Investor Presentation May 2012

Rod Ruston President and CEO

David Blackley 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.

Overview

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

3

Heavy Construction and Mining

Piling Pipeline

* Data from NYSE in USD as at May 17, 2012

Presentation Agenda

Corporate update

Oil sands realities

Opportunities

About the company

Financial results

Segment performance and opportunities

4

CNRL Contract Resolution

5

CNRL recognized that NACG is the best option for overburden removal & mining services

$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

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

Reality #2: SAGD Will Not Replace Mining

SAGD and mining are geologically distinct processes Mining Typical size: 100-300k bpd Base load production to feed upgrader Draws on full range of NAEP services Construction and recurring services

opportunities

SAGD Typical size: 10-50k bpd Supplements mining production Construction opportunities Draws on NAEP’s recently acquired

screw piling technology

8

Reality #3: Producers Outsource

Outsource

9

Seasonal work

Part-time labour requirement

Non core to oil production

Short-term equipment requirement

Specialized knowledge & equipment

10

Reality #4: Demand is Growing

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

Key Customer Contracts

3-year master services agreement 3-year muskeg removal contract

4-year master services agreement covering mining services & construction

Year 6 of 10-year overburden removal contract

12

5-year master services agreement covering mining services & construction

Recently commenced one-year contract Significant earthworks still to be awarded by the client

About the Company

Expertise 30+ years in Northern Alberta’s harsh

operating environment Knowledge to come up with best

solutions for customers

Broad Service Offering Unique suite of services across project

lifecycle

Operational Flexibility Unrivalled equipment fleet Active on every site

Long-Term Customer Relationships Reliability; on-time delivery

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12 Months Ended December 31, 2011

Revenue by End Market

Largest Construction & Mining Contractor in the Oil Sands

11% 69%

8%

12%

Commercial & Public Construction

Canadian Oil Sands

Pipeline

Industrial

First On, Last Off

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Explore and Design Initial Development and Secondary Upgrades / Expansions

Build Relationship Major Projects

Initial mine site development, project site development, airstrips, pipeline construction

Overburden removal, mine infrastructure development, reclamation, tailing ponds remediation, equipment and labour supply

Project Development Phase (3-4 years) Ongoing Operations Phase (30-40 years)

Operation / Ongoing Services

Recurring Services

86% of NAEP’s Oil Sands Revenue

Mine Services

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

15

Muskeg & Topsoil Active Mine

Overburden

Ore

* Occasionally we will complete this work outside the winter season for our customers

Swing Supplier

16

NAEP achieves higher equipment utilization rates by working on every major site in the oil sands

NAEP demand

Multiple Customers

Single Customer

Excess production requirement

Fixed production capacity

Active on Every Oil Sands Mining Site

Current or recent NOA job site Providing estimates

EXXON KEARL

SHELL/ALBIAN JACKPINE AND MUSKEG RIVER

SYNCRUDE AURORA

UTS

CANADIAN NATURAL

HORIZON

TOTAL JOSLYN

SUNCOR VOYAGEUR

SUNCOR MILLENNIUM and

STEEPBANK

SYNCRUDE BASE PLANT

Fort McMurray

70 k

m

SUNCOR FORT HILLS

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Current Activity: 10-year overburden removal and dyke construction, mine operations and projects group support

Future Opportunities: plant site civil projects

Current Activity: site development (ditching, water diversion, reclamation, haul roads, camp grading, etc.)

Future Opportunities: MSE wall, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining (unknown if Total will contract this scope of self perform)

Future Opportunities: Phase 2 Kearl Expansion Project (earthworks), long-term overburden and reclamation (undefined volumes)

MRM Current Activity: major tailings projects (AFD Phase 2 & 3 construction, tailings corridor), plant site civil support

Future Opportunities: major tailings projects, haul road construction, debottlenecking & civil scopes

JPM Current Activity: reclamation, major tailings projects (TTD construction)

Future Opportunities: major tailings projects, starter dyke construction, debottlenecking & civil scopes

Future Opportunities: site development, haul roads, civil construction, MSE walls, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining

Current Activity: overburden removal, reclamation (Dyke 11A, stacking, ditching), ramp removal, heavy civil (STP finger dyke, Dyke 12 drains, NSE road, equipment rental (8 x 793s)

Future Opportunities: overburden and reclamation (undefined volumes), light and heavy civil for mining and tailings operations and projects groups

Future Opportunities: mine train relocations, MSE walls & associated civil scopes

Current Activity: 2012 winter reclamation prep, MLMR shear key construction, base mine tailings dam, manmade water shed construction, mine operations support

Future Opportunities: overburden and reclamation (undefined volumes), MSE wall construction, various construction projects for mining, tailings and projects group

Future Opportunities: civil underground construction

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Mining Project Lifecycles

Engineering and Design

Initial Construction

Commissioning and Start-up

Operational Phase

Project Development Recurring Services

2-3 3-4 0.5 40+ years years years years

Suncor - Original Lease

Suncor – Voyageur South

Shell - Muskeg River Mine Shell - Jackpine 1 Canadian Natural - Horizon

Suncor - Fort Hills

Total - Joslyn

Syncrude - Aurora

Exxon - Kearl

Suncor - Steepbank

Syncrude - Base

Proceeding Delayed

Syncrude – Aurora South

Tailings & Environmental Services

Engineered Earth Structures

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Pipeline & infrastructure Fluids Transfer &

Hydraulic Transport

Tailings Management Pond Closure & Land Reforming Final Reclamation

Fluid Fine Tailings Inventory Projections

New regulations require dramatic reduction in tailings inventory

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Fluid Line Tailings Inventory (After Tailings Directive) Millions of Cubic Metres (LHS)

Bitumen Production Million of Barrels per day (RHS)

Fluid Line Tailings Inventory Millions of Cubic Metres (LHS)

FFT Inventory (millions m3) 6,000

5,000

4,000

3,000

2,000

1,000

0 2010 2015 2020 2025 2030 2035 2040 2050 2045 2060 2055

3.0

2.5

2.0

1.5

1.0

0.5

0

Bitumen Production (millions bbls/d)

Forecast Mined Bitumen Production

Forecast Fluid Tailings Inventory AFTER Directive 74

Source: Silver Birch Energy Presentation – Peter’s & Co. Winter Energy Conference January 28, 2011

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12%

Sep 10

Sep 10

$862

Financial Performance

Rolling LTM Revenue Rolling LTM EBITDA* C ($) millions C ($) millions

14%

*Consolidated EBITDA as defined within the credit agreement Consolidated EBITDA as percentage of revenue

Jun 10

Jun 10

$798

8%

Dec 09

$716

Dec 09

17%

Mar 10

$761

Mar 10

16%

10%

Dec 10

Dec 10

$904

$105 $114 $120 $122

$87

Mar 11

$858

10%

Mar 11

$84

Jun 11

$868

Jun 11

$78

9%

Sep 11

$879

Sep 11

$83

10%

Dec 11

$899

Dec 11

$73

Operating Leases

Significant growth in operating lease portfolio during 2008-2010

Operating lease expense directly impacts Consolidated EBITDA

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200

150

100

50

0

($) millions

Impact of Operating Leases Consolidated EBITDA

2007 2008 2009 2010 2011

Lease Expense

150

125

100

75

50

25

0

($) millions

Operating Lease Portfolio Lease Additions Lease Expense

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fiscal Year Fiscal Year

* Future lease expense reflects operating lease commitments as at September 30, 2011

Purchase Price $5.0M $5.0M Lease Term / Asset Life 5 years 12 years

Residual / Salvage Value $1.0M $0.3M

Depreciation $1.2M -

$3.0M NBV - End of Period

Interest

Lease Expense

Consolidated EBITDA

$5.2M

($5.2M)

-

$1.0M

$2.0M

-

Cumulative Impact (5 years): -

Operating Leases

23

Operating Lease Purchase Large Truck Example

Pros: Low cost financing Readily accessible

Cons: Accelerated amortization Consolidated EBITDA impact

Operating Leases

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$66 million of potential equity value in operating lease portfolio

Potential equity value can be realized through future earnings

($) millions

* Values are as at September 30, 2011 and exclude leases related to the Canadian Natural overburden removal contract

$224

$158

Calculated Net Book Value Actual Lease Buyout Value

Current Lease Portfolio Value

$66 million of potential equity

50

100

150

200

250

0

Reporting Segments

Construction & Mining Piling Pipeline

Leveraged to high-growth construction markets Offers geographic &

sector diversification Proprietary technology

and expertise creates high barriers to entry

Suited to cyclical industry with low capital commitment & scalable operating model Proven environmental

& safety record offers significant competitive advantages

Recurring services provide stable base Oil sands project

development provides strong growth potential Long-term customer

relationships create high barrier to entry

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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

*Excluding the writedown, FY2011 segment revenue would have been $710 million and segment margin would have been 13.1%

($) millions 800 700 600 500 400 300 200 100

0 FY 2009

$716

15%

FY 2010 FY 2011*

$666

17%

$667

8%

9 mos. FY 2011

$521

12%

9 mos. FY 2012

$490

13%

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

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Source: Oil Sands Developers Group, CAPP and Nichols Applied Management

Oil Sands Opportunities

Production capacity increasing All active oil sands mines

expected to be operating later this year

Kearl mine scheduled to begin production in 2012

$124 billion in new investment forecasted over next 5 years

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0

5

10

15

20

25

30

35

15

26 27

29 27

2011 2012 2013 2014 2015

($) billions

14

18 18

11

13

2006 2007 2008 2009 2010

Oil Sands Investment

Actuals Forecast

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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 200 180 160 140 120 100 80 60 40 20 0

FY 2009

$155

FY 2010

$69

25% 17%

FY 2011

$106

18% 9 mos.

FY 2011

$83

20% 9 mos.

FY 2012

$132

25%

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Piling Outlook

Strong activity levels across all regions and sectors Large backlog of projects expected to contribute to strong Q4

activity levels

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Pipeline

($) millions 125

100

75

50

25

0 FY 2009

$101

22%

$25

FY 2010

(16%)

$85

FY 2011

(4%)

9 mos. FY 2011

$80

9 mos. FY 2012

$102

(2%) (2)%

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

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

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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

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Thank you

Appendix

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Pipeline Construction Opportunities

2011 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”) Enbridge (Wood Buffalo/L18) 95 km (30”) Enbridge – Cdn. Mainline Integrity Program 1,875 digs scheduled 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”) 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”) 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”)

Anchor Loop

TMX-3 TMX-2

Edmonton

Vancouver

TMX Project

Active on Every Oil Sands Mining Site

Current or recent NOA job site Providing estimates

EXXON KEARL

SHELL/ALBIAN JACKPINE AND MUSKEG RIVER

SYNCRUDE AURORA

UTS

CANADIAN NATURAL

HORIZON

TOTAL JOSLYN

SUNCOR VOYAGEUR

SUNCOR MILLENNIUM and

STEEPBANK

SYNCRUDE BASE PLANT

Fort McMurray

70 k

m

SUNCOR FORT HILLS

37

Current Activity: 10-year overburden removal and dyke construction, mine operations and projects group support

Future Opportunities: plant site civil projects

Current Activity: site development (ditching, water diversion, reclamation, haul roads, camp grading, etc.)

Future Opportunities: MSE wall, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining (unknown if Total will contract this scope of self perform)

Future Opportunities: Phase 2 Kearl Expansion Project (earthworks), long-term overburden and reclamation (undefined volumes)

MRM Current Activity: major tailings projects (AFD Phase 2 & 3 construction, tailings corridor), plant site civil support

Future Opportunities: major tailings projects, haul road construction, debottlenecking & civil scopes

JPM Current Activity: reclamation, major tailings projects (TTD construction)

Future Opportunities:, major tailings projects, starter dyke construction, debottlenecking & civil scopes

Future Opportunities: site development, haul roads, civil construction, MSE walls, compensation lake, long-term overburden and reclamation (undefined volumes), contract mining

Current Activity: overburden removal, reclamation (Dyke 11A, stacking, ditching), ramp removal, heavy civil (STP finger dyke, Dyke 12 drains, NSE road, equipment rental (8 x 793s)

Future Opportunities: overburden and reclamation (undefined volumes), light and heavy civil for mining and tailings operations and projects groups

Future Opportunities: mine train relocations, MSE walls & associated civil scopes

Current Activity: 2012 winter reclamation prep, MLMR shear key construction, base mine tailings dam, manmade water shed construction, mine operations support

Future Opportunities: overburden and reclamation (undefined volumes), MSE wall construction, various construction projects for mining, tailings and projects group

Future Opportunities: civil underground construction