RETRANSMISSION: North American Energy Partners Reaches Agreement to Sell Piling Business and Announces Fiscal Year 2013 Results

RETRANSMISSION: North American Energy Partners Reaches Agreement to Sell Piling 
Business and Announces Fiscal Year 2013 Results 
EDMONTON, ALBERTA -- (Marketwired) -- 06/11/13 -- North American
Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA)(NYSE:NOA)
today announced it has reached an agreement to sell its Piling
businesses and announced its financial results for the year and three
months ended March 31, 2013.   
The Company has prepared its consolidated financial statements in
accordance with accounting principles generally accepted in the
United States (US GAAP). Except where otherwise specifically
indicated, all dollar amounts are expressed in Canadian dollars.  
Divestiture of Piling Related Assets and Liabilities  
As part of its strategic initiative to improve operational focus,
capital efficiency and financial strength, NAEP has reached an
agreement with Keller Group plc (the "purchaser") to sell all
piling-related assets and liabilities and exit the piling,
foundation, pipeline anchor and tank services businesses. Under the
terms of the agreement, NAEP will receive cash consideration of
approximately $227.5 million less approximately $5.0 million for
capital lease adjustments upon closing, plus or minus customary
working capital adjustments, and up to $92.5 million in proceeds over
the following three years, contingent on the purchaser achieving
prescribed profit targets from the businesses sold. Net proceeds at
closing, after also adjusting for transaction costs, are expected to
be about $210 million. Upon closing, a portion of the net proceeds
will be used to repay the outstanding balance of the Term A Facility
which, at March 31, 2013, was $17.2 million.  
"This sale is consistent with the broad strategy that I set out upon
joining the company last year," said Martin Ferron, NAEP President
and CEO. "The proceeds from the transaction will enable us to pay
down a significant portion of our debt, providing a strong financial
footing. Then moving forward as a pure play heavy construction and
mining contractor, we will be entirely focused on our core business
allowing us to extend further the productivity and cost efficiency
progress we have already made, with the aim of delivering superior
value to our clients and shareholders. We believe that our improved
financial strength and capacity will be a competitive advantage as we
continue to compete for heavy civil contracts on oil sands, resource
mining and other industrial construction projects across Canada."  
The contingent consideration of $92.5 million includes $57.5 million
based on the purchaser generating annual Consolidated EBITDA in
excess of $30.0 million for each of the years ended June 30, 2014 and
June 30, 2015, with the full $57.5 million payable upon reaching
$45.0 million of Consolidated EBITDA for each of those years. The
upper end of this range is comparable to the Consolidated EBITDA
achieved with the assets in fiscal 2013. The remaining $35.0 million
of contingent consideration is available to NAEP based on the
purchaser generating cumulative Consolidated EBITDA in excess of
$135.0 million over the three-year period ended June 30, 2016, with
the full $35.0 million payable upon the purchaser generating
three-year cumulative Consolidated EBITDA of $205.0 million(1). NAEP
expects that the purchaser will continue to grow the business during
the three-year period resulting in the payment of some or all of the
contingent proceeds. 
(1) For further information on transaction pricing, see "Piling Asset
Sale Payment Terms" at the end of this release. 
These contingent proceeds will be recognized as the Consolidated
EBITDA targets are achieved. NAEP has retained the right to verify
the annual Consolidated EBITDA reported by the purchaser during the
period for which the contingent proceeds are being calculated. The
transaction, which is conditional upon approval from the majority of
the purchaser's shareholders and certain anti-trust approvals, is
expected to close in the second quarter of fiscal 2014.  
Included in the sale is all piling-related: 


 
--  property, plant and equipment 
--  intangible assets 
--  working capital (subject to a customary closing adjustment and excluding
    the outstanding accounts receivable and unbilled revenue on a certain
    customer contract); and 
--  capital and operating lease commitments. 

 
The Company expects to recognize a gain from the sale of assets, net
of an approximate $33 million reduction in goodwill related to the
Piling businesses. Raymond James acted as NAEP's financial advisor in
the sale of the piling-related assets.  
For all periods presented, Piling financial results are now reported
as "Income (loss) from discontinued operations, net of tax" in the
Consolidated Statements of Operations and Comprehensive Loss and
"Cash provided by (used in) discontinued operations" in the
Consolidated Statements of Cash Flows. Prior to the sale, activity in
the Piling business was reported as part of the Commercial and
Industrial Construction segment. 
Highlights of the Year Ended March 31, 2013 


 
--  The Company achieved $78.3 million in Consolidated EBITDA compared to
    $57 million in the previous year. 
 
--  The Company achieved 6.2% gross profit margin compared to 4.8% in the
    prior year. 
 
--  Since March, 31 2012, NAEP reduced total debt (excluding the revolving
    facility) by $65.3 million through term facility repayments and
    refinancing of certain operating leases. 
 
--  The Company reached an agreement to sell its Pipeline-related assets for
    total cash consideration of $16.3 million of which $15.4 million was
    applied against its term facility. 
 
--  NAEP was awarded a five-year master services contract for the provision
    of civil mine support services at the Kearl mine near Fort McMurray,
    Alberta.
    
--  On October 1, 2012, the Company announced that it had entered into an
    amended and restated credit agreement with its syndicate of lenders. The
    amendment extends the maturity date of the existing credit agreement by
    one year to October 31, 2014, while also temporarily easing Consolidated
    EBITDA-related covenant requirements within the agreement.
    
--  During the year, NAEP negotiated the refinancing of $41.6 million in
    heavy equipment operating leases, now classified as capital leases. The
    expected first-year impact of the refinancing is a $20.9 million benefit
    to Consolidated EBITDA and a $4.6 million cash benefit from a net
    reduction in annual lease payments. 

 
Consolidated Financial Highlights 
As result of the divestiture of its Pipeline business and the
potential sale of the Piling business, the Company is presenting its
results from continuing operations, which exclude the current and
prior year results of its pipeline and piling related operations. The
results for the discontinued pipeline and piling related operations
are reported under "Results from discontinued operations". 


 
                       Three months ended                       Year ended  
                                March 31,                        March 31,  
                     -------------------------------------------------------
(amounts in                                                                 
 thousands, except                                                          
per share amounts)        2013       2012       2013       2012    2011(3)  
----------------------------------------------------------------------------
Revenue              $ 130,281  $ 181,094  $ 544,609  $ 670,720  $ 667,037  
Gross profit (loss)  $   8,946  $    (901) $  33,877  $  32,007  $  44,452  
Gross profit margin        6.9%      (0.5)%      6.2%       4.8%       6.7% 
General and                                                                 
 administrative                                                             
 expenses (excluding                                                        
 stock-based                                                                
 compensation)          10,122     11,713     40,457     43,596     40,569  
Stock-based                                                                 
 compensation expense    2,410       (679) $   3,619     (2,263)     8,156  
----------------------------------------------------------------------------
Operating loss       $  (6,489) $ (13,601) $ (16,023) $ (14,802) $ (11,916) 
Operating margin          (5.0)%     (7.5)%     (2.9)%     (2.2)%     (1.8)%
Net loss from                                                               
 continuing                                                                 
 operations          $  (9,226) $ (13,413) $ (28,309) $ (25,383) $ (29,726) 
----------------------------------------------------------------------------
Net income (loss)                                                           
 from discontinued                                                          
 operations              4,559     (3,464)    26,846      4,221     (4,924) 
----------------------------------------------------------------------------
Net loss             $  (4,667) $ (16,877) $  (1,463) $ (21,162) $ (34,650) 
Basic per share                                                             
 information (no                                                            
 dilutive effect):                                                          
  Net loss from                                                             
   continuing                                                               
   operations        $   (0.26) $   (0.37) $   (0.78) $   (0.70) $   (0.82) 
  Net income (loss)                                                         
   from discontinued                                                        
   operations             0.13      (0.10)      0.74       0.12      (0.14) 
  Net loss           $   (0.13) $   (0.47) $   (0.04) $   (0.58) $   (0.96) 
Consolidated EBITDA                                                         
 (1,2)               $  18,003  $   7,561  $  78,260  $  56,978  $  84,101  
  Consolidated EBITDA                                                       
   from continuing                                                          
   operations            8,953      8,239     28,786     36,893     77,142  
  Consolidated EBITDA                                                       
   from discontinued                                                        
   operations        $   9,050  $    (678) $  49,474  $  20,085  $   6,959  
Capital spending     $   8,273  $  28,945  $  37,720  $  53,002  $  37,344  
                                                                            
 
1.  Consolidated EBITDA for the three months ended March 31, 2013 includes
    the negative impact of a $1.3 million loss from discontinued Pipeline
    operations. 
2.  For a definition of Consolidated EBITDA and reconciliation to net
    income, see "Non-GAAP Financial Measures" and "Consolidated EBITDA" at
    the end of this release. 
3.  Financial results for the year ended March 31, 2011 include a $42.5
    million revenue writedown related to the Canadian Natural contract. 

 
Results from continuing operations for the year ended March 31, 2013  
For the year ended March 31, 2013, the Company reported consolidated
revenue of $544.6 million, compared to $670.7 million during the same
period last year. The change in revenue primarily reflects a
reduction in demand for heavy civil construction and mine support
service activities performed at the Jackpine and Muskeg River mines.
Also contributing to the decrease was a reduction of earthworks
activity at the Co-op refinery in Saskatchewan, reduced overburden
volumes at the Millennium mine and reduced demand for tailings and
environmental construction services in the oil sands. The prior year
also included earthworks performed at the Blackgold SAGD project.
Partially offsetting the decrease in activity at those sites was
increased heavy civil construction activity at the Base Plant mine,
increased site development activity at both the Joslyn mine and Dover
SAGD site and the return of overburden removal activity to normal
operating levels at the Horizon mine.  
For the year ended March 31, 2013, gross profit increased to $33.9
million, from $32 million last year and gross profit margin increased
to 6.2%, compared to 4.8% during the same period last year. The
improvement primarily reflects lower equipment maintenance costs and
reduced equipment operating lease expense resulting from the
refinancing of certain operating leases to capital leases and from
the sale of certain operating leased assets to Canadian Natural. Also
supporting improved gross profit margins was increased margin on
overburden removal activity at the Horizon mine. Partially offsetting
the improvement were reduced operations support services revenue and
an increase in lower-margin heavy civil construction activity. 
For the year ended March 31, 2013, operating loss was $16.0 million,
compared to an operating loss of $14.8 million during the year ended
March 31, 2012. General and administrative (G&A) expense (excluding
stock-based compensation) was $40.5 million for the year ended March
31, 2013, down from $43.6 million in the year ended March 31, 2012.
Current year G&A reflects the benefits from business restructuring
activities initiated earlier this year, offset by a $2.8 million
restructuring charge and a $3.6 million increase in short-term
employee incentive costs. Current year short-term incentive costs
were $1.8 million higher than in fiscal 2011. Stock-based
compensation expense increased $5.9 million over fiscal 2012,
resulting from an increase in the Company's share price.  
Results from continuing operations for the three months ended March
31, 2013  
For the three months ended March 31, 2013, revenue was $130.3
million, $50.8 million lower than in the same period last year. The
change primarily reflects a reduction in reclamation, heavy civil,
and mine services activities at the Jackpine and Muskeg River mines.
Also contributing to the decrease was a reduction in site development
activity at the Joslyn mine, the completion of structural steel
construction on the Mt. Milligan Copper/Gold project and reduced
demand for tailings and environmental services in the oil sands.
Prior year revenue also benefited from work performed at the
BlackGold SAGD site. Partially offsetting the decrease in activity
was increased early works activity at the Quest CCS project and the
commencement of mine services activity at the Kearl mine. 
For the three months ended March 31, 2013, gross profit was $8.9
million, an increase of $9.8 million compared to the same period last
year. Gross margin increased to 6.9% compared to -0.5% for the three
months ended March 31, 2012. The improvement in both gross profit and
margin reflects the benefit of lower heavy equipment maintenance and
operating lease costs. Partially offsetting these improvements was
the reduced demand for mine support and construction services across
the oil sands. 
For the three months ended March 31, 2013, operating loss was $6.5
million, compared to an operating loss of $13.6 million during the
same period last year. G&A expense (excluding stock-based
compensation) was $10.1 million for the three months ended March 31,
2013, down from $11.7 million in the same period last year,
reflecting a $3.7 million increase in short-term employee incentive
costs in the current period. Stock-based compensation expense
increased by $3.1 million compared to fiscal 2012, reflecting an
increase in the Company's share price. 
Results from discontinued operations 


 
                        Three months ended                       Year ended 
                                 March 31,                        March 31, 
                      ------------------------------------------------------
(amounts in thousands)     2013       2012       2013       2012       2011 
----------------------------------------------------------------------------
Revenue               $  43,988  $ 101,412  $ 272,360  $ 335,825  $ 191,011 
Project costs            30,875     97,883    208,683    300,358    171,878 
Operating lease                                                             
 expense                    579        579      2,315      2,315      1,071 
Depreciation                706      1,180      3,788      4,258      4,378 
----------------------------------------------------------------------------
Gross profit          $  11,828  $   1,770  $  57,574  $  28,894  $  13,684 
General and                                                                 
 administrative                                                             
 expenses                 3,530      3,628     13,697     13,067     11,103 
Amortization of                                                             
 intangibles                351        353      1,408      1,415      1,390 
Loss (gain) on                                                              
 disposal of property,                                                      
 plant and equipment         63          -       (375)         -          - 
Recovery of previously                                                      
 expensed tools,                                                            
 supplies and                                                               
 equipment parts              -          -     (1,095)         -          - 
Gain on sale of                                                             
 inventory                  (46)         -       (714)         -          - 
----------------------------------------------------------------------------
Operating Income                                                            
 (loss)               $   7,930  $  (2,211) $  44,653  $  14,412  $   1,191 
Interest expense          1,931      2,111      8,339      8,179      7,458 
----------------------------------------------------------------------------
Income (loss) before                                                        
 income taxes         $   5,999  $  (4,322) $  36,314  $   6,233  $  (6,267)
Deferred income tax                                                         
 expense (benefit)        1,440       (858)     9,468      2,012     (1,343)
----------------------------------------------------------------------------
Net income (loss) from                                                      
 discontinued                                                               
 operations           $   4,559  $  (3,464) $  26,846  $   4,221  $  (4,924)

 
Revenue and gross profit  
Revenue and gross profit from discontinued operations for the three
months ended March 31, 2013 and 2012 includes activity from our
pipeline, piling, foundation, pipeline anchor and tank services
businesses.  
Operating income  
G&A recorded for discontinued piling and pipeline operations
represent direct operations management, finance and facility costs
for these businesses. 
Outlook  
Despite the continued uncertainty surrounding pending oil sands
projects and construction spending levels in fiscal 2014, NAEP
expects overall activity levels to remain steady and is well
positioned to respond to changing market conditions and maintain
profitability levels.  
In the oil sands, NAEP anticipates an increase in operations support
services to help offset a potential reduction in construction
services resulting from continued project approval delays and cost
control effort of their clients. Operations support services revenues
are expected to benefit from the ramp up at the Kearl site under the
new five year agreement and comparable activity levels at supporting
production efforts at Horizon, Base Mine and the Millennium and
Steepbank Mines. Construction services activities levels are more
difficult to anticipate but the Company intends to pursue heavy civil
contracts at both SAGD and new mining projects in the oil sands and
with other major resource companies in Canada. 
NAEP also expects to continue progressing toward their goal of
delivering consistent financial and operating performance by focus on
three key areas: 


 
--  Pursuing operational excellence in safety, productivity, and customer
    satisfaction; 
--  Strengthening of the balance sheet through further debt reduction, fleet
    rationalization, and cash-flow improvement; and 
--  Gaining first-on-site advantage on new oil sands and resource mining
    sites. 

 
Going into fiscal 2014, the Company remains focused on managing its
resources and costs towards improving profitability.  
Change of Fiscal Year-End from March 31st to December 31st  
On June 10, 2013, the Company's Board of Directors approved changing
NAEP's fiscal year-end from March 31st to December 31st, beginning
with the period ended December 31, 2013. The Company is implementing
the change with aim of improving transparency by aligning its
reporting periods with its peers. The change is expected to better
facilitate comparisons of financial results with its peers and also
improve communication with the market by allowing NAEP to participate
in more year-end investor conferences in the Spring. The Company
intends to provide results for the two comparable prior-year periods
when it begins reporting results for the new fiscal period ended
December 31, 2013.  
Conference Call and Webcast  
Management will hold a conference call and webcast to discuss its
financial results for the three months ended March 31, 2013 tomorrow,
Tuesday, June 11th at 9:00 am Eastern time.   
The call can be accessed by dialing:  
Toll free: 1-877-407-8031   
International: 1-201-689-8031  
A replay will be available through July 6, 2013 by dialing:  
Toll Free: 1-877-660-6853   
International: 1-201-612-7415   
Conference ID: 415702  
The live and archived webcast can be accessed at:
http://www.investorcalendar.com/IC/CEPage.asp?ID=171061  
Piling Asset Sale Payment Terms 


 
1.  $227.5 million cash paid at closing (less approximately $5 million in
    outstanding capital lease obligations, plus or minus customary working
    capital adjustments); 
2.  A maximum of $30 million cash paid no later than September 30, 2014,
    with the full amount being paid in the event that the business earns
    annualized Consolidated EBITDA ("First Year Consolidated EBITDA") of $45
    million or more in the period from closing to June 30, 2014. The amount
    payable will be $2 for every$1 that First Year Consolidated EBITDA is
   greater than $30 million (with the maximum payment of $30 million where
    First Year Consolidated EBITDA is $45 million or greater); 
3.  A maximum of $27.5 million cash paid no later than September 30, 2015,
    with the full amount being paid in the event that the business earns
    Consolidated EBITDA ("Second Year Consolidated EBITDA") of $45 million
    or more in the period from July 1, 2014 to June 30, 2015. The amount
    payable will be $1.833 for every $1 that Second Year Consolidated EBITDA
    is greater than $30 million (with the maximum payment of $27.5 million
    where Second Year Consolidated EBITDA is $45 million or greater); 
4.  Contingent consideration to a maximum of $35 million, equal to $0.5 for
    every $1 by which cumulative Consolidated EBITDA in the period from
    closing to June 30, 2016 exceeds $135 million (with the maximum payment
    of $35 million where Consolidated EBITDA is $205 million or greater),
    calculated and paid as follows: 
    a.  no later than September 30, 2014, the purchaser will pay the vendor
        an amount equal to $0.375 for every $1 by which First Year
        Consolidated EBITDA exceeds $45 million. 
    b.  no later than September 30, 2015, the purchaser will pay the vendor
        an amount equal to $0.375 for every $1 by which the aggregate of
        First Year Consolidated EBITDA and Second Year Consolidated EBITDA
        exceeds $90 million, less any monies paid to the vendor under (a)
        above; and 
    c.  no later than September 30, 2016, the purchaser will pay the vendor
        an amount equal to $0.5 for every $1 by which the aggregate of First
        Year Consolidated EBITDA, Second Year Consolidated EBITDA and
        Consolidated EBITDA for the period from July 1, 2015 to June 30,
        2016 exceeds $135 million, less any monies paid to the vendor under
        (a) and (b) above. 

 
Further details in regards to this contingent consideration and the
risks associated with such consideration are discussed in NAEP's
Management Discussion & Analysis for the year ended March 31, 2013. 
Non-GAAP Financial Measures  
This release contains non-GAAP financial measures. These measures do
not have standardized meanings under US GAAP and are therefore
unlikely to be comparable to similar measures used by other
companies. The non-GAAP financial measure disclosed by the Company in
this release is Consolidated EBITDA (as defined in our fourth amended
and restated credit agreement, our "credit agreement"). The Company
provides a reconciliation of Consolidated EBITDA to net income
reported in accordance with US GAAP below. Investors and readers are
encouraged to review the reconciliation of this non-GAAP financial
measure to reported net income. 
Consolidated EBITDA  
The body of generally accepted accounting principles applicable to us
is commonly referred to as "GAAP". A non-GAAP financial measure is
generally defined by the Securities and Exchange Commission (SEC) and
by the Canadian securities regulatory authorities as one that
purports to measure historical or future financial performance,
financial position or cash flows, but excludes or includes amounts
that would not be so adjusted in the most comparable GAAP measures.
In this release, the Company uses non-GAAP financial measures such as
"net income before interest expense, income taxes, depreciation and
amortization" (EBITDA) and "Consolidated EBITDA".  
Consolidated EBITDA is defined as EBITDA, excluding the effects of
unrealized foreign exchange gain or loss, realized and unrealized
gain or loss on derivative financial instruments, non-cash
stock-based compensation expense, gain or loss on disposal of plant
and equipment, the impairment of goodwill, the amendment related to
the fiscal 2011 $42.5 million revenue write-down on the Canadian
Natural overburden removal contract and certain other non-cash items
included in the calculation of net income.   
We believe that EBITDA is a meaningful measure of the performance of
our business because it excludes interest, income taxes, depreciation
and amortization that are not directly related to the operating
performance of our business. Management reviews EBITDA to determine
whether plant and equipment are being allocated efficiently. In
addition, our credit facility requires us to maintain both a minimum
interest coverage ratio and a maximum senior leverage ratio and also
identifies limits to our annual capital spend, all of which are
calculated using Consolidated EBITDA. Non-compliance with these
financial covenants could result in a requirement to immediately
repay all amounts outstanding under our credit facility.  
As EBITDA and Consolidated EBITDA are non-GAAP financial measures,
our computations of EBITDA and Consolidated EBITDA may vary from
others in our industry. EBITDA and Consolidated EBITDA should not be
considered as alternatives to operating income or net income as
measures of operating performance or cash flows as measures of
liquidity. EBITDA and Consolidated EBITDA have important limitations
as analytical tools and should not be considered in isolation or as
substitutes for analysis of our results as reported under US GAAP.
For example, EBITDA and Consolidated EBITDA do not:  


 
--  reflect our cash expenditures or requirements for capital expenditures
    or capital commitments; 
--  reflect changes in our cash requirements for our working capital needs; 
--  reflect the interest expense or the cash requirements necessary to
    service interest or principal payments on our debt; 
--  include tax payments or recoveries that represent a reduction or
    increase in cash available to us; or 
--  reflect any cash requirements for assets being depreciated and amortized
    that may have to be replaced in the future. 

 
Consolidated EBITDA excludes unrealized foreign exchange gains and
losses and realized and unrealized gains and losses on derivative
financial instruments, which, in the case of unrealized losses may
ultimately result in a liability that may need to be paid and in the
case of realized losses, represents an actual use of cash during the
period.  
Where relevant, particularly for earnings-based measures, we provide
tables in this document that reconcile non-GAAP measures used to
amounts reported on the face of the consolidated financial
statements. 


 
                        Three Months Ended                      Year Ended  
                                 March 31,                        March 31, 
                      ------------------------------------------------------
(amounts in thousands)     2013       2012       2013       2012       2011 
----------------------------------------------------------------------------
Net loss              $  (9,226) $ (13,413) $ (28,309) $ (25,383) $ (29,726)
Adjustments:                                                                
  Interest expense        5,892      5,690     23,743     22,146     22,533 
  Income tax benefit     (2,992)    (4,438)    (8,836)    (9,235)    (5,105)
  Depreciation           12,138     19,781     37,722     44,642     35,062 
  Amortization of                                                           
   intangible assets        894        886      3,694      4,287      2,150 
  Unrealized gain on                                                        
   derivative                                                               
   financial                                                                
   instruments             (110)    (1,422)    (2,705)    (2,382)    (2,305)
  Loss on disposal of                                                       
   property, plant and                                                      
   equipment              1,831      1,040      2,628      1,741      1,948 
  Loss (gain) on                                                            
   disposal of assets                                                       
   held for sale            178        (10)        98       (466)       825 
  Stock-based                                                               
   compensation                                                             
   expense                  348        375      1,347      1,629      2,191 
  Equity in (earnings)                                                      
   loss of                                                                  
   unconsolidated                                                           
   joint venture              -       (250)      (596)       (86)     2,720 
  Loss on debt                                                              
   extinguishment             -          -          -          -      4,324 
  Revenue writedown on                                                      
   Canadian Natural                                                         
   project                    -          -          -          -     42,525 
----------------------------------------------------------------------------
Consolidated EBITDA                                                         
 for continuing                                                             
 operations           $   8,953  $   8,239  $  28,786  $  36,893  $  77,142 
----------------------------------------------------------------------------
Consolidated EBITDA                                                         
 for discontinued                                                           
 operations               9,050       (678)    49,474     20,085      6,959 
----------------------------------------------------------------------------
Consolidated EBITDA   $  18,003  $   7,561  $  78,260  $  56,978  $  84,101 
----------------------------------------------------------------------------

 
Forward-Looking Information  
This release contains forward-looking information that is based on
expectations and estimates as of the date of this release.
Forward-looking information is information that is subject to known
and unknown risks and other factors that may cause future actions,
conditions or events to differ materially from the anticipated
actions, conditions or events expressed or implied by such
forward-looking information. Forward-looking information is
information that does not relate strictly to historical or current
facts and can be identified by the use of the future tense or other
forward-looking words such as "believe", "expect", "anticipate",
"intend", "plan", "estimate", "should", "may", "could", "would",
"target", "objective", "projection", "forecast", "continue",
"strategy", "position" or the negative of those terms or other
variations of them or comparable terminology. 
There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ
materially from those expected or estimated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. Each of the forward-looking statements
in this news release is subject to significant risks and
uncertainties and is based on a number of assumptions which may prove
to be incorrect. The material factors or assumptions used to develop
the above forward-looking statements and the risks and uncertainties
that could cause actual results to differ materially from the
information presented in the above are discussed in NAEP's Management
Discussion & Analysis for the year ended March 31, 2013. While
management anticipates that subsequent events and developments may
cause its views to change, the Company does not intend to update this
forward-looking information, except as required by applicable
securities laws. This forward-looking information represents
management's views as of the date of this document and such
information should not be relied upon as representing their views as
of any date subsequent to the date of this document. 
For more complete information about NAEP, you should read the
disclosure documents filed with the SEC and the CSA. You may obtain
these documents for free by visiting the SEC website at www.sec.gov
or SEDAR on the CSA website at www.sedar.com. 
About the Company 
North American Energy Partners Inc. (www.naepi.ca) is the premier
provider of mining, heavy construction, industrial, and piling
services in Canada. For more than 50 years, NAEP has provided
services to large oil, natural gas and resource companies, with a
principal focus on the Canadian oil sands. The Company maintains one
of the largest independently owned equipment fleets in the region.
Contacts:
North American Energy Partners Inc.
Kevin Rowand
Investor Relations
(780) 969-5528
(780) 969-5599 (FAX)
ir@nacg.ca
www.naepi.ca
 
 
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