc $5920 $6412 $7747 $7572 $7619 144 (08) $623 $621 $655 $497 $579 105 97 85 66 76 96 75

Dycom Industries Inc 1201 1609 1812 2022 2549 228 186 128 173 178 250 364 107 108 98 124 143 104 122

MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96

Aegion Corporation 1017 1091 1331 1334 1292 144 (15) 113 109 126 120 120 111 100 95 90 93 102 92

Mistras Group Inc 437 529 623 711 712 195 69 60 61 63 58 86 137 116 101 81 121 118 101

Matrix Service Company 739 893 1263 1343 1341 307 30 43 49 79 32 77 58 55 63 24 57 59 48

Formation Group plc 4 9 13 37 NM 875 NM (1) (0) (0) (0) 0 (225) (40) (08) NM NM (91) (08)

Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61

Professional Services

AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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 (0516)

02 - EPampI Monthly Reader_Support (0516)


PAGE |


SUMMARY

1

CONTENTS


MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Drew SpitzerManaging Directoraspitzerharriswilliamscom +1 (804) 915-0174

Brian LucasManaging Directorblucasharriswilliamscom +1 (804) 932-1323

Matt WhiteManaging Director mwhiteharriswilliamscom+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

Jeff PerkinsManaging Director jperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Oracle (NYSEORCL) has entered into a definite agreement to acquire Opower

(NYSEOPWR) in a transaction valued at approximately $532 million Opower is a

leading provider of customer engagement and energy efficiency cloud services

to the $23 trillion utilities industry Opower serves over 100 global utilities 60 million

utility end customers and has stored and analyzed over 600 billion meter reads

into its big data platformSource | Instapaper

Tercel Oilfield Products a portfolio company of Lime Rock Partners has been

acquired by Warburg Pincus-backed Rubicon Oilfield International Tercel is a

global provider of drilling and completion tools and technologies Rubicon was

founded in partnership with Warburg Pincus in 2015 to create a global enterprise in

the upstream oilfield technology sectorSource | Instapaper

The Integrated Demand Resources (iDR) business of Johnson Controls (NYSEJCI) has been acquired by CPower CPower is an energy management company that creates strategies to help businesses streamline energy usage offset costs through Demand Response participation and reach sustainability goalsSource | Instapaper

Technip (EuronextTEC) and FMC Technologies (NYSEFTI) have entered into a definitive merger agreement that will create a global oilfield and subsea engineering and technology company with an approximate market capitalization of $13 billion The transaction is estimated to deliver at least $400 million in annual pretax cost synergies by 2019 FMC is the global leader in subsea system engineering services and technologies Technip is a world leader in project management engineering and construction for the energy industrySource | Instapaper



PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month May-15 Nov-15 Current 2015 2016E


Large Cap Service (42) (249) 78x 89x 144x 125x 254x

Equipment (24) (310) 75x 65x 79x 69x 111x

Small-Cap Service (116) (679) 83x 88x 110x 75x 110x

OCTG (52) (306) 65x 78x 116x 88x 121x

Distribution (55) (224) 132x 76x 97x 74x NM

Logistics (205) (659) 62x 66x 67x 54x 82x

Offshore Drillers (45) (522) 57x 44x 35x 35x 56x

Land Drillers (67) (392) 45x 43x 50x 50x 128x

EampC (50) (185) 89x 48x 47x 46x 45x


Large Cap PSampE (24) (71) 121x 102x 105x 107x 104x

Small-Cap PSampE (16) 08 122x 117x 108x 110x 108x

EE and Cleantech (51) (311) 103x 143x 117x 112x 95x

Industrial amp Infrastructure Services

Large Cap 05 (151) 69x 63x 85x 62x 66x

Small-Cap (83) 10 101x 94x 89x 94x 71x

Utility Services 07 03 80x 78x 79x 94x 66x

Industrial Services (68) (14) 102x 95x 75x 96x 75x

DesignProfessional Services (48) (127) 127x 90x 90x 87x 84x


PAGE |





2








Quartz | Instapaper














PAGE |

MampA TRANSACTIONS

3







Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International



JENSEN HUGHES





company

CPower


and gas properties

Legacy Measurement

Solutions



Packer Business



equipment




Motion Industries


and gas industry

Renovo Capital





Business



clients

Ecotricity Group


serv ices

ATC Group Serv ices


Group



Jacobs Engineering

PAGE |


4







35x

47x

50x

67x

79x

97x

110x

116x

144x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

(30)

(28)

46

54

64

73

82

110

122

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

35x

46x

50x

54x

69x

74x

75x

88x

125x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

64

107

187

199

204

216

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

73

112

120

176

179

276

294

478

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(411)

(352)

(293)

(289)

(278)

(267)

(202)

(152)

(28)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |





2








Quartz | Instapaper














PAGE |

MampA TRANSACTIONS

3







Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International



JENSEN HUGHES





company

CPower


and gas properties

Legacy Measurement

Solutions



Packer Business



equipment




Motion Industries


and gas industry

Renovo Capital





Business



clients

Ecotricity Group


serv ices

ATC Group Serv ices


Group



Jacobs Engineering

PAGE |


4







35x

47x

50x

67x

79x

97x

110x

116x

144x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

(30)

(28)

46

54

64

73

82

110

122

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

35x

46x

50x

54x

69x

74x

75x

88x

125x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

64

107

187

199

204

216

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

73

112

120

176

179

276

294

478

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(411)

(352)

(293)

(289)

(278)

(267)

(202)

(152)

(28)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

MampA TRANSACTIONS

3







Technip


Serv ices


experimentation



Control Business



pumps

NIBE



RelaDyne



ENGIE SA



Rubicon Oilfield

International



JENSEN HUGHES





company

CPower


and gas properties

Legacy Measurement

Solutions



Packer Business



equipment




Motion Industries


and gas industry

Renovo Capital





Business



clients

Ecotricity Group


serv ices

ATC Group Serv ices


Group



Jacobs Engineering

PAGE |


4







35x

47x

50x

67x

79x

97x

110x

116x

144x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

(30)

(28)

46

54

64

73

82

110

122

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

35x

46x

50x

54x

69x

74x

75x

88x

125x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

64

107

187

199

204

216

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

73

112

120

176

179

276

294

478

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(411)

(352)

(293)

(289)

(278)

(267)

(202)

(152)

(28)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


4







35x

47x

50x

67x

79x

97x

110x

116x

144x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

(30)

(28)

46

54

64

73

82

110

122

EampC

OCTG

Land Drillers

Large Cap Service

Distribution

Small Cap Service

Logistics

Offshore Drillers

Equipment

35x

46x

50x

54x

69x

74x

75x

88x

125x

Offshore Drillers

EampC

Land Drillers

Logistics

Equipment

Distribution

Small Cap Service

OCTG

Large Cap Service

64

107

187

199

204

216

311

338

454

Distribution

EampC

OCTG

Small Cap Service

Large Cap Service

Equipment

Land Drillers

Logistics

Offshore Drillers

17

73

112

120

176

179

276

294

478

Distribution

Small Cap Service

EampC

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

(411)

(352)

(293)

(289)

(278)

(267)

(202)

(152)

(28)

Land Drillers

Small Cap Service

Large Cap Services

Equipment

Distribution

OCTG

Logistics

Offshore Drillers

EampC

PAGE |


5




107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


5




107x

110x

112x

Large Cap

Mid and Small-Cap

EE and Cleantech

105x

108x

117x

Large Cap

Mid and Small-Cap

EE and Cleantech

25

51

125

Large Cap

Mid and Small-Cap

EE and Cleantech

(20)

22

140

Large Cap

Mid and Small-Cap

EE and Cleantech

(157)

156

174

EE and Cleantech

Large Cap

Mid and Small-Cap




(198)

158

167

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


6




75x

79x

85x

89x

90x

Industrial Services

Utility Services

Large Cap

Mid and Small-Cap

Design Professional

Services

62x

87x

94x

94x

96x

Large Cap

Design Professional

Services

Mid and Small-Cap

Utility Services

Industrial Services

57

60

61

89

95

Industrial Services

Large Cap

Mid and Small-Cap

Design Professional

Services

Utility Services

59

61

62

90

93

Mid and Small-Cap

Industrial Services

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)

44

55

68

122

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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



Price Change From



Crude Oil ($ per bbl) 4841 4418 5898 96 (179)

Coal (CAPP) ($ per ton) 4363 4363 4618 00 (55)

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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

29

20

36

74

54

36

-

70

54

105

287

167

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


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

INDUSTRY STATISTICS

9




Rig Counts3


79

-

-

-

-

-

1

2

3

4

13

18

23

27

29

137

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Utica

Ardmore Woodford

Barnett

Mississippian

Granite Wash

DJ-Niobrara

Gulf of Mexico

Williston

Eagle Ford

Cana Woodford

Permian

(100)

(73)

(67)

(58)

(53)

(50)

(41)

(32)

(32)

(20)

(14)

(12)

0

0

0

0

Arkoma Woodford

Mississippian

Ardmore Woodford

Eagle Ford

Williston

Barnett

DJ-Niobrara

Others

Permian

Granite Wash

Gulf of Mexico

Cana Woodford

Fayetteville

Marcellus

Haynesville

Utica

29

-

-

-

-

-

-

-

-

-

2

4

5

10

14

26

Others

Mississippian

Williston

Ardmore Woodford

Permian

Fayetteville

Cana Woodford

DJ-Niobrara

Barnett

Granite Wash

Arkoma Woodford

Eagle Ford

Gulf of Mexico

Utica

Haynesville

Marcellus

(37)

(100)

(100)

(100)

(100)

(39)

(33)

(30)

(29)

(17)

0

0

0

0

0

100

Others

Permian

Cana Woodford

Barnett

Granite Wash

Haynesville

Eagle Ford

Marcellus

Utica

Gulf of Mexico

Mississippian

Williston

Ardmore Woodford

Fayetteville

DJ-Niobrara

Arkoma Woodford

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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


(123)

(61)

(33)

(21)

08

12

38

41

64

96

104

118

145

188

195

277

Public Safety

Water Supply

Conservation

Manufacturing

Power

Transportation

Sewage amp Waste

Healthcare

Religious

Amusement

Communication

Educational

Commercial

Highway amp Street

Office

Lodging

(78)

(42)

(32)

(21)

(16)

(13)

(10)

(06)

05

10

12

16

16

20

37

52

Public Safety

Sewage amp Waste

Power

Transportation

Water Supply

Office

Amusement

Educational

Highway amp Street

Lodging

Commercial

Conservation

Healthcare

Manufacturing

Communication

Religious

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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


40

42

44

46

48

50

52

54

56

58

Ap

r-11

Oc

t-1

1

Ap

r-12

Oc

t-1

2

Ap

r-13

Oc

t-1

3

Ap

r-14

Oc

t-1

4

Ap

r-15

Oc

t-1

5

Ap

r-16

Seasonally Adjusted


April 506 569 520 490

April 543 1165



PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

OUR GROUP







Energy














a subsidiary of










12





amp





holdings of


and

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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 (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

14



Stock Performance




Large Cap Service





Median (42) (249) 748 78x 89x 144x 125x 254x

Equipment







Median (24) (310) 676 75x 65x 79x 69x 111x












Median (116) (679) 294 83x 88x 110x 75x 110x

OCTG

Tenaris SA $14162 $1317 $1357 (30) (128) $1545 853 65x 78x 162x 118x 183x

PAO TMK 3384 285 300 (52) (306) 475 599 51x 57x 69x 58x 59x


Median (52) (306) 599 65x 78x 116x 88x 121x

Distribution



Median (55) (224) 770 132x 76x 97x 74x NM


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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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 $84283 $63837 54 (293) $23270 $23963 $28119 $16133 $12384 218 213 233 191 194 204 179

Equipment




Dril-Quip Inc 733 872 931 844 591 127 (203) 188 253 310 277 155 256 290 333 328 262 293 308



Total $29794 $33661 $37533 $27200 $17469 122 (289) $6221 $6539 $7706 $4132 $2017 209 194 205 152 115 216 176












Total $16734 $15836 $17925 $11111 $7433 73 (352) $3843 $3030 $3351 $745 $350 230 191 187 67 47 199 73

OCTG

Tenaris SA $10834 $10597 $10338 $7101 $5364 (23) (280) $2874 $2795 $2680 $1195 $888 265 264 259 168 165 263 198

PAO TMK 6688 6432 6009 4127 3409 (52) (247) 1006 929 782 580 516 150 144 130 141 152 142 141

Vallourec SA 7022 7682 6900 4131 3620 (09) (276) 1088 1259 1024 (93) (232) 155 164 148 (22) (64) 156 21

Total $24544 $24711 $23247 $15358 $12393 (28) (267) $4969 $4983 $4486 $1683 $1172 202 202 193 110 95 187 120

Distribution

MRC Global Inc $5571 $5231 $5933 $4529 $3180 32 (268) $475 $386 $406 $280 $71 85 74 68 62 22 76 51

NOW Inc 3414 4296 4105 3010 2081 97 (288) 180 241 202 (79) (152) 53 56 49 (26) (73) 53 (17)

Total $8985 $9527 $10038 $7539 $5260 64 (278) $655 $627 $608 $201 ($81) 73 66 61 27 (15) 64 17

PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

16



Stock Performance




Logistics

ATCO Ltd $12025 $3217 $3143 24 (79) $3323 968 98x 95x 103x 113x 81x






Median (205) (659) 339 62x 66x 67x 54x 82x

Offshore Drillers



Ensco plc 7549 1016 1134 (104) (598) 2527 402 43x 38x 36x 36x 54x




Median (45) (522) 473 57x 44x 35x 35x 56x

Land Drillers






Median (67) (392) 654 45x 43x 50x 50x 128x


Saipem SpA $6454 $040 $042 (50) (971) 1409 29 89x 267x 172x 119x 45x

Technip SA 4105 5346 5984 (107) (232) 7117 751 52x 39x 36x 36x 32x


Subsea 7 SA 2346 922 874 54 (185) 1041 885 29x 20x 19x 19x 37x


Median (50) (185) 757 89x 48x 47x 46x 45x


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 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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

ATCO Ltd $4025 $4103 $3932 $2977 $3535 (12) NM $1537 $1580 $1437 $1060 $1489 382 385 365 NM NM 377 365


Tidewater Inc 1060 1230 1418 1468 989 157 (165) 265 347 417 417 207 250 282 294 284 209 275 262




Total $8246 $8721 $8941 $7442 $6761 82 (202) $2852 $3059 $2932 $2161 $2130 346 351 328 290 315 338 294

Offshore Drillers

Transocean Ltd $8773 $9070 $8952 $6802 $3984 10 (333) $3518 $3385 $3796 $3002 $1487 401 373 424 441 373 399 413


Ensco plc 3639 4323 4565 4063 2963 120 (194) 1814 2201 2348 2074 1393 498 509 514 510 470 507 498




Total $19631 $21306 $22329 $19966 $13812 110 (152) $8639 $9096 $10104 $9922 $6195 440 427 452 497 448 454 478

Land Drillers






Total $15671 $15113 $16778 $10569 $5940 46 (411) $4960 $4830 $5143 $3371 $1602 317 320 307 319 270 311 276


Saipem SpA $17304 $16307 $15582 $12497 $11837 (51) (128) $2567 $958 $1457 $541 $1445 148 59 94 43 122 100 86

Technip SA 10817 12184 12194 11228 12206 62 00 1321 1381 1200 1153 1274 122 113 98 103 104 111 102


Subsea 7 SA 6297 6297 6870 4758 3761 45 (260) 1044 816 1345 1261 628 166 130 196 265 167 164 209


Total $44299 $43776 $43187 $38397 $38573 (30) (28) $6184 $3917 $4961 $3524 $4376 140 89 115 92 113 107 112

PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

18



Stock Performance






Siemens 103368 10545 10808 (24) (34) 11301 933 115x 111x 105x 114x 93x


ABB Ltd 46321 2044 2035 05 (71) 2235 915 106x 83x 104x 102x 104x




Median (24) (71) 915 121x 102x 105x 107x 104x


Ametek Inc $12925 $4753 $5099 (68) (135) $5767 824 135x 137x 121x 118x 122x










Median (16) 08 897 122x 117x 108x 110x 108x



Itron Inc 1846 4191 4108 20 152 4329 968 103x 143x 132x 132x 95x




Median (51) (311) 610 103x 143x 117x 112x 95x


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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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 83241 89034 (55) 02 11457 9984 10498 9040 11141 115 100 118 109 125 111 117


ABB Ltd 39336 41848 39830 35481 34755 06 (66) 5240 5649 4888 4552 4446 133 135 123 128 128 130 126




Total $348841 $359778 $352881 $335203 $358819 25 (20) $55379 $53281 $54916 $49284 $56845 159 148 156 147 158 156 158


Ametek Inc $3334 $3594 $4022 $3974 $3951 98 (09) $851 $934 $1056 $1094 $1060 255 260 263 275 268 259 269

Hubbell Inc 3044 3184 3359 3390 3491 50 19 535 574 597 594 578 176 180 178 175 165 178 173


Littelfuse Inc 668 758 852 868 1026 129 97 141 168 182 186 229 211 221 214 214 223 215 217



Badger Meter Inc 320 334 365 378 414 68 65 58 53 63 63 72 180 157 174 167 174 170 171




Total $14346 $14927 $15415 $15311 $15481 51 22 $2532 $2856 $2702 $2698 $2775 177 191 175 176 179 174 167



Itron Inc 2178 1949 1971 1878 1921 (49) (13) 265 178 169 140 194 122 91 86 75 101 100 87


Ameresco Inc 631 574 593 631 655 (31) 51 49 27 38 38 53 78 47 64 60 82 63 69

EnerNOC Inc 278 383 472 400 388 303 (94) 2 50 45 (53) (36) 06 130 96 (132) (92) 77 (43)

Total $3411 $3397 $3482 $3797 $3841 125 140 $164 $114 ($65) ($257) ($358) 48 33 (19) (68) (93) (157) (198)

PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |

PUBLIC COMPARABLES

20



Stock Performance









KBR Inc 1251 1427 1492 (44) 1854 (230) 2077 687 NM NM NM 60x 41x

Median 05 (151) 848 69x 63x 85x 62x 66x










Median (83) 10 847 101x 94x 89x 94x 71x

Utility Services



MasTec Inc 2846 2229 2191 17 1809 232 2388 933 65x 92x 97x 114x 68x


Median 07 03 769 80x 78x 79x 94x 66x

Industrial Services



Team Inc 1097 2535 3101 (183) 4012 (368) 4755 533 103x 132x 136x 140x 81x





Median (68) (14) 830 102x 95x 75x 96x 75x


AECOM $8858 $3162 $3057 34 $3330 (50) $3540 893 128x 89x 90x 87x 84x



ARCADIS NV 1942 1614 1906 (153) 2854 (435) 2995 539 127x 110x 71x 74x 65x




Median (48) (127) 856 127x 90x 90x 87x 84x


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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

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 5096 4326 (95) (176) 361 237 (232) 209 308 46 33 (36) 41 71 14 25

Total $59276 $64208 $59901 $55003 $53302 64 (56) $3180 $3791 $3686 $3612 $3588 54 59 62 66 67 60 62






Aecon Group Inc 2897 2888 2257 2103 2362 (117) 23 122 115 90 90 134 42 40 40 43 57 41 46




Total $19992 $20440 $20121 $21601 $22194 45 44 $1232 $1291 $1249 $1106 $1428 62 63 62 51 64 61 59

Utility Services



MasTec Inc 3727 4325 4612 4208 4685 112 08 331 429 404 250 417 89 99 88 59 89 92 79

MYR Group Inc 999 903 944 1062 1112 (28) 85 80 86 89 82 85 80 96 95 77 77 90 83

Total $11847 $13248 $15115 $14865 $15965 114 68 $1162 $1309 $1325 $1080 $1446 98 99 88 73 91 95 90

Industrial Services

EMCOR Group Inc $6195 $6334 $6425 $6719 $6920 18 38 $315 $305 $356 $362 $375 51 48 55 54 54 51 54

Bilfinger SE 11001 10412 7560 7039 6767 (171) (54) 600 612 299 231 304 55 59 40 33 45 51 39

Team Inc 624 714 813 980 1300 142 265 73 74 85 78 136 117 104 105 80 105 108 96





Total $20016 $19982 $18029 $18162 $18332 216 55 $1203 $1211 $1009 $881 $1097 60 61 56 49 60 57 61


AECOM $8218 $8153 $8357 $17990 $18356 08 482 $434 $447 $418 $1020 $1055 53 55 50 57 57 53 55

WSP Global Inc 1262 1898 2506 4371 3860 409 241 110 142 191 298 396 87 75 76 68 103 79 82

Stantec Inc 1559 1725 1792 1711 2536 72 190 216 232 243 210 325 139 135 135 123 128 136 129

ARCADIS NV 3344 3465 3189 3714 3672 (23) 73 251 267 237 261 298 75 77 74 70 81 76 75

Tetra Tech Inc 2022 2025 1860 1719 1898 (41) 10 208 129 152 189 210 103 64 82 110 111 83 101

WS Atkins plc 2736 2589 2917 2610 2627 33 (51) 187 169 199 202 240 68 65 68 77 92 67 79

RPS Group plc 903 940 892 836 731 (07) (94) 113 123 122 95 96 126 131 137 114 131 131 127

Total $20044 $20795 $21513 $32949 $33680 65 122 $1518 $1509 $1561 $2276 $2620 76 73 73 69 78 89 93

PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




PAGE |


SOURCES



1 Capital IQ

2 MergerMarket

3 Baker Hughes









DISCLOSURES

22




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