1. Investor Presentation
May 2012
Rod Ruston David Blackley
President and CEO Chief Financial Officer

2. Forward-Looking Statements
The information provided in this presentation contains forward-looking statements
and information which reflect the current view of North American Energy Partners
with respect to future events and financial performance. Actual results could differ
materially from those contemplated by such forward-looking statements as a result
of any number of factors and uncertainties, many of which are beyond our control.
Important factors that could cause actual results to differ materially from those in
forward-looking statements include success of business development efforts,
changes in oil and gas prices, availability of a skilled labour force, internal controls,
general economic conditions, terms of our debt instruments, exchange rate
fluctuations, weather conditions, performance of our customers, access to
equipment, changes in laws and ability to execute transactions. Undue reliance
should not be placed upon forward-looking statements and we undertake no
obligation, other than those required by applicable law, to update or revise those
statements.
For more complete information about us you should read our disclosure documents
filed with the SEC and the CSA. You may obtain these documents by visiting
EDGAR on the SEC website at www.sec.gov or on the CSA website at
www.sedar.com.
2

3. Overview
Heavy Construction and Mining
 Founded in 1953
 TSX and NYSE listings: “NOA”
 Current share price: $2.89
 52 week high/low: $9.74/$2.89
 Market capitalization: $108 million
 Shares outstanding: 36 million
 52 week average daily share volume:
213,300
Pipeline Piling
* Data from NYSE in USD as at May 17, 2012
3

4. Presentation Agenda
 Corporate update
 Oil sands realities
 Opportunities
 About the company
 Financial results
 Segment performance and opportunities
4

5. CNRL Contract Resolution
 $38 million settlement for past cost escalations and change orders
 Removal of $10 million letter of credit for 2012
 Profitable contract structure with reduced risk
 NAEP continues to operate all equipment with guaranteed base margin and
upside potential based on performance
 ~$40 million of additional net proceeds to NACG
 Early buyout of ~30% of contract-related assets
 Includes the buyout of contract-related operating leases, owned assets, inventory
and maintenance facility
 Strengthened working relationship
 Opportunities to extend contract beyond 2015
 Opportunities to provide broader range of services
CNRL recognized that NACG is the best option
for overburden removal & mining services
5

6. Credit Agreement Amendments
 Recent amendments to credit facility include:
 Temporary relief from Consolidated EBITDA-related covenants
 Extension of credit agreement maturity date to October 31, 2013
 Temporary facility capacity of $20.8 million to be eliminated by June
30, 2012, in line with receipt of proceeds from asset sale to CNRL
 Capacity of the revolving facility after June 30, 2012 will be $85
million less any outstanding letters of credit
6

7. Reality #1:
Low Sensitivity to Oil Prices
 Oil sands mines keep operating despite changes in oil prices
 Competitive unit costs achieved at full capacity
 High risk of employee loss/ plant damage during shutdowns
7

8. Reality #2:
SAGD Will Not Replace Mining
SAGD and mining are geologically distinct processes
 Mining  SAGD
 Typical size: 100-300k bpd  Typical size: 10-50k bpd
 Base load production to feed upgrader  Supplements mining production
 Draws on full range of NAEP services  Construction opportunities
 Construction and recurring services  Draws on NAEP’s recently acquired
opportunities screw piling technology
8

9. Reality #3:
Producers Outsource
Seasonal work
Part-time labour requirement
Short-term equipment requirement Outsource
Specialized knowledge & equipment
Non core to oil production
9

10. Reality #4: Demand is Growing
10

11. The Opportunity
 Largest heavy construction and mining contractor in high
growth oil sands market
 Poised to benefit from recently announced oil sands
development
 Position further entrenched by recent competitor difficulties
 Significant barriers to new entrants
 Proven base of stable recurring services business with recent
long-term contract wins
11

12. Key Customer Contracts
 Recently commenced one-year contract
 Significant earthworks still to be awarded by the client
 3-year master services agreement
 3-year muskeg removal contract
 4-year master services agreement covering mining
services & construction
 5-year master services agreement covering mining
services & construction
 Year 6 of 10-year overburden removal contract
12

13. About the Company
Largest Construction & Mining Contractor in the Oil Sands
 Expertise Revenue by End Market
 30+ years in Northern Alberta’s harsh
12%
operating environment
 Knowledge to come up with best 8%
solutions for customers
 Broad Service Offering 11%
 Unique suite of services across project
69%
lifecycle
 Operational Flexibility
 Unrivalled equipment fleet Canadian Oil Sands
Commercial & Public Construction
 Active on every site Industrial
Pipeline
 Long-Term Customer Relationships 12 Months Ended December 31, 2011
 Reliability; on-time delivery
13

14. First On, Last Off
Project Development Phase (3-4 years) Ongoing Operations Phase (30-40 years)
 Initial mine site development, project site  Overburden removal, mine infrastructure development,
development, airstrips, pipeline construction reclamation, tailing ponds remediation, equipment and
labour supply
Build Relationship Major Projects
Explore and Design Initial Development and
Recurring Services
Secondary Upgrades / Expansions Operation / Ongoing Services
86% of NAEP’s Oil
Sands Revenue
14

15. Mine Services
Active Mine Muskeg & Topsoil
Overburden
Ore
Service NAEP Client Season Haul Truck
(tonnes)
Ore Mining Year-round 300 - 400
Overburden Removal Year-round 240 - 400
Muskeg (Removal/Remediation) Winter* 100 - 240
Site Construction Summer 100 - 240
Tailings Management Summer 100 - 240
* Occasionally we will complete this work outside the winter season for our customers
15

16. Swing Supplier
NAEP achieves higher equipment utilization rates by working
on every major site in the oil sands
Single Customer
Fixed
production
capacity
Excess
production
requirement Multiple Customers
NAEP demand
16

17. Active on Every Oil Sands Mining Site
Current Activity: 10-year overburden removal Future Opportunities: site development, haul
and dyke construction, mine operations and roads, civil construction, MSE walls,
projects group support UTS compensation lake, long-term overburden and
reclamation (undefined volumes), contract mining
Future Opportunities: plant site civil projects
SUNCOR
FORT Future Opportunities: Phase 2 Kearl Expansion
Future Opportunities: mine train relocations, CANADIAN HILLS Project (earthworks), long-term overburden and
MSE walls & associated civil scopes NATURAL EXXON reclamation (undefined volumes)
KEARL
HORIZON SYNCRUDE
AURORA
TOTAL SHELL/ALBIAN
JOSLYN JACKPINE AND
MUSKEG RIVER
Current Activity: site development (ditching, MRM Current Activity: major tailings projects
water diversion, reclamation, haul roads, (AFD Phase 2 & 3 construction, tailings
camp grading, etc.) corridor), plant site civil support
Future Opportunities: MSE wall, Future Opportunities: major tailings projects,
SYNCRUDE
compensation lake, long-term overburden and BASE PLANT haul road construction, debottlenecking & civil
reclamation (undefined volumes), contract scopes
mining (unknown if Total will contract this SUNCOR
MILLENNIUM and
scope of self perform) STEEPBANK
SUNCOR
VOYAGEUR JPM Current Activity: reclamation, major tailings
projects (TTD construction)
Current Activity: 2012 winter reclamation prep, Future Opportunities: major tailings projects,
MLMR shear key construction, base mine starter dyke construction, debottlenecking & civil
70 km
tailings dam, manmade water shed scopes
construction, mine operations support
Future Opportunities: overburden and
reclamation (undefined volumes), MSE wall Current Activity: overburden removal, reclamation (Dyke
construction, various construction projects for Fort McMurray 11A, stacking, ditching), ramp removal, heavy civil (STP
mining, tailings and projects group finger dyke, Dyke 12 drains, NSE road, equipment rental
(8 x 793s)
Current or recent NOA job site Future Opportunities: overburden and reclamation
Future Opportunities: civil underground (undefined volumes), light and heavy civil for mining and
construction Providing estimates tailings operations and projects groups
17

18. Mining Project Lifecycles
Project Development Recurring Services
Engineering Commissioning
and Design and Start-up Proceeding
Initial Operational Delayed
Construction Phase
Syncrude - Base
Syncrude - Aurora
Syncrude – Aurora South
Exxon - Kearl
Suncor - Original Lease
Suncor - Steepbank
Suncor – Voyageur South
Suncor - Fort Hills
Shell - Muskeg River Mine
Shell - Jackpine 1
Canadian Natural - Horizon
Total - Joslyn
2-3 3-4 0.5 40+
years years years years
18

19. Tailings & Environmental Services
Engineered Earth Fluids Transfer &
Pipeline & infrastructure Hydraulic Transport
Structures
Pond Closure &
Tailings Management Final Reclamation
Land Reforming
19

20. Fluid Fine Tailings
Inventory Projections
New regulations require dramatic reduction in tailings inventory
FFT Inventory (millions m3) Bitumen Production (millions bbls/d)
6,000 3.0
Forecast Mined
Bitumen Production
5,000 2.5
4,000 2.0
3,000 1.5
Forecast Fluid Tailings Inventory
AFTER Directive 74
2,000 1.0
1,000 0.5
0 0
2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060
Fluid Line Tailings Inventory Fluid Line Tailings Inventory (After Tailings Directive) Bitumen Production
Millions of Cubic Metres (LHS) Millions of Cubic Metres (LHS) Million of Barrels per day (RHS)
Source: Silver Birch Energy Presentation – Peter’s & Co. Winter Energy Conference January 28, 2011 20

21. Financial Performance
Rolling LTM Revenue Rolling LTM EBITDA*
C ($) millions C ($) millions
17% 16%
14%
12%
10% 10% 9% 10%
8%
$904 $899
$862 $858 $868 $879
$798
$761 $120 $122
$716 $114
$105
$87 $84 $83
$78 $73
Dec Mar Jun Sep Dec Mar Jun Sep Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec
09 10 10 10 10 11 11 11 11 09 10 10 10 10 11 11 11 11
*Consolidated EBITDA as defined within the credit agreement
Consolidated EBITDA as percentage of revenue
21

22. Operating Leases
 Significant growth in operating lease portfolio during 2008-2010
 Operating lease expense directly impacts Consolidated EBITDA
Operating Lease Portfolio Impact of Operating Leases
Lease Additions Lease Expense Consolidated EBITDA Lease Expense
($) millions ($) millions
150 200
125
150
100
75 100
50
50
25
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011
Fiscal Year Fiscal Year
* Future lease expense reflects operating lease commitments as at September 30, 2011
22

23. Operating Leases
Pros: Cons:
 Low cost financing  Accelerated amortization
 Readily accessible  Consolidated EBITDA impact
Large Truck Example Operating Lease Purchase
Lease Term / Asset Life 5 years 12 years
Purchase Price $5.0M $5.0M
Residual / Salvage Value $1.0M $0.3M
Cumulative Impact (5 years):
Lease Expense $5.2M -
Depreciation - $2.0M
Interest - $1.2M
Consolidated EBITDA ($5.2M) -
NBV - End of Period $1.0M $3.0M
23

24. Operating Leases
 $66 million of potential equity value in operating lease portfolio
 Potential equity value can be realized through future earnings
Current Lease Portfolio Value
($) millions
250
$224
200 $66 million of
potential equity $158
150
100
50
0
Calculated Net Book Value Actual Lease Buyout Value
* Values are as at September 30, 2011 and exclude leases related to the Canadian Natural overburden removal contract
24

25. Reporting Segments
Construction & Mining Piling Pipeline
 Recurring services  Leveraged to high-  Suited to cyclical
provide stable base growth construction industry with low
markets capital commitment
 Oil sands project & scalable operating
development provides  Offers geographic & model
strong growth potential sector diversification
 Proven environmental
 Long-term customer  Proprietary technology & safety record offers
relationships create and expertise creates significant competitive
high barrier to entry high barriers to entry advantages
25

26. Heavy Construction & Mining
Revenue and Gross Margin %
 Impact of temporary shutdown at Canadian Natural and late
winter freeze-up partially offset by new contracts and increased
tailings and environmental work
($) millions
800
$716
700 $666 $667
600 $521
500 $490
400
300
200
100 15% 17% 8% 12% 13%
0
FY 2009 FY 2010 FY 2011* 9 mos. 9 mos.
FY 2011 FY 2012
*Excluding the writedown, FY2011 segment revenue would have been $710 million and segment margin would have been 13.1% 26

27. Heavy Construction & Mining Outlook
 Strong recurring services volumes anticipated in the 4th quarter
 Resumed overburden removal operations at Canadian Natural
 Heavy demand for overburden and muskeg removal work under new and
existing contracts
 Building shear key foundation for mine relocation at Syncrude
 Recently awarded initial site development contract for Joslyn
27

28. Oil Sands Opportunities
 Production capacity Oil Sands Investment
increasing ($) billions
35
 All active oil sands mines
expected to be operating 30 29
27 27
later this year 26
25
 Kearl mine scheduled to
begin production in 2012 20 18 18
 $124 billion in new 15 14
15
13
investment forecasted 11
over next 5 years 10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Oil Sands Developers Group, CAPP and Nichols Applied Management Actuals Forecast
28

29. Piling
Revenue and Gross Margin %
 Q3 revenue up 37%, reflecting increased demand, favorable
weather and positive impact of Cyntech acquisition
 Continued Q3 and YTD margin improvement
($) millions
200
180
160 $155
140 $132
120 $106
100 $83
80 $69
60
40
20 25% 17% 18% 20% 25%
0
FY 2009 FY 2010 FY 2011 9 mos. 9 mos.
FY 2011 FY 2012
29

30. Piling Outlook
 Strong activity levels across all regions and sectors
 Large backlog of projects expected to contribute to strong Q4
activity levels
30

31. Pipeline
Revenue and Gross Margin %
 Q3 revenue up 57%, as work continued on two contracts in BC
and Alberta
 Margins compromised by client-driven start-up delays, scope
changes and cost escalation
($) millions
125
$101 $102
100
$85 $80
75
50
$25
25
22% (16%) (4%) (2)% (2%)
0
FY 2009 FY 2010 FY 2011 9 mos. 9 mos.
FY 2011 FY 2012
31

32. Pipeline Outlook
 Focus on completing two current pipeline projects and moving
forward with new maintenance contract
 Industry fundamentals improving, but current contract
structures continue to create cost uncertainty
32

33. Investment Highlights
 Largest construction and mining contractor in the oil sands
 Solid core business of recurring services with high barriers to
entry and near-term growth potential
 Investment in Canada’s oil sands without direct exposure to the
price of oil
 Financially secure with the ability to generate strong cash flow
 Attractive near-term growth potential
33

34. Thank you

35. Appendix

36. Pipeline Construction Opportunities
2011
TMX Project  TCPL (NW AB, NE BC – 7 projects) 217+ km (20”-48”)
 TCPL (Tanghe Creek - Sloat) 38 km (48”)
 Enbridge (Husky (Sunrise)) Norealis Pipeline 112 km (24”)
Anchor Loop  Enbridge (Wood Buffalo/L18) 95 km (30”)
TMX-2  Enbridge – Cdn. Mainline Integrity Program 1,875 digs scheduled
TMX-3
 Spectra Energy (T-North Looping) 100+ km (36”-48”)
Beyond 2011
 TCPL (NW AB, NE BC – 4 projects) 500+ km (24”-48”)
 Access Pipeline (50/50 JV Devon/MEG Energy) 300 km (42”)
 Spectra Energy (NE BC) Looping 300-400 km (24”-36”)
 Enbridge (Woodland) Extension 385 km (36”)
 Enbridge (Athabasca) Twinning Project 345 km (36”)
Edmonton  Enbridge (Bakken Oil Pipeline) 123 km (24”-30”)
 Kinder Morgan (TMX Expansion) 800-1,000 km (36”)
 Pacific Trails Pipeline (PTP) 462 km (36”)
 Enbridge (Northern Gateway) 1,170 km (36/20”)
 TCPL Keystone XL 2,673 km (36”)
 CO2 Pipeline (Enhance Energy) 240 km (12”)
Vancouver  Alliance Pipeline (Fort St. John) 60 km (24”)
 Alaska Pipeline est. 2020-2025
 Mackenzie Valley Pipeline est. 2020-2025
 Nova (Vantage Pipeline) 575 km (10/12”)
36

37. Active on Every Oil Sands Mining Site
Current Activity: 10-year overburden removal Future Opportunities: site development, haul
and dyke construction, mine operations and roads, civil construction, MSE walls,
projects group support UTS
compensation lake, long-term overburden and
Future Opportunities: plant site civil projects reclamation (undefined volumes), contract mining
SUNCOR
FORT Future Opportunities: Phase 2 Kearl Expansion
Future Opportunities: mine train relocations, CANADIAN HILLS Project (earthworks), long-term overburden and
MSE walls & associated civil scopes NATURAL EXXON reclamation (undefined volumes)
KEARL
HORIZON SYNCRUDE
AURORA
TOTAL SHELL/ALBIAN
JOSLYN JACKPINE AND
MUSKEG RIVER
Current Activity: site development (ditching, MRM Current Activity: major tailings projects
water diversion, reclamation, haul roads, (AFD Phase 2 & 3 construction, tailings
camp grading, etc.) corridor), plant site civil support
Future Opportunities: MSE wall, Future Opportunities: major tailings projects,
SYNCRUDE
compensation lake, long-term overburden and BASE PLANT haul road construction, debottlenecking & civil
reclamation (undefined volumes), contract scopes
mining (unknown if Total will contract this SUNCOR
MILLENNIUM and
scope of self perform) STEEPBANK
SUNCOR
VOYAGEUR JPM Current Activity: reclamation, major tailings
projects (TTD construction)
Current Activity: 2012 winter reclamation prep, Future Opportunities:, major tailings projects,
MLMR shear key construction, base mine starter dyke construction, debottlenecking & civil
70 km
tailings dam, manmade water shed scopes
construction, mine operations support
Future Opportunities: overburden and
reclamation (undefined volumes), MSE wall Current Activity: overburden removal, reclamation (Dyke
construction, various construction projects for Fort McMurray 11A, stacking, ditching), ramp removal, heavy civil (STP
mining, tailings and projects group finger dyke, Dyke 12 drains, NSE road, equipment rental
(8 x 793s)
Current or recent NOA job site Future Opportunities: overburden and reclamation
Future Opportunities: civil underground (undefined volumes), light and heavy civil for mining and
construction Providing estimates tailings operations and projects groups
37