The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available. 

1. 1
August 2016
E n e rg y E q u i p m e n t & S e r v i c e s
Industry Insights and Happenings

2. 2
Report Summary
INDUSTRY COMMENTARY
Crude prices have strengthened after a month-long stretch of modest
declines
–– Prices boosted by weakening dollar and rumors of OPEC discussions on
production cuts
Rig counts continue to improve
–– For the week ended August 12, the US onshore market added 15 rigs,
bringing the total rig count to 396
–– This marks seven consecutive weeks of additions to the US rig count,
although total rigs deployed are still down significantly from 672 at this
time last year
–– Streak of seven consecutive weeks marks the longest stretch of additions
since April, 2014, when crude was above $100/bbl
Refining margins remain challenged due to elevated product inventories
but showed modest week-on-week improvement
–– Solid product demand trends and relatively low refinery utilization led to
larger-than-expected draws on inventories for early August
On the power side, the recent heat wave led to record-setting demand for
gas-fired peaking generation and a rare summer national net draw on gas
inventories of 6 Bcf
TABLE OF CONTENTS:
• Recent Transactions
• Articles We Enjoyed
• Commodity Prices
• Rig Counts
• Public Comparables
CONTACTS:
Ted Kinsman
Managing Director
tkinsman@headwatersmb.com
(303) 572-6013
Samuel L. Hill
Managing Director
hill@headwatersmb. com
214.457.4832
Tim McEuen
Senior Vice President
tmceuen@headwatersmb.com
(303) 962-5778
Luis Moya
Senior Vice President
imoya@headwatersmb.com
214.814.5684
www.headwatersmb.com
% of High % of Low 6 Mos. Ago Current 2016E 2017P
Oilfield Services & Equpment
Large-Cap 90% 134% 8.5x 14.3x 20.9x 14.1x
Mid-and Small-Cap 67% 178% 7.4x 6.8x 10.2x 12.5x
Oil & Gas Equipment 83% 139% 5.8x 12.0x 11.0x 18.8x
Land Drillers 78% 178% 3.7x 7.7x 13.9x 10.9x
Power Services & Equpment
Large-Cap 99% 135% 9.2x 11.2x 10.3x 9.8x
Mid- and Small-Cap 92% 141% 10.2x 11.8x 11.9x 10.7x
Clean Tech and Solar 69% 148% 15.2x 13.9x 8.7x 8.6x
Infrastructure & Industrial Services
Large-Cap Infrastructure 92% 135% 6.4x 6.6x 6.9x 6.9x
Mid- and Small-Cap Infrastructure 77% 168% 7.5x 8.6x 6.8x 5.7x
Utility Services 93% 156% 8.6x 8.8x 6.9x 6.3x
Industrial Services 76% 130% 7.6x 8.7x 8.5x 8.7x
Forward Multiples
EV/EBITDA52-Week Perf.
LTM Multiples
EV/LTMEBITDA as of
Stock Performance

3. 3
Industry Update
RECENT TRANSACTIONS
Date Seller/Target Description Acquirer
Aug-16 NBR Sand LLC Single sand mine and plant serving the Haynesville and upper
Eagle Ford basins
U.S. Silica
Aug-16 TC Backhoe Drilling, powerline, and underground infrastructure installation
and repair, serving the Canadian market
Quanta Services
Aug-16 RPM Services Equipment rental services in Arkansas, Louisiana, Oklahoma,
Texas, and Missouri
Hugg & Hall Equpment
Company
Jul-16 Managed Pressure
Operations LLC
Provides managed pressure drilling and continuous circulating
systems for onshore and offshore drilling markets
AFGlobal Corporation
Jul-16 Rotary Drilling Tools
USA LP (via OFS
Energy Fund)
Manufactures and markets oilfield drilling tubular tools, including
drill pipes, drill collars, and drilling accessories
Vallourec Drilling
Products USA
Jun-16 AchorPipe
International Inc.
Provides pipeline anchoring solutions worldwide, both offshore
and onshore
TorcSill Foundations LLC
May-16 Tercel Oilfield
Products
Designs and manufactures products for E&P drilling, completion,
and production operations
Rubicon Oilfield
International Holdings
Mar-16 Five Companies Combined OFS, transportation, and environmental operations of
five portfolio companies of CCNG Energy Partners LP
Guggenheim Capital
Funding LLC
Jan-16 Trican Well Service
Ltd
Provides pressure pumping and other general well and production
services
Keane Group Holdings
Jan-16 CC American Oilfield
LLC
Designs, manufactures, repairs and services oil and gas pressure
vessels, as well as fuel scrubbers, filter separators, production
skids and other wellsite equipment
CSE Global Ltd
Dec-15 Pioneer Energy
Services
Three non-walking SCR drilling rigs and one walking SCR drilling rig Undisclosed buyer
Dec-15 New Source Energy
Partners
Operates ~110 flowback tanks and 50 three-phase production
units, and provides services in the areas of drill outs, coil tubing,
production and flare jobs
Erick's Holdings LLC
Dec-15 EMAS Offshore Ltd Owns and operates three jack-up drilling rigs, FPSO Perisai Kamelia
and MOPU Rubicone, three anchor handling tug supply vessels,
three anchor handling tugs, three crew boats, and one derrick
Ezra Holdings Limited
Nov-15 Archer Limited Provides pressure pumping, directional drilling, pressure control
and wireline services
Quintana Energy
Services LP
Nov-15 Fluid Inclusion
Technologies Inc
Specializes in laboratory analysis of trapped fluids in rock material,
and advanced borehole gas analysis on drilling wells
Schlumberger Ltd

4. 4
Fracking | Sand Market Upturn Could be Leading
Indicator
“Since the beginning of the U.S. fracking revolution, oil pro-
ducers have struggled with a vexing problem: after an initial
burst, crude output from new shale wells falls much faster
than from conventional wells. However, those well decline
rates have been slowing across the United States over the
past few years… The trend, if sustained, would help amelio-
rate the industry’s most glaring weakness and cement its im-
portance for worldwide production in years to come. It also
helps explain shale drillers’ resilience throughout the oil mar-
ket’s two-year slump.”
Reuters News | U.S. Shale Oil’s Achilles Heel Shows Signs of
Mending
SolarEnergy|SteadyGrowthDespiteCommodity
Prices
“But behind the scenes, renewable energy continues to steadi-
ly move forward, with major companies investing in green
energy. Global demand for solar power, driven by declining
costs, changing regulations and an altered political and cul-
tural atmosphere impacted by awareness of climate change,
is likely to accelerate, despite the current glut of oil and nat-
ural gas in the market. The EIA anticipates renewable energy
to account for about 25 percent of global consumption by
2040. Solar… could provide 13 percent of world energy con-
sumption by 2030, according to the International Renewable
Energy Agency.”
OilPrice.com | Quiet Solar Revolution Unfolding in U.S. De-
spite Low Oil Prices
Capital Markets | PE Capital Available for
Distressed Assets
“Since the great crash of oil in mid-2014, more than $100
billion has been raised by buyout firms and distressed-debt
funds eager to scoop up energy assets on the cheap. But as
the months rolled by, few opportunities cropped up as cash-
starved drillers limped along with the help of their bankers.
Not any more. What started out as a trickle has now turned
into something much more, with Blackstone Group LP, Apollo
Global Management LLC, and WL Ross & Co. all jumping in this
year to buy a grab bag of assets at discounted prices.”
Wall Street Journal | Range Resources Goes Old School
Oil Prices | Recent Declines Driven by OPEC
Production
“The overall increase in global crude output has dragged oil
prices down 20 percent since they broke above $50 in June.
Friday’s survey found that Iraq increased oil output in July, as
the national army made gains against the Islamic State’s oil
production and supply network. The former Gulf country’s
oil officials confirmed on Monday in increase in crude pro-
duction from 3.175 million barrels in June to 3.2 million barrels
in July. Nigeria – a country that has been inundated by sepa-
ratist attacks on oil facilities by the Niger Delta Avengers and
related groups – upped outputs despite militant efforts.”
OilPrice.com | Oil Prices Fall Below $40 as OPEC Ramps Up
Output
Oil Services | Upcoming Debt Maturities an Issue
“The oil service companies that employ the bulk of Hous-
ton's energy workers are heading for a $110 billion wall of debt
and there’s little chance lenders will save them before they hit
it… The debt is coming due over the next five years, with pay-
ments ratcheting up sharply in 2018, said Moody’s Investors
Service in a new report Tuesday. Unless both crude prices
and oil explorers recover quickly from a tumultuous two-year
downturn, many of the service companies could fail, and the
ones that don’t could be weighed down by debt payments for
years.”
Houston Chronicle | A $110 Billion Bill Looming for Oil Service
Companies
ARTICLES WE ENJOYED

5. 5
1 Year WTI and Henry Hub Prices
Source: Capital IQ
COMMENTARY:
Crude has moved back to a mid-$40s range
since its July slump into the $30s, supported
by a mix of geopolitical and trading news
• Continued decline in U.S. production despite
a rising rig count
• Reports of an informal gathering of OPEC
members in September, with rumors of a
coordinated production freeze to support
prices
• A bullish IEA report calling for global stock
draws beginning in 3Q16
• Aggressive short covering by investors
On the bearish side, crude and product
inventories remain at elevated levels, and
Saudi Arabia, Iran, and Iraq all boosted
production in the second quarter
On the trading side, funds remain relatively
bearish on both crude and gasoline but
volatility has declined over the past month
• Hedge funds have been accelerating selling
activity for more than two months – gross
shorts for WTI have quadrupled since May
• USO traders, in contrast, have generated the
largest inflow into the ETF ($325mm over two
weeks) since February
COMMODITY PRICE UPDATE
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
Aug-15
Aug-15
Sep-15
Sep-15
Oct-15
Oct-15
Nov-15
Nov-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Feb-16
Feb-16
Mar-16
Mar-16
Apr-16
Apr-16
May-16
May-16
Jun-16
Jun-16
Jul-16
Jul-16
Aug-16
Crude (left) Natural Gas (right)

6. 6
U.S. Rig Count International Rig Count
U.S. Directional vs. VerticalU.S. Oil vs. Gas Rig Count
U.S. Rig Count by Play
Source: Baker Hughes
RIG COUNT UPDATE
0
500
1,000
1,500
2,000
2,500
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
U.S. Rigs
0
1,000
2,000
3,000
4,000
5,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
International Rigs
0
500
1,000
1,500
2,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Oil Gas
0
500
1,000
1,500
2,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Horizontal + Directional Vertical
0
500
1,000
1,500
2,000
2,500
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Other Permian Williston Marcellus-Utica Eagle Ford Haynesville

7. 7
Public Comparables
LARGE-CAP OILFIELD SERVICES
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Oilfield Services
Schlumberger Limited $113,577 $124,043 3% (4%) 95% 136% 8.3x 8.2x 14.3x 18.6x 15.4x
Halliburton Company $37,752 $47,502 (3%) 3% 94% 159% 6.2x 7.0x 13.8x 23.2x 14.4x
Baker Hughes Incorporated $21,292 $20,408 10% (15%) 85% 132% 7.3x 8.8x 14.7x na 13.8x
Weatherford International plc $4,938 $11,719 (6%) (48%) 48% 117% 7.0x 9.9x na na 12.7x
Min (6%) (48%) 48% 117% 6.2x 7.0x 13.8x 18.6x 12.7x
Median (0%) (10%) 90% 134% 7.2x 8.5x 14.3x 20.9x 14.1x
Max 10% 3% 95% 159% 8.3x 9.9x 14.7x 23.2x 15.4x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Large-Cap Oilfield Services -12.8% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Large-Cap Oilfield Services -22.9% S&P 500 +82.9%
10-year avg: 10.0x
13.1x
10.6x
9.4x
6.4x
11.4x 10.8x
6.8x
8.1x
9.5x
7.6x
16.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

8. 8
Market Data
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP OILFIELD SERVICES
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Oilfield Services
Superior Energy Services, Inc. $2,544 $3,592 (7%) (3%) 85% 203% 4.1x 4.6x 15.1x na 12.3x
TETRA Technologies, Inc. $573 $1,337 (2%) (16%) 65% 134% 12.1x 7.7x 6.8x 10.3x 6.8x
Ensign Energy Services Inc. $1,105 $1,770 (3%) (31%) 68% 153% 4.5x 5.0x 6.6x 10.0x 8.4x
Calfrac Well Services Ltd. $373 $1,188 (16%) (41%) 59% 305% 4.5x 7.2x na na 17.3x
Basic Energy Services, Inc. $30 $948 (48%) (89%) 12% 115% 4.2x 8.4x na na 24.8x
Trican Well Service Ltd. $415 $638 (10%) (7%) 77% 636% 6.5x 10.0x na na 12.8x
Min (48%) (89%) 12% 115% 4.1x 4.6x 6.6x 10.0x 6.8x
Median (9%) (24%) 67% 178% 4.5x 7.4x 6.8x 10.2x 12.5x
Max (2%) (3%) 85% 636% 12.1x 10.0x 15.1x 10.3x 24.8x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Mid-Cap Oilfield Services -19.8% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Mid-Cap Oilfield Services -72.1% S&P 500 +82.9%
10-year avg: 9.1x
10.5x
7.2x 7.8x
5.7x
11.7x
8.1x
5.9x
8.2x
10.4x
6.5x
17.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

9. 9
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
OIL & GAS EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Oil & Gas Equipment
National Oilwell Varco, Inc. $12,771 $14,390 1% (18%) 79% 131% 4.7x 5.2x 11.3x na 23.9x
FMC Corp. $6,376 $8,325 (1%) 1% 94% 148% 13.3x 9.8x 12.8x 11.9x 10.8x
Oil States International Inc. $1,610 $1,642 (1%) 2% 85% 146% 5.2x 5.2x 12.8x na 21.0x
Dril-Quip, Inc. $2,118 $1,626 (3%) (10%) 81% 115% 7.3x 6.3x 6.3x 10.2x 16.6x
Min (3%) (18%) 79% 115% 4.7x 5.2x 6.3x 10.2x 10.8x
Median (1%) (5%) 83% 139% 6.2x 5.8x 12.0x 11.0x 18.8x
Max 1% 2% 94% 148% 13.3x 9.8x 12.8x 11.9x 23.9x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Oil& Gas Equipment -5.7% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Oil& Gas Equipment -20.1% S&P 500 +82.9%
10-year avg: 9.2x
11.5x
9.5x
8.7x
5.7x
8.6x
10.7x
9.8x
10.8x
9.9x
6.7x
9.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

10. 10
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LAND DRILLERS
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Land Drillers
Nabors Industries Ltd. $2,712 $5,959 (2%) (22%) 78% 194% 4.5x 4.6x 8.7x 10.5x 9.0x
Helmerich & Payne, Inc. $6,720 $6,296 (10%) (1%) 88% 155% 4.4x 3.7x 7.6x 14.4x 16.6x
Patterson-UTI Energy Inc. $2,872 $3,489 (7%) 7% 88% 178% 3.7x 3.6x 7.7x 18.4x 13.6x
Precision Drilling Corporation $1,701 $3,294 (10%) (16%) 75% 170% 6.1x 6.2x 12.8x 13.5x 10.3x
Pioneer Energy Services Corp. $220 $593 (23%) (8%) 68% 359% 3.1x 3.0x 7.7x na 10.9x
Min (23%) (22%) 68% 155% 3.1x 3.0x 7.6x 10.5x 9.0x
Median (10%) (8%) 78% 178% 4.4x 3.7x 7.7x 13.9x 10.9x
Max (2%) 7% 88% 359% 6.1x 6.2x 12.8x 18.4x 16.6x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Land Drillers +2.6% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Land Drillers -35.6% S&P 500 +82.9%
10-year avg: 5.9x
7.0x
4.7x
5.7x
4.2x
8.5x
7.5x
4.4x
5.3x
6.1x
4.2x
7.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

11. 11
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP POWER SERVICES &
EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Infrastructure Services
Chicago Bridge & Iron Company N.V. $3,478 $5,213 (11%) (37%) 64% 107% 5.5x 5.0x 4.8x 5.7x 5.7x
Fluor Corporation $7,162 $7,123 (3%) 5% 92% 130% 5.5x 4.8x 6.8x 7.0x 6.7x
Jacobs Engineering Group Inc. $6,555 $6,427 1% 21% 96% 154% 7.5x 6.7x 9.5x 9.6x 9.0x
SNC-Lavalin Group Inc. $8,490 $7,888 (1%) 40% 96% 157% 11.0x 8.3x 11.1x 13.0x 10.7x
Min (11%) (37%) 64% 107% 5.5x 4.8x 4.8x 5.7x 5.7x
Median (2%) 13% 94% 142% 6.5x 5.9x 8.1x 8.3x 7.8x
Max 1% 40% 96% 157% 11.0x 8.3x 11.1x 13.0x 10.7x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Large-Cap InfrastructureServices +4.3% S&P 500 +4.1%
0%
50%
100%
150%
200%
250%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Large-Cap InfrastructureServices +25.2%
S&P 500 +93.9%
10-year avg: 11.2x
17.0x
19.9x
17.1x
7.9x 7.9x
10.0x
7.7x
10.8x 10.8x
6.9x 7.4x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

12. 12
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP POWER SERVICES & EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Infrastructure Services
Amec Foster Wheeler plc $2,040 $3,116 11% (37%) 62% 163% 12.4x 10.4x 8.9x 8.7x 8.9x
Tutor Perini Corporation $1,167 $1,874 (5%) 33% 91% 232% 8.1x 10.9x 9.7x 6.7x 6.1x
Granite Construction Incorporated $1,953 $1,769 0% 47% 96% 173% 10.5x 6.4x 10.6x 10.8x 8.0x
Primoris Services Corporation $906 $1,059 (10%) (6%) 69% 110% 7.0x 8.0x 7.6x 7.7x 5.8x
KBR, Inc. $2,228 $1,474 7% (17%) 78% 135% na 4.9x 4.3x 4.7x 5.0x
Aecon Group Inc. $1,037 $1,224 (1%) 60% 95% 162% 6.0x 8.0x 8.0x 6.8x 6.1x
Great Lakes Dredge & Dock Corporation $233 $587 (21%) (32%) 65% 129% 7.8x 8.5x 8.3x 7.1x 5.5x
Min (21%) (37%) 62% 110% 6.0x 4.9x 4.3x 4.7x 5.0x
Median (1%) (6%) 78% 162% 8.0x 8.0x 8.3x 7.1x 6.1x
Max 11% 60% 96% 232% 12.4x 10.9x 10.6x 10.8x 8.9x
0%
50%
100%
150%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Mid-Cap Infrastructure Services +2.8% S&P 500 +4.1%
0%
50%
100%
150%
200%
250%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Mid-Cap Infrastructure Services +40.5% S&P 500 +93.9%
10-year avg: 9.1x
14.3x
12.6x
7.2x
4.8x
6.3x
8.6x
7.0x
9.1x
10.4x
12.1x
8.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

13. 13
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
ENERGY EFFICIENCY & CLEANTECH
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Energy Efficiency & CleanTech
SolarCity Corporation $2,377 $5,631 (2%) (53%) 40% 145% na na na na na
Itron, Inc. $1,844 $2,064 8% 44% 99% 173% 9.2x 11.5x 14.5x 10.6x 9.5x
Silver Spring Networks, Inc. $703 $590 7% 0% 83% 140% na 18.9x 13.3x na 19.0x
Ameresco, Inc. $229 $464 (4%) (25%) 69% 126% 12.2x 10.5x 10.4x 8.7x 7.6x
Sunworks, Inc. $63 $56 18% (26%) 68% 151% na 22.3x 19.2x 8.0x 5.1x
EnerNOC, Inc. $181 $199 (18%) (36%) 59% 198% 5.8x na na na na
Min (18%) (53%) 40% 126% 5.8x 10.5x 10.4x 8.0x 5.1x
Median 2% (25%) 69% 148% 9.2x 15.2x 13.9x 8.7x 8.6x
Max 18% 44% 99% 198% 12.2x 22.3x 19.2x 10.6x 19.0x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Energy Efficiency & CleanTech +4.0% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Energy Efficiency & CleanTech -24.9% S&P 500 +82.9%
10-year avg: 24.8x
13.9x
23.8x
16.3x
44.3x
40.7x
11.0x
19.0x
48.5x
12.3x
31.1x
12.0x
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
60.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

14. 14
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Infrastructure Services
Chicago Bridge & Iron Company N.V. $3,478 $5,213 (11%) (37%) 64% 107% 5.5x 4.9x 4.5x 5.1x 5.3x
Fluor Corporation $7,162 $7,123 (3%) 5% 92% 130% 5.4x 4.4x 6.6x 6.9x 6.9x
Jacobs Engineering Group Inc. $6,555 $6,427 1% 21% 96% 154% 7.2x 6.4x 9.4x 9.8x 9.0x
SNC-Lavalin Group Inc. $8,490 $7,888 (1%) 40% 96% 157% 9.6x 12.2x 12.2x 13.1x 11.0x
KBR, Inc. $2,228 $1,474 7% (17%) 78% 135% na 16.9x 4.2x 5.0x 5.3x
Min (11%) (37%) 64% 107% 5.4x 4.4x 4.2x 5.0x 5.3x
Median (1%) 5% 92% 135% 6.4x 6.4x 6.6x 6.9x 6.9x
Max 7% 40% 96% 157% 9.6x 16.9x 12.2x 13.1x 11.0x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Large-Cap InfrastructureServices -3.8% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Large-Cap InfrastructureServices -2.0% S&P 500 +82.9%
10-year avg: 10.9x
16.5x
18.1x
15.0x
6.9x 7.2x
9.1x
7.3x
10.1x 10.8x
12.0x
7.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

15. 15
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Infrastructure Services
Amec Foster Wheeler plc $2,040 $3,116 11% (37%) 62% 163% 13.9x 10.7x 8.6x 8.8x 9.0x
Tutor Perini Corporation $1,167 $1,874 (5%) 33% 91% 232% 6.9x 8.0x 11.0x 6.7x 6.1x
Granite Construction Incorporated $1,953 $1,769 0% 47% 96% 173% 9.3x 7.2x 11.2x 9.7x 7.8x
Primoris Services Corporation $906 $1,059 (10%) (6%) 69% 110% 6.2x 8.3x 7.7x 6.0x 5.1x
Aecon Group Inc. $1,037 $1,224 (1%) 60% 95% 162% 6.6x 7.4x 8.3x 7.0x 6.4x
Great Lakes Dredge & Dock Corporation $233 $587 (21%) (32%) 65% 129% 9.4x 7.1x 6.9x 6.4x 5.2x
Willbros Group Inc. $112 $154 (31%) 138% 52% 256% na na na 8.0x 5.1x
Orion Group Holdings, Inc. $178 $288 11% (13%) 85% 198% 7.3x 7.5x 12.3x 5.4x 4.7x
Min (31%) (37%) 52% 110% 6.2x 7.1x 6.9x 5.4x 4.7x
Median (3%) 13% 77% 168% 7.3x 7.5x 8.6x 6.8x 5.7x
Max 11% 138% 96% 256% 13.9x 10.7x 12.3x 9.7x 9.0x
0%
50%
100%
150%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Mid-Cap Infrastructure Services +2.0% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Mid-Cap Infrastructure Services +20.9% S&P 500 +82.9%
10-year avg: 10.9x
21.6x
19.0x
8.5x
5.2x
6.8x
9.4x
11.1x 10.4x 10.4x
9.0x 8.8x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

16. 16
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
UTILITY SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Utility Services
Quanta Services, Inc. $3,762 $4,006 (2%) (0%) 92% 148% 8.7x 8.8x 8.8x 6.9x 6.3x
MasTec, Inc. $2,452 $3,512 22% 64% 98% 239% 6.7x 8.6x 15.4x 8.3x 7.5x
MYR Group, Inc. $469 $490 8% (5%) 93% 156% 6.3x 5.6x 6.5x 6.6x 5.9x
Min (2%) (5%) 92% 148% 6.3x 5.6x 6.5x 6.6x 5.9x
Median 8% (0%) 93% 156% 6.7x 8.6x 8.8x 6.9x 6.3x
Max 22% 64% 98% 239% 8.7x 8.8x 15.4x 8.3x 7.5x
0%
50%
100%
150%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Utility Services +13.9% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Utility Services +48.2% S&P 500 +82.9%
10-year avg: 9.7x
15.6x 15.6x
11.5x
9.0x 8.4x
9.1x
8.1x 7.6x 7.6x
6.8x
8.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

17. 17
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
INDUSTRIAL SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Industrial Services
EMCOR Group Inc. $3,481 $3,565 10% 19% 100% 139% 8.4x 7.8x 9.8x 9.6x 8.7x
Bilfinger SE $1,323 $1,650 13% (25%) 66% 119% 8.5x 6.2x 7.2x 6.6x 8.8x
Team, Inc. $940 $1,301 17% (30%) 69% 148% 10.3x 8.6x 18.1x 11.7x 9.0x
Aegion Corporation $616 $891 (11%) (2%) 83% 116% 6.9x 6.2x 7.5x 7.5x 6.2x
Mistras Group, Inc. $721 $805 (3%) 67% 94% 197% 11.1x 7.4x 11.3x 9.5x 9.1x
Matrix Service Company $459 $390 (0%) (15%) 66% 122% 13.7x 13.3x 5.3x 6.2x 4.8x
Min (11%) (30%) 66% 116% 6.9x 6.2x 5.3x 6.2x 4.8x
Median 5% (9%) 76% 130% 9.4x 7.6x 8.7x 8.5x 8.7x
Max 17% 67% 100% 197% 13.7x 13.3x 18.1x 11.7x 9.1x
0%
20%
40%
60%
80%
100%
120%
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
IndustrialServices -1.8% S&P 500 +4.7%
0%
50%
100%
150%
200%
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
IndustrialServices +38.5% S&P 500 +82.9%
10-year avg: 9.3x
12.8x
11.5x
9.5x
7.8x
7.3x
7.9x 8.0x
9.3x
10.0x
9.4x 9.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

18. 18
Capabilities and Experience
M&A Capital Formation Project Finance
– Sell-side advisory
– Buy-side advisory
– Strategic alternatives
– Debt / Equity / Mezz
– Recapitalization
– Restructuring
– Infrastructure development
– Construction/term finance
The professionals in Headwaters Energy & Services practice have collectively closed more than $10 billion in
transactions across the upstream, midstream, downstream, services, and P&U sectors. This experience helps our team
understand market dynamics and consistently achieve outlier results for our clients.
Recent Successes
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
WE ACTED AS SOLEADVISORTO THESELLER
A PORTFOLIO COMPANY OF
TO BE COMBINED WITH
HAS BEEN ACQUIRED BY
WE ACTED AS SOLEADVISORTO THECOMPANY
HAS SECURED SENIOR TERM
FINANCING
$6,300,000
Oilfield Services
Fuel Distribution
Transaction Type:
Sale of Subsidiary
Buyer Description
PE-backed strategic
Oilfield Services
Waste & Container Solutions
Transaction Type:
Private sale
Buyer Description
PE-backed strategic
Industrial/OFS
Industrial tools and lighting
Transaction Type:
PE Sale
Buyer Description
Private Equity
Oil & Gas
Offshore E&P
Transaction Type:
Capital Raise
Buyer Description
Institutional Investor
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
Energy Team
CJ Hummel
Managing
Director
Sam Hill
Managing
Director
Reed Macy
Managing
Director
Ted Kinsman
Managing
Director
John Gaensbauer
Managing
Director
David Charles
Managing
Director
Ian Fay
Managing
Director
Tim McEuen
Senior Vice
President
Luis Moya
Senior Vice
President

19. 19
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and
acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any security. Any reference
to or omission of any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take any other action
with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter.
The newsletter is published solely for the general information of clients and friends of Headwaters MB, LLC. It does not take into account the particular
investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give
rise to substantial risk and are not suitable for all investors. This newsletter is based upon information that we consider reliable, but we do not represent
that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown
risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this news-
letter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request.
The companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisionsto include any company in this newsletter is unrelat-
ed in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or reproduced in any form,
or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal advice.
About Headwaters MB:
Headwaters MB is an independent, middle-market investment banking firm providing strategic merger and
acquisition, corporate finance, and merchant banking services through proprietary sources of capital. Named
“Investment Bank of the Year” by the M&A Advisor in 2014, Headwaters MB is headquartered in Denver, CO,
with six regional offices across the United States and partnerships with 18 firms covering 30 countries. For
more information, visit www.headwatersmb.com
To learn more about how the Headwaters MB team can help you grow
from opportunities in the Energy Equipment & Services sector, please
contact:
Ted Kinsman | Managing Director
Energy Equipment & Services
303.572.6013 tkinsman@headwatersmb.com
Tim McEuen | Senior Vice President
Energy Equipment & Services
303.962.5778 tmceuen@headwatersmb.com
Samuel L. Hill | Managing Director
Energy Equipment & Services
214.457.4832 hill@headwatersmb.com
Luis Moya | Senior Vice President
Energy Equipment & Services
214.814.5684 lmoya@headwatersmb.com