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<SEC-DOCUMENT>0001193125-10-179818.txt : 20100806
<SEC-HEADER>0001193125-10-179818.hdr.sgml : 20100806
<ACCEPTANCE-DATETIME>20100805201249
ACCESSION NUMBER:		0001193125-10-179818
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100806
FILED AS OF DATE:		20100806
DATE AS OF CHANGE:		20100805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Energy Partners Inc.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33161
		FILM NUMBER:		10996022

	BUSINESS ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>d6ka.htm
<DESCRIPTION>FORM 6-K/A
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K/A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>FORM 6-K/A
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Report of Foreign Private Issuer </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>under the Securities Exchange Act of 1934 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the month of August 2010 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commission File Number 001-33161 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>NORTH
AMERICAN ENERGY PARTNERS INC. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Zone 3 Acheson Industrial Area </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2-53016 Highway 60 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acheson, Alberta </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada T7X 5A7 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Address of principal executive offices) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by
check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):<U></U>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Explanatory Note </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Form 6-K/A is being furnished to reflect the correction of information included under the heading &#147;Backlog&#148; in the Management&#146;s
Discussion and Analysis for the three months ended June&nbsp;30, 2010 that was included in North American Energy Partners Inc.&#146;s (&#147;the Company&#148;) Form 6-K furnished on August&nbsp;4, 2010. The information in this Form 6-K/A has not
been updated from such Form 6-K except to reflect such correction and does not include the interim consolidated financial statements or Canadian supplement to Management&#146;s Discussion and Analysis that were included in the original filing.
Additionally, this Form 6-K/A does not purport to provide an update or a discussion of any other developments at the Company subsequent to the original filing. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Documents Included as Part of this Report </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revised Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2010. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">NORTH AMERICAN ENERGY PARTNERS INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David Blackley</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">David Blackley</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR></TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: August&nbsp;5, 2010
</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:130px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NORTH AMERICAN ENERGY PARTNERS INC.
</B></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>Revised Management&#146;s Discussion and Analysis </B></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>For the three months ended June&nbsp;30, 2010 </B></FONT></P>
 <P STYLE="margin-top:9px;margin-bottom:0px">

<IMG SRC="g48973g55p46.jpg" ALT="LOGO"> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="3"><B><A NAME="toc"></A>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>A.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_1">Explanatory Notes</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_2">Caution Regarding Forward-Looking Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_3">Non-GAAP Financial Measures</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_4">Adoption of United States GAAP</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>B.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_5">Financial results</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_6">Analysis of Consolidated Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_7">Segment Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_8">Non-Operating Income and Expense</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_9">Backlog</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_10">Claims and Change Orders</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_11">Summary of Consolidated Quarterly Results</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_12">Summary of Consolidated Financial Position</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_13">Summary of Consolidated Cash Flows</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>C.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_14">Outlook</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>D.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_15">Legal and Labour Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_16">Laws and Regulations and Environmental Matters</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_17">Employees and Labour Relations</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>E.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_18">Resources and Systems</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_19">Outstanding Share Data</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_20">Liquidity and Capital Resources</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_21">Capital Commitments</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_22">Debt Ratings</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_23">Related Parties</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_24">Internal Systems and Processes</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_25">Recently Adopted Accounting Policies</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_26">Recent Accounting Pronouncements Not Yet Adopted</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>F.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_27">Forward-Looking Information and Risk Factors</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_28">Forward-Looking Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_29">Risk Factors</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_30">Quantitative and Qualitative Disclosures about Market Risk</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>G.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_31">General Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#mdna48973_32">Additional Information</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">2&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B>Revised Management&#146;s Discussion
and Analysis </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Management&#146;s Discussion and Analysis for the three months ended June 30, 2010 has been refiled to reflect a correction of the
backlog figures on page&nbsp;9. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June 30, 2010 </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>A. <A NAME="mdna48973_1"></A>Explanatory Notes </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>August&nbsp;5, 2010 </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>The following Management&#146;s
Discussion and Analysis (MD&amp;A) for the three months ended June&nbsp;30, 2010 should be read in conjunction with the attached unaudited consolidated financial statements and accompanying notes for the three months ended June&nbsp;30, 2010. These
statements have been prepared in accordance with United States (US) generally accepted accounting principles (GAAP). This interim MD&amp;A should also be read in conjunction with the audited consolidated financial statements for the year ended
March&nbsp;31, 2010, together with our annual MD&amp;A for the year ended March&nbsp;31, 2010. The consolidated financial statements and additional information relating to our business, including our most recent Annual Information Form (AIF), are
available on the Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange Commission&#146;s website at www.sec.gov and our company web site at www.nacg.ca. </I></FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_2"></A>Caution Regarding Forward-Looking Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our MD&amp;A is intended to enable readers to gain an understanding of our current results and financial position. To do so, we provide information and analysis
comparing results of operations and financial position for the current period to those of the preceding periods. We also provide analysis and commentary that we believe is necessary to assess our future prospects. Accordingly, certain sections of
this report contain forward-looking information that is based on current plans and expectations. This forward-looking information is affected by risks and uncertainties that could have a material impact on future prospects. Please refer to
&#147;Forward-Looking Information and Risk Factors&#148; for a discussion of the risks and uncertainties related to such information. Readers are cautioned that actual events and results may vary. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_3"></A>Non-GAAP Financial Measures </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
body of generally accepted accounting principles applicable to us is commonly referred to as &#147;GAAP&#148;. 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 our MD&amp;A,
we use non-GAAP financial measures such as &#147;net income before interest expense, income taxes, depreciation and amortization&#148; (EBITDA) and &#147;Consolidated EBITDA&#148; (as defined in our credit agreement). 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 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 items, such as depreciation and amortization, interest and taxes 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 a minimum interest
coverage ratio and a maximum senior leverage ratio, which are calculated using Consolidated EBITDA. Non-compliance with these financial covenants could result in our being required 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&nbsp;GAAP or Canadian GAAP. For example, EBITDA and Consolidated EBITDA do not: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect our cash expenditures or requirements for capital expenditures or capital commitments; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect changes in our cash requirements for our working capital needs; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">include tax payments that represent a reduction in cash available to us; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reflect any cash requirements for assets being depreciated and amortized that may have to be replaced in the future. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">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 will 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. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_4"></A>Adoption of
United States GAAP </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As a Canadian based company, we have historically prepared our consolidated financial statements in accordance with Canadian GAAP
and provided reconciliations to United States (US) GAAP. In 2006, the Canadian Accounting Standards Board (&#147;AcSB&#148;) published a new strategic plan that significantly affected financial reporting requirements for Canadian public companies.
The AcSB strategic plan outlined the convergence of Canadian GAAP with International Financial Reporting Standards (IFRS) over an expected five-year transitional period. In February 2008, the AcSB confirmed that IFRS would be mandatory in Canada for
profit-oriented publicly accountable entities for fiscal periods beginning on or after January&nbsp;1, 2011, unless we, as a Securities and Exchange Commission (SEC) registrant and as permitted by National Instrument 52-107, were to adopt
US&nbsp;GAAP on or before this date. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">After significant analysis and consideration regarding the merits of reporting under IFRS or US&nbsp;GAAP, we
decided to adopt US&nbsp;GAAP, commencing in fiscal 2010, as our primary reporting standard for our consolidated financial statements. Our interim consolidated financial statements for the three months ended June&nbsp;30, 2009, including related
notes and accompanying MD&amp;A, were restated based on US&nbsp;GAAP on June&nbsp;10, 2010 and are available on the Canadian Securities Administrators&#146; SEDAR System at www.sedar.com, the Securities and Exchange Commission&#146;s website at
www.sec.gov and our company web site at www.nacg.ca. All comparative figures contained in our current interim consolidated financial statements for the three months ended June&nbsp;30, 2010, including related notes and this MD&amp;A, reflect our
results in accordance with US&nbsp;GAAP as our reporting standard. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As required by National Instrument 52-107, for the fiscal year of adoption of
US&nbsp;GAAP and one subsequent fiscal year, we will provide a Canadian Supplement to our MD&amp;A that restates, based on financial information reconciled to Canadian GAAP, those parts of our MD&amp;A that would contain material differences if they
were based on financial statements prepared in accordance with Canadian GAAP. In support of the adoption of US&nbsp;GAAP commencing in fiscal 2010 we provided a Canadian Supplement MD&amp;A for our audited consolidated financial statements, related
notes and accompanying MD&amp;A, for the year ended March&nbsp;31, 2010. As well, we provided a Canadian Supplement MD&amp;A for each of the restated interim periods for fiscal 2010. The Canadian Supplement MD&amp;A will continue to be provided
through fiscal 2011 for each of the reporting periods. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">4&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B><A NAME="mdna48973_5"></A>B. Financial results </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated Three Month Results </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">% of<BR>Revenue</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">% of<BR>Revenue</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$183,594</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$146,519</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$37,075</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">77,277</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">42.1%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54,262</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">37.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">23,015</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">65,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">35.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">46,044</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">31.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">18,959</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equipment operating lease expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,142</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(521</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,620</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,140</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,520</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">General&nbsp;and administrative costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,976</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,247</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,064</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.9%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,074</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(10,309</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(5.6)%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$9,927</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>6.8%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(20,236</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Per share information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income &#150; diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(0.56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top">
<P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,198</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">28,237</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24,039</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated
EBITDA</B><B><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="2"><B> (as defined
within our credit agreement)</B></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$12,179</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,394</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13.2%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A reconciliation of net (loss) income to EBITDA and Consolidated EBITDA is as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(10,309</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$9,927</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(20,236</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,554</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,203</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">8,724</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(521</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">588</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">493</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">95</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,198</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$28,237</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(24,039</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized foreign exchange gain on senior notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">19,540</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gain on disposal of property, plant and equipment and assets held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(276</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">272</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">410</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,143</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(733</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity in loss (earnings) of unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">243</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">434</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loss on debt extinguishment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,324</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,324</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Consolidated EBITDA (as defined within our credit agreement)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$12,179</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$19,394</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$(7,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_6"></A>Analysis of Consolidated Results </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Revenue </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010,
consolidated revenues of $183.6 million were $37.1 million higher than in the same period last year. As anticipated, recurring services grew during the quarter, reflecting higher activity on our long-term contract with Canadian
Natural</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and increased demand for mine support services from
Syncrude</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and
Suncor</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. These gains were partially offset by reduced activity at Shell
Albian&#146;s</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Muskeg River operation, which was shut down during the period
in preparation for maintenance and the transition to production at the Jackpine Mine. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The improvement in consolidated revenues was further supported by
an increase in Piling segment revenues which benefited from increased commercial and industrial construction market activity during the quarter. These gains were made despite abnormally high precipitation levels in Western Canada during the spring
break-up period which delayed some piling work to future periods. </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Natural Resources Limited (Canadian Natural) Horizon project </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Syncrude Canada Ltd. (Syncrude) &#150; a joint venture amongst Canadian Oil Sands Limited (37%), Imperial Oil Resources (25%), Suncor Energy Inc. (formerly Petro-Canada Oil and
Gas) (12%), Sinopec International Petroleum Exploration and Production Company (SIPC) (9%), Nexen Oil Sands Partnership (7%), Murphy Oil Company Ltd. (5%)&nbsp;and Mocal Energy Limited (5%). SIPC purchased the Syncrude interest of ConocoPhillips Oil
Sands Partnership II on June&nbsp;25, 2010. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Suncor Energy Inc. (Suncor) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Shell Canada Energy, a division of Shell Canada Limited, the operator of the Shell Albian Sands&#146; (Shell Albian) oils sands mining and extraction operations on behalf of
Athabasca Oil Sands Project (AOSP), a joint venture amongst Shell Canada Limited (60%), Chevron Canada Limited (20%)&nbsp;and Marathon Oil Canada Corporation (20%). Prior to January&nbsp;1, 2009, these operations were run by Albian Sands Energy Inc.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Gross Profit </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit for the three months ended June&nbsp;30, 2010 was $15.6 million (8.5% of revenue), compared to $25.1 million (17.2% of revenue) in the prior period.
The decline in gross profit reflects a $2.3 million reduction in profit on our long-term overburden removal contract resulting from the negative impact of a weaker Canadian dollar on the value of the contract. Consolidated gross profit was also
negatively affected by higher equipment costs due to increased repair maintenance activity during the longer than usual spring break-up period as well as by reduced margins in our Piling segment due to delays in executing a higher than normal amount
of change orders. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Project costs, as a percentage of revenue, increased to 42.1% during the three months ended June&nbsp;30, 2010, from 37.0% in the same
period last year while equipment costs increased to 35.4% of revenue, from 31.4% last year, reflecting the negative margin effect of a longer than usual spring break-up period and an increase in scheduled major overhaul maintenance work on our
leased fleet. Equipment operating lease expense increased $5.1 million to $17.5 million as a result of new operating leases added during the prior fiscal year to support our long-term overburden removal contract. Depreciation decreased to 4.5% of
revenue in the three months ended June&nbsp;30, 2010, from 6.0% of revenue in the same period last year. Depreciation in the prior-year period included an accelerated depreciation charge of $1.8 million as certain aged equipment was prepared for
sale. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Operating income </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months
ended June&nbsp;30, 2010, we recorded operating income of $1.1 million (0.6% of revenue) compared to an operating income of $10.1 million (6.9% of revenue) during the same period last year. General and administrative (G&amp;A) costs decreased by
$1.2 million year-over-year, with prior-year period G&amp;A costs negatively affected by the valuation of our deferred performance share units and director share units, as a result of increases in our share price. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Net (loss) income </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We recorded a net loss
of $10.3 million (basic and diluted loss per share of $0.29) for the three months ended June&nbsp;30, 2010, compared to net income of $9.9 million (basic income per share of $0.28 and diluted income per share of $0.27) during the same period last
year. The non-cash items affecting results in the most recent period included a loss related to the write-off of deferred financing costs on the extinguishment of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a loss relating to embedded derivatives in long-term supplier contracts. These items were partially offset by a realized foreign
exchange gain resulting from the extinguishment of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a gain relating to embedded derivatives in a long-term customer contract. Net income for the same period last year was positively
affected by the positive foreign exchange impact of the strengthening Canadian dollar on our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, a gain related to embedded derivatives in an early redemption option on our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and a gain relating to embedded derivatives in long-term supplier contracts, which was partially offset by a loss on our
cross-currency and interest rate swaps and a loss relating to embedded derivatives in a long-term customer contract. Excluding the above items, net loss for the three months ended June&nbsp;30, 2010 would have been $4.1 million (basic and diluted
loss per share of $0.11), compared to net income of $0.1 million (basic and diluted income per share of $nil) during the same period last year. </FONT></FONT></FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_7"></A>Segment Results </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Heavy
Construction and Mining </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$163,609</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$131,826</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$31,783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,247</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,514</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,267</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17.8%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Heavy Construction and Mining segment revenues increased
$31.8 million, to $163.6 million, primarily as a result of increased recurring services revenue. The growth in recurring services revenue was driven by a return to planned operational levels on our long-term overburden removal contract at Canadian
Natural and increased mining services provided to Syncrude, under our extended master services agreement. We also increased activity levels at Suncor&#146;s site under a new mining service agreement that includes additional scope. The recurring
services gains were partially offset by lower activity levels at Shell Albian&#146;s sites as a result of the shutdown of the Muskeg River site for maintenance and in preparation for the transition to production at the Jackpine mine. Project
development revenues also increased in the current period as a result of a construction project executed for Exxon&#146;s
Kearl</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> project. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Heavy Construction and Mining profit
margin was 13.6% of revenue, compared to 17.8% of revenue during the same period last year. This change primarily reflects a $2.3 million foreign exchange-related reduction in profit forecast for our long-term overburden removal contract. In the
prior year we recorded a $4.0 million profit increase in our forecast for this same project as a result of an increase in the strength of the Canadian dollar. Contributing to the reduced segment profit was lower project efficiency during the longer
than normal spring break-up period. </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Exxon&#146;s Kearl project is a joint venture oil sands mining and extraction project. Imperial Oil Limited holds a 70.96% interest in the joint venture with ExxonMobil Canada
Properties, a subsidiary of Exxon Mobil Corporation (Exxon). Imperial Oil Limited is the project operator. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">6&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Piling </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$14,618</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,528</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,394</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,684</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,290</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.3%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, the Piling segment recorded revenues of $19.1 million, an increase of $4.5
million over the same period last year. The improvement in Piling segment revenue reflects a partial recovery in activity levels in the commercial and industrial construction markets. These gains were made despite abnormally high precipitation
levels in Western Canada which delayed some piling work to future periods. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, Piling profit margin decreased
to 7.3% of revenue, from 18.4% of revenue a year ago. This decline reflects the delay in the execution of a higher than normal amount of change orders to future periods. Contributing to the lower margins for the current period was a larger than
normal amount of equipment tooling costs and the effect of the abnormally high precipitation levels on project efficiency. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Pipeline </B></FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$839</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$75</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$764</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Segment (loss) profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(723</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">367</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,090</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">(Loss) profit margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(86.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">489.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, the Pipeline segment increased revenues to $0.8 million, from $0.1 million a
year ago reflecting the partial resumption of work on a contract in British Columbia during the period. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010,
the Pipeline segment recorded a loss of $0.7 million compared to a profit of $0.4 million during the same period last year. The loss in the current period was the result of fixed project costs incurred during a temporary shutdown of work on a
contract in British Columbia. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_8"></A>Non-Operating Income and Expense </B></FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on 8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior
notes and swaps</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">5,144</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,997</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on series 1 debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">4,734</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on term facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">165</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">892</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on capital lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">208</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">291</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(83</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">526</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">805</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(279</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest on long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">7,672</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">6,405</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,267</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.53em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">147</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$7,729</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,552</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1,697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,436</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">17,739</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized and unrealized loss on derivative financial instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(533</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Income taxes (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,554</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Interest expense </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Total interest expense increased $1.2 million in the three months ended June&nbsp;30, 2010, compared to the prior year. In April 2010, we closed
a private placement of 9.125% Series 1 Debentures due April&nbsp;7, 2017 for gross proceeds of $225.0 million. On March&nbsp;29, 2010, we issued a redemption notice to holders of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and, on April&nbsp;28, 2010, the notes
were redeemed and cancelled. The redemption amount included the US$200.0 million principal outstanding and US$7.1 million of accrued interest. On April&nbsp;8, 2010,&nbsp;we terminated the cross currency and interest rate swaps used to provide an
economic hedge on the US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior
notes. Interest expense on our 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes of $1.1
million reflects the amount of interest for the current period until redemption was complete. Interest expense of $4.7 million for the new Series 1 Debentures reflects interest for the partial period that followed the issuance of the Series 1
Debentures on April&nbsp;7, 2010. The redemption and associated swap agreement terminations eliminate the refinancing risk in December 2011. A more detailed discussion on the restructuring of our long-term debt can be found under &#147;Liquidity and
Capital Resources&#148;. </FONT></FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we also entered
into a fourth amended and restated credit agreement to extend the term of the credit agreement and to add additional borrowing capacity of up to $50.0 million through a second term facility within the credit agreement. At June&nbsp;30, 2010, the
second term facility was fully drawn at $50.0 million. The new term facility, along with the existing term facility, matures on April&nbsp;30, 2013. At June&nbsp;30, 2010, we had $75.9 million outstanding on the Term Facility ($28.4 million at
March&nbsp;31, 2010). Interest expense for the credit facility, for the three months ended June&nbsp;30, 2010 was $1.1 million, an increase of $0.9 million compared to the prior year. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Foreign exchange gain </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The foreign
exchange gains recognized in the current and prior year three-month periods relate primarily to the effect of changes in the exchange rate of the Canadian dollar against the US dollar on the carrying value of the US$200 million
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The increase in the value of the Canadian dollar, from 0.9846 CAN/US at March&nbsp;31, 2010 to 0.9874 CAN/US at April&nbsp;28, 2010
when the 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were redeemed, resulted in a
realized foreign exchange gain. A more detailed discussion about our foreign currency risk can be found under &#147;Quantitative and Qualitative Disclosures about Market Risk &#150; Foreign exchange risk&#148;. </FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Realized and unrealized loss (gain) on derivative financial instruments </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The realized and unrealized loss (gain) on derivative financial instruments reflect changes in the fair value of derivatives embedded in our
previously held US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, as
well as changes in the fair value of the cross-currency and interest rate swaps that we employed to provide an economic hedge for our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Realized and unrealized gains and losses
also include changes in the value of embedded derivatives in a long-term customer contract and in supplier maintenance agreements. The realized and unrealized gains and losses on these derivative financial instruments, for the three months ended
June&nbsp;30, 2010 are detailed in the table below: </FONT></FONT></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap liability loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,835</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,052</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Redemption option embedded derivative gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">2,273</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplier contracts embedded derivatives loss (gain)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,647</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,164</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15,811</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer contract embedded derivative (gain) loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,287</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,037</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap interest payment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">3,336</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,008</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$10,021</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The measurement of embedded derivatives, as required by GAAP, causes our reported net income to fluctuate as Canadian/US dollar
exchange rates, interest rates and the US-PPI for Mining Machinery and Equipment change. The accounting for these derivatives has no impact on operations, Consolidated EBITDA (as defined within our credit agreement) or how we evaluate performance.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The Swap liability loss reflects the changes in the fair value of the cross-currency and interest rate swaps that we employed to
provide an economic hedge for our previously held US dollar denominated
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Changes in the fair value of these swaps generally had an offsetting effect to changes in the value of our previously held
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes (and resulting foreign exchange gains and
losses), with both being triggered by variations in the Canadian/US dollar exchange rate. However, the valuations of the derivative financial instruments were also impacted by changes in interest rates and the remaining present value of scheduled
interest payments on the swaps, which occurred in June and December of each year until termination of the swap agreements on April&nbsp;8, 2010. </FONT></FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The redemption option embedded derivative gain in the prior year reflects changes in the fair value of a derivative embedded in our previously
held US dollar denominated 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. Changes in
fair value resulted from changes in long-term bond interest rates during a reporting period. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the supplier contracts, the fair
value of the embedded derivative related to a long-term maintenance contract was increased as a result of the addition of certain pieces of heavy equipment to the repair and maintenance program with the supplier contract in the three months ended
June&nbsp;30, 2010. Included in the embedded derivative valuation was the impact of fluctuations in provisions that require a price adjustment to reflect changes in the Canadian/US dollar exchange rate and the United States government published
Producers&#146; Price Index (US-PPI) for Mining Machinery and Equipment from the original contract amount. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the long-term customer
contract, there is a provision that requires an adjustment to customer billings to reflect actual exchange rates and price indices. The embedded derivative instrument takes into account the impact on revenues, but does not consider the impact on
costs as a result of fluctuations in these measures. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The measurement of swap interest payment loss reflects the realized loss on our
previously held interest rate swaps. As of February&nbsp;2, 2009, one of three swap agreements hedging the interest and currency risk associated with our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes was cancelled by the counterparties. As a
result of the counterparties&#146; cancellation of this US dollar interest rate swap, we were incurring higher interest expense and we were exposed to interest rate and foreign currency risk. </FONT></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">8&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Income taxes (benefit) </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, we recorded current income tax expense of $1.2 million and deferred income tax benefit of $3.2
million for a total income tax recovery of $2.0 million. This compares to combined income tax expense of $2.5 million for the same period last year. For the three months ended June&nbsp;30, 2010, income tax expense as a percentage of income before
income taxes differs from the statutory rate of 27.77% primarily due to the effect of changes in enacted tax rates and the realization of capital loss on the extinguishment of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the cross-currency swap. For the three
months ended June&nbsp;30, 2009, income tax expense as a percentage of income before income taxes differed from the statutory rate of 28.91% primarily due to the effect of changes in enacted tax rates and the benefit from changes in the timing of
the reversal of temporary differences. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_9"></A>Backlog </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Backlog is a measure of the amount of secured work we have outstanding and, as such, is an indicator of a base level of future revenue potential. Backlog is not a
GAAP measure. As a result, the definition and determination of a backlog will vary among different organizations ascribing a value to backlog. Although backlog reflects business that we consider to be firm, cancellations or reductions may occur and
may reduce backlog and future income. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We define backlog as work that has a high certainty of being performed as evidenced by the existence of a signed
contract or work order specifying job scope, value and timing. We have also set a policy that our definition of backlog will be limited to contracts or work orders with values exceeding $500,000 and work that will be performed in the next five
years, even if the related contracts extend beyond five years. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our measure of backlog does not define what we expect our future workload to be. We work
with our customers using cost-plus, time-and-materials, unit-price and lump-sum contracts. This mix of contract types varies year-by-year. Our definition of backlog results in the exclusion of a range of services to be provided under cost-plus and
time-and-material contracts performed under master service agreements where scope is not clearly defined. For the three months ended June&nbsp;30, 2010, the total amount of revenue earned from time-and-material contracts performed under our master
services agreements was approximately $81.9 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our estimated backlog by segment and contract type as at June&nbsp;30, 2010 and 2009 as well as
March&nbsp;31, 2010 was: </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:1%; text-indent:-1%"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>By Segment</B> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Heavy Construction and Mining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$807,111</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$725,767</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$696,412</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Piling</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,579</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,423</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,731</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Pipeline</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">40,989</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,861</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$864,679</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$749,051</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$702,143</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>By Contract Type</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unit-Price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$796,670</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$722,710</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$698,550</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Lump-Sum</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">63,383</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18,429</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,165</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Time-and-Materials and Cost-Plus</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,626</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,912</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,428</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$864,679</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$749,051</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$702,143</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A contract with a single customer represented approximately $768.8 million of our
June&nbsp;30, 2010 backlog, compared to $674.6 million reported as backlog in our interim Management&#146;s Discussion and Analysis for the three months ended June&nbsp;30, 2009 and $706.7 million in our annual Management&#146;s Discussion and
Analysis for the year ended March&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We expect that approximately $283.3&nbsp;million of total backlog will be performed and realized in the
twelve months ending June&nbsp;30,
2011.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_10"></A>Claims and Change Orders </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Due to
the complexity of the projects we undertake, changes often occur after work has commenced. These changes include but are not limited to: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in client requirements, specifications and design; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in materials and work schedules; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in ground and weather conditions. </FONT></P></TD></TR></TABLE>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#042;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Contract change management processes
require that we prepare and submit change orders to the client requesting approval of scope and/or price adjustments to the contract. Accounting guidelines require that we consider changes in cost estimates that have occurred up to the release of
the financial statements and reflect the impact of these changes in the financial statements. Conversely, potential revenue associated with increases in cost estimates is not included in financial statements until an agreement is reached with a
client or specific criteria for the recognition of revenue from unapproved change orders and claims are met. This can, and often does, lead to costs being recognized in one period and revenue being recognized in subsequent periods. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract.
If a change becomes a point of dispute between our customer and us, we then consider it to be a claim. Historical claim recoveries should not be considered indicative of future claim recoveries. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, due to the timing of receipt of signed change orders, the Heavy Construction and Mining segment had approximately
$0.6&nbsp;million in claims revenue recognized to the extent of costs incurred,&nbsp;the Piling segment had $1.3 million in claims revenue recognized to the extent of costs incurred, and the Pipeline segment had $0.1&nbsp;million in claims revenue
recognized to the extent of costs incurred. We are working with our customers to come to resolution on additional amounts, if any, to be paid to us in respect to these additional costs. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_11"></A>Summary of Consolidated Quarterly Results </B></FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">June&nbsp;30,<BR>2010</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">March&nbsp;31,<BR>2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec 31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Jun 30,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Mar 31,</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec 31,<BR>2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,<BR>2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal&nbsp;2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Fiscal 2009</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$183.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$220.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$221.2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$170.7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$146.5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$174.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$258.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$280.3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">15.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">33.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">25.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">32.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">51.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">44.7</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">13.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">31.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">18.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(129.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(1.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">23.4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net (loss) income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(10.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(0.9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>14.9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>4.3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9.9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(137.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(15.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>2.9</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150;
Basic</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&plusmn;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.08</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net (loss) income per share &#150;
Diluted</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&plusmn;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.03</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(3.80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(0.42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="2">$0.08</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000;border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px;border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&plusmn;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) per share for each quarter has been computed based on the weighted average number of shares issued and outstanding during the respective
quarter; therefore, quarterly amounts may not add to the annual total. Per-share calculations are based on full dollar and share amounts. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A number of factors have the potential to contribute to variations in our quarterly financial results between periods, including the capital project-based nature of
our project development revenue, seasonal weather and ground conditions, capital spending decisions by our customers on large oil sands projects, the timing of equipment maintenance and repairs, claims and change orders and the accounting for
unrealized non-cash gains and losses related to foreign exchange and derivative financial instruments. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We generally experience a decline in revenues
during the first three months of each fiscal year due to seasonality, as weather conditions make performance in our operating regions difficult during this period. The level of activity in the Heavy Construction and Mining and Pipeline segments
declines when frost leaves the ground and many secondary roads are temporarily rendered incapable of supporting the weight of heavy equipment. The duration of this period is referred to as &#147;spring breakup&#148; and it has a direct impact on our
activity levels. Revenues during the three months ended March&nbsp;31 of each fiscal year are typically highest as ground conditions are most favourable in our operating regions. As a result, full-year results are not likely to be a direct multiple
of any particular three month period or combination of three month periods. In addition to revenue variability, gross margins can be negatively impacted in less active periods because we are likely to incur higher maintenance and repair costs due to
our equipment being available for servicing. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The timing of large projects can influence quarterly revenues. For example, Pipeline segment revenues were
as high as $87.5 million in the three months ended March&nbsp;31, 2008, as low as $0.1 million in the three months ended June&nbsp;30, 2009 and are currently at $0.8 million for the three months ended June&nbsp;30, 2010. The Heavy Construction and
Mining segment experienced reduced volumes in the three months ended December&nbsp;31, 2008 and March&nbsp;31, 2009 as a result of the temporary shut-down of overburden removal at the Horizon project while Canadian Natural prepared for operations
start-up. Subsequent three-month periods reflected the ramp up of overburden removal activities at the Horizon project through to the three months ended March&nbsp;31, 2010, where activity returned to planned activity levels. Changes in demand under
our master service agreements with Shell Albian and Syncrude had a positive effect on our revenues for the three months ended September&nbsp;30, 2008 and June&nbsp;30, 2009 respectively. Changes in demand with Syncrude had a negative effect on our
revenues for the three month periods subsequent to June&nbsp;30, 2009, until the current three month period ended June&nbsp;30, 2010. Master service agreement demand from Shell Albian positively
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">10&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
affected period-over-period comparatives until the current three month period ended June&nbsp;30, 2009, as a result of a shut down at Shell Albian&#146;s Muskeg River mine for planned maintenance
and in preparation for the operational start-up of the Jackpine mine. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Variations in quarterly results can also be caused by changes in our operating
leverage. During periods of higher activity, we have experienced improvements in operating margin. This reflects the impact of relatively fixed costs, such as G&amp;A costs, being spread over higher revenue levels. If activity decreases, these same
fixed costs are spread over lower revenue levels. Net income and income per share are also subject to operating leverage as provided by fixed interest expense. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Profitability also varies from quarter-to-quarter as a result of claims and change orders. Claims and change orders are a normal aspect of the contracting business
but can cause variability in profit margin due to the unmatched recognition of costs and revenues. For further explanation, see &#147;Claims and Change Orders&#148;. As an example, during the three months ended June&nbsp;30, 2008, a $5.3 million
claim was recognized causing gross margins for the Pipeline segment to be higher than normal. The additional costs relating to this claim were incurred and recognized in the year ended March&nbsp;31, 2007 and in the three months ended June&nbsp;30,
2007. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We have also experienced net income variability in all periods due to the recognition of unrealized non-cash gains and losses
on both derivative financial instruments and our previously held US dollar denominated
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, primarily driven by changes in the
Canadian/ US dollar exchange rate. The 8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes
were redeemed on April&nbsp;28, 2010 and the associated cross-currency and interest rate swaps were terminated on April&nbsp;
8, 2010. </FONT></FONT></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_12"></A>Summary of Consolidated Financial Position </B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">As&nbsp;at&nbsp;June&nbsp;30,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">As&nbsp;at&nbsp;March&nbsp;31,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$78,868</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$103,005</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(24,137</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets (excluding cash)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">204,181</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">212,607</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(8,426</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(146,508</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(165,641</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">19,133</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net working capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">136,541</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">149,971</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(13,430</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">326,550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">328,743</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,193</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">682,639</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">702,617</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(19,978</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital lease obligations (including current portion)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(12,013</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(13,393</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">1,380</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total long-term financial
liabilities</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(&#134;)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(331,875</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(327,356</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(4,519</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#134;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Total long-term financial liabilities exclude the current portions of capital lease obligations, current portions of derivative financial instruments, long-term
lease inducements, asset retirement obligations and both current and non-current deferred income tax balances. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010,
net working capital (cash and current assets less current liabilities) was $136.5 million compared to $150.0 million at March&nbsp;31, 2010, a decrease of $13.4 million. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The cash balance at June&nbsp;30, 2010 was $24.1 million lower than at March&nbsp;31, 2010 reflecting the redemption of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and associated currency and interest rate
swaps. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Current assets excluding cash decreased $8.4 million between March&nbsp;31, 2010 and June&nbsp;30, 2010. A $22.0 million decrease in trade
receivables and holdbacks along with a $5.6 million increase in unbilled revenue during the three month period ended June&nbsp;30, 2010 was partially offset by a $4.7 million planned increase of parts inventory, for the purpose of completing
scheduled major equipment overhauls in the coming months and a $3.9 million increase in prepaid expenses, as a result of annual payments of both insurance premiums and property taxes. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Current liabilities decreased $19.1 million between June&nbsp;30, 2010 and March&nbsp;31, 2010, as a result of a $5.0 million increase in
accounts payable offset by a $14.4 million reduction in accrued liabilities primarily as a result of our April 2010 interest payment for our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and interest rate swap. The current portion of embedded derivatives in financial instruments decreased $19.5 million primarily as a
result of the redemption of both our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the accompanying currency and interest rate swaps. Equipment purchases of $3.5 million, which are scheduled to be paid after
June&nbsp;30, 2010, are included in accounts payable as of June&nbsp;30, 2010. </FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Property, plant and equipment decreased by $2.2 million
between March&nbsp;31, 2010 and June&nbsp;30, 2010. This reflects the capital investment of $6.1 million of equipment purchases and new capital leases during the three months ending June&nbsp;30, 2010, more than offset by depreciation of $8.2
million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Total long-term financial liabilities increased by $4.5 million between March&nbsp;31, 2010 and June&nbsp;30, 2010, due
largely to a $225.0 million increase from issuance of the Series 1 Debentures and an increase of $43.6 million in the long-term portion of our term loan resulting from new term loans under our amended and restated credit agreement. This was
substantially offset by a $203.1 million decrease in the carrying amount of our
8</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3
</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes resulting from the redemption of the senior notes and a $61.5 million decrease related to the cross-currency and interest rate swap
agreements due to the settlement of the swap liabilities. </FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_13"></A>Summary of
Consolidated Cash Flows </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash provided by (used in) operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$15,804</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(7,722</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$23,526</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(9,838</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(20,384</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">10,546</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash (used in) provided by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(30,103</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">9,215</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(39,318</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.89em; text-indent:-0.89em"><FONT STYLE="font-family:ARIAL" SIZE="2">Decrease in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(24,137</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(18,891</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(5,246</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Operating activities </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash
provided by operating activities for the three months ended June&nbsp;30, 2010 was $15.8 million, compared to $7.7 million used by operations for the three months ended June&nbsp;30, 2009. The cash provided by operating activities in the current
period is primarily a result of improved non-cash net working capital. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Investing activities </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in investing activities for the three months ended June&nbsp;30, 2010 was $9.8 million compared to $20.4 million for the same period a year ago. Investing
activities this year included capital expenditures of $6.0 million and a net outflow from non-cash working capital of $2.8 million. Cash used in investing activities last year included capital expenditures of $19.2 million and a net outflow from
non-cash working capital of $1.3 million partly offset by an inflow of proceeds from asset dispositions of $1.0 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Financing activities </I>
</FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash used in financing activities during the three months ended June&nbsp;30, 2010 was $30.1 million, primarily as a result of the debt refinancing and
swap cancellation activities, which included $6.7 million of financing costs for the fourth amended and restated credit agreement and the Series 1 Debentures (an additional $1.0 million of financing costs for these items was incurred in the three
months ended March&nbsp;31, 2010). Additional activity included scheduled repayments on our term credit facility of $2.5 million and the $1.4 million repayment of capital lease obligations. Cash provided by financing activities for the three months
ended June&nbsp;30, 2009 of $9.2 million was a result of the addition of a term facility as part of our third amended and restated credit agreement partly offset by $1.1 million of associated financing costs and the $1.5 million repayment of capital
lease obligations. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>C. <A NAME="mdna48973_14"></A>Outlook </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While spring break-up weather conditions have extended into the second quarter, we still anticipate a gradual strengthening of demand for services through the
balance of the year.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT>
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In the oil sands, demand for recurring services is expected to remain strong and we are currently working with all four of the
active oil sands operators. We are also continuing to develop our new tailings pond and reclamations services offering, which over time, is expected to provide opportunities to further expand our recurring services business. Currently, we are
working with customers to develop pilot projects related to their tailings pond management
strategies.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Our outlook for project development in the oil sands also remains positive. We continue to win piling and heavy construction-related projects at
Exxon&#146;s Kearl site and see opportunities to further expand our business with this customer. Other new developments such as Husky Energy Inc.&#146;s
Sunrise</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, ConocoPhillips&#146;
Surmont</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and Suncor&#146;s Firebag in situ projects are moving forward and
could eventually provide additional project development opportunities as they reach the construction
phase.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the Piling division, activity levels are beginning to ramp up as weather conditions in Western Canada improve and projects delayed by the earlier rainy
conditions get underway. The Piling division built up a significant backlog of projects over the past six months and anticipates it will be able to work through these projects by the end of the fiscal year. The division has also been successful in
attracting a growing volume of business in the Ontario market, including its first significant commercial development piling project. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Pipeline
division anticipates a stronger second and third quarter with work on two new projects getting underway in August 2010. These include TransCanada
Pipelines&#146;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> NPS Groundbirch Mainline project, which involves the
construction of 77 kilometres of 36-inch pipeline in British Columbia<I>. </I>The Pipeline division will also commence work on the second </FONT></P>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#042;</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Husky Energy Inc.&#146;s (Husky Energy) Sunrise Oil Sand project is a 50/50 joint venture with BP Canada Energy Company (BP), a wholly owned subsidiary of BP PLC. The Sunrise
project is operated by Husky Energy. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">ConocoPhillips Canada Resources Corporation&#146;s (ConocoPhillips) Surmount Oil Sand in situ project is a 50/50 joint venture between ConocoPhillips Canada, a wholly owned
subsidiary of ConocoPhillips Company and Total E&amp;P Canada Ltd. (Total), a wholly owned subsidiary of Total SA. ConocoPhillips Canada is the project operator. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">TransCanada Pipelines Limited (TransCanada Pipelines), a wholly owned subsidiary of TransCanada Corporation. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">12&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
phase of Spectra
Energy&#146;s</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Maxhamish Loop project, which involves the construction of 30
kilometres of 24-inch pipeline, also in British Columbia. Both projects are scheduled for completion in November
2010.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Overall we are encouraged by the improving market conditions and by our increasing backlog of work. </FONT></P>
<P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>D. <A NAME="mdna48973_15"></A>Legal and Labour Matters </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_16"></A>Laws and Regulations and Environmental Matters </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Many aspects of our operations are subject to various federal, provincial and local laws and regulations, including: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">permit and licensing requirements applicable to contractors in their respective trades; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">building and similar codes and zoning ordinances; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">laws and regulations relating to consumer protection; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">laws and regulations relating to worker safety and protection of human health. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For a more detailed discussion of laws and regulations and environmental matters applicable to us, see our most recent annual Management&#146;s Discussion and
Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_17"></A>Employees and Labour Relations </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, we had 470 salaried employees and over 1,850 hourly employees. Our hourly workforce fluctuates according to the
seasonality of our business and the staging and timing of projects by our customers. The hourly workforce typically ranges in size from 1,000 employees to approximately 2,500 employees depending on the time of year and duration of awarded projects.
We also utilize the services of subcontractors in our construction business. An estimated 8% to 10% of the construction work we do is performed by subcontractors. Approximately 1,600 employees are members of various unions and work under collective
bargaining agreements. The majority of our work is done through employees governed by our mining overburden collective bargaining agreement with the International Union of Operating Engineers Local 955, the primary term of which expired on
October&nbsp;31, 2009. As of the end of June 2010 negotiations remained underway for the renewal of this union agreement and we are confident that a renewal agreement will be reached without a labour disruption. Other collective agreements in
operation include the provincial Industrial, Commercial and Institutional (ICI) agreements in Alberta and Ontario with both the Operating Engineers and Labourers Unions, Piling sector collective agreements in Saskatchewan with the Operating
Engineers and Labourers, Pipeline sector agreements in both British Columbia and Alberta with the Christian Labour Association of Canada (CLAC) as well as an all-sector agreement with CLAC in Ontario. We are subject to other industry and specialty
collective agreements under which we complete work and the primary terms of all of these agreements are currently in effect. The provincial collective agreement between IUOE Local 955 and the Alberta Roadbuilders and Heavy Construction Association
expires February&nbsp;28, 2011. Management is confident a settlement will be reached without disruption. We believe that our relationships with all our employees, both union and non-union, are strong. We have not experienced a strike or lockout.
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>E. <A NAME="mdna48973_18"></A>Resources and Systems </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_19"></A>Outstanding Share Data </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are
authorized to issue an unlimited number of voting Common Shares and an unlimited number of Non-Voting Common Shares. As at August&nbsp;4, 2010, there were 36,072,036 voting Common Shares outstanding (36,038,476 as at March&nbsp;31, 2010). We had no
Non-Voting Common Shares outstanding on any of the foregoing dates. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_20"></A>Liquidity and Capital Resources </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Liquidity requirements </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our primary uses of cash are for
plant and equipment purchases, to fulfill debt repayment and interest payment obligations, to fund operating lease obligations and to finance working capital requirements. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We maintain a significant equipment and vehicle fleet comprised of units with remaining useful lives covering a variety of time spans. It is important to adequately
maintain our large revenue-producing fleet in order to avoid equipment downtime, which can impact our revenue stream and inhibit our ability to satisfactorily perform on our projects. Once units reach the end of their useful lives, they are replaced
as it becomes cost prohibitive to continue to maintain them. As a result, we are continually acquiring new equipment both to replace retired units and to support our growth as we take on new projects. In order to maintain a balance of owned and
leased equipment, we have financed a portion of our heavy construction fleet through operating leases. In addition, we continue to lease our motor vehicle fleet through our capital lease facilities. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We require between $30 million and $40 million annually for sustaining capital expenditures and our total capital requirements typically range from $75 million to
$150 million depending on our growth capital requirements. With the </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Spectra Energy Partners, LP (Spectra Energy) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;13 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
potential future customer demand for larger-sized heavy equipment in the oil sands, we expect our capital needs in the current fiscal year to be approximately $50 to $75 million. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We typically finance approximately 30% to 50% of our total capital requirements through our operating lease facilities and the remainder from cash flow from
operations. We believe our operating and capital lease facilities and cash flow from operations will be sufficient to meet these requirements. Our equipment fleet value is currently split among owned (43%), leased (46%)&nbsp;and rented equipment
(11%). Approximately 37% of our leased fleet is specific to one long-term overburden removal project. This equipment mix is a change from the mix reported in previous periods as a result of our declining need for the same levels of rental equipment,
along with the conversion of some rental equipment to operating leases to meet specific volume demands. Our equipment ownership strategy allows us to meet our customers&#146; variable service requirements while balancing the need to maximize
equipment utilization with the need to achieve the lowest ownership costs. We are continually evaluating our capital needs and continue to monitor equipment lead times with suppliers to ensure that we control our capital spending while still being
in a position to respond to opportunities when they
materialize.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></SUP><FONT STYLE="font-family:ARIAL" SIZE="2">&#042;</FONT> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">We continue to receive interest from finance companies to support our current lease requirements and we have availability under one of our
supplier&#146;s leasing program to meet our current equipment needs from this supplier. We anticipate having sufficient lease capacity to meet our capital requirements in fiscal year
2011.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Long-term Debt Restructuring </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Our
long-term debt, as at March&nbsp;31, 2010, included US$200.0 million of
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior unsecured notes due in December 2011 (the
&#147;8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes&#148;). The foreign currency risk
relating to both the principal and interest portions of the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes was managed with Canadian dollar interest
rate swap and cross-currency swap agreements. The swap agreements were an economic hedge but had not been designated as hedges for accounting purposes. The US$200.0 million principal amount was fixed at C$1.315=US$1.000, resulting in a principal
repayment of $263.0 million due on December&nbsp;1, 2011. A more detailed discussion of this cancellation can be found below in the &#147;Foreign exchange risk&#148; and &#147;Interest rate risk&#148; sections of &#147;Quantitative and Qualitative
Disclosures about Market Risk&#148;. </FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In April 2010, we issued C$225.0 million of Series 1 Debentures and
entered into an amended and restated credit agreement that extended the maturity of our credit facilities to April 2013 and provided a new $50.0 million term loan. The net proceeds of the Series 1 Debentures, combined with the new $50.0 million term
loan and cash on hand were used to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and terminate the associated swap
agreements in April 2010. The full details of this debt restructuring are as follows: </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>9.125% Series 1 Debentures
</I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;7, 2010, we closed a private placement of 9.125% Series 1 Debentures (the &#147;Series 1 Debentures&#148;) due 2017
for gross proceeds of $225.0 million and net proceeds after commissions and related expenses of $218.3 million. A more detailed discussion on the Series 1 Debentures can be found under &#147;<I>9.125% Series 1 Debentures</I>&#148; in the
&#147;Liquidity and Capital Resources&#148; section of this Management&#146;s Discussion and Analysis. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/
</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% Senior Notes Redemption </FONT></I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning December&nbsp;1, 2009, our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes were redeemable at 100% of the principal
amount. On March&nbsp;29, 2010, we issued a redemption notice to holders of the notes to redeem all outstanding
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and, on April&nbsp;28, 2010, the notes
were redeemed and cancelled. The redemption amount included the US$200.0 million principal outstanding and US$7.1 million of accrued interest. The redemption and associated swap agreement terminations eliminate refinancing risk in December 2011.
</FONT></FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the redemption of our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes, we wrote off deferred financing costs of
$4.5 million. </FONT></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Termination of Cross-Currency and Interest Rate Swaps </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;8, 2010, we terminated the cross-currency and interest rate swaps associated with the
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes. The payment to the counterparties
required to terminate the swaps was $91.1 million and represented the fair value of the swap agreements, including accrued interest. </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>$50.0 million Term Facility </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we entered into a fourth amended and restated credit agreement to extend the term of the credit agreement and also to add
additional borrowings of up to $50.0 million through a second term facility within the credit agreement. At April&nbsp;30, 2010, the second term facility was fully drawn at $50.0 million. The new term facility, along with the existing term facility,
matures on April&nbsp;30, 2013. A more detailed discussion on the April&nbsp;30, 2010 amended and restated credit agreement can be found under &#147;<I>Credit facilities</I>&#148; in the &#147;Liquidity and Capital Resources&#148; section of this
Management&#146;s Discussion and Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Letters of credit </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">One of our major contracts allows the customer to require that we provide up to $50.0 million in letters of credit. As at June&nbsp;30, 2010, we had $10.0 million
in letters of credit outstanding in connection with this contract (we had $14.4 </FONT></P> <P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">14&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
million in letters of credit outstanding in total for all customers as of June&nbsp;30, 2010). Any change in the amount of the letters of credit required by this customer must be requested by
November&nbsp;1st in each year for an issue date of January&nbsp;1st following the date of such request, for the remaining life of the contract. In July 2010, we issued another $2.0 million in letters of credit for another contract. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Sources of liquidity </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our principal sources of cash are funds
from operations and borrowings under our credit facility. As of June&nbsp;30, 2010, the credit facility includes the $85.0 million Revolving Facility and the outstanding borrowings of $75.9 million (March 31, 2010 &#150; $28.4 million) under the
Term Facilities, after the scheduled principal payments of $2.5 million in the quarter. As of June&nbsp;30, 2010, we had issued $14.4 million (March 31, 2010 &#150; $10.4 million) in letters of credit under the Revolving Facility to support
performance guarantees associated with customer contracts. Our unused borrowing availability under the Revolving Facility was $70.6 million at June&nbsp;30, 2010. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at June&nbsp;30, 2010, we had $8.2 million in trade receivables that were more than 30 days past due compared to $7.5 million as at March&nbsp;31, 2010. We have
currently provided an allowance for doubtful accounts related to our trade receivables of $0.8 million ($1.7 million at March&nbsp;31, 2010). We continue to monitor the credit worthiness of our customers. To date our exposure to potential
write-downs in trade receivables has been limited to the financial condition of developers of condominiums and high-rise developments in our Piling segment. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Working capital fluctuations effect on cash </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The seasonality
of our business results in a higher accounts receivable balance between December and early February during peak activity levels, which may result in an increase in our working capital requirements. Our working capital is also significantly affected
by the timing of the completion of projects. In some cases, our customers are permitted to withhold payment of a percentage of the amount owing to us for a stipulated period of time (such percentage and time period is usually defined by the contract
and in some cases provincial legislation). This amount acts as a form of security for our customers and is referred to as a &#147;holdback&#148;. Typically, we are only entitled to collect payment on holdbacks once substantial completion of the
contract is performed; there are no outstanding claims by subcontractors or others related to work performed by us; and we have met the time period specified by the contract (usually 45 days after completion of the work). However, in some cases, we
are able to negotiate the progressive release of holdbacks as the job reaches various stages of completion. As at June&nbsp;30, 2010, holdbacks totaled $5.5 million, up from $3.9 million as at March&nbsp;31, 2010. Holdbacks represent 6.1% of our
total accounts receivable as at June&nbsp;30, 2010 (3.5% as at March&nbsp;31,
2010).</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Cash requirements </I></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">As at June&nbsp;30,
2010, our cash balance of $78.9 million was $24.1 million lower than our cash balance at March&nbsp;31, 2010. The change in cash balance reflects the April 2010 settlement of our
8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">% senior notes and the accompanying currency and interest
rate swaps, funded in part by our Series 1 Debentures and the addition of an additional term facility secured through our fourth amended and restated credit facility. We anticipate that we will generate a net cash surplus from operations at least
through March&nbsp;31, 2011. In the event that we require additional funding, we believe that any such funding requirements would be satisfied by the funds available from our credit facilities described immediately
below.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Credit facilities </I></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;30, 2010, we entered into an
amended and restated credit agreement to extend the term of the credit facilities and increase the amount of the term loans. The new credit facilities provide for total borrowings of up to $163.4 million (previously $125.0 million) under which
revolving loans, term loans and letters of credit may be issued. The Revolving Facility of $85.0 million (previously $90.0 million) was undrawn at closing. The new agreement includes two term facilities providing for borrowings of up to $78.4
million. At April&nbsp;30, 2010, the Term A Facility and Term B Facility were both fully drawn at $28.4 million and $50.0 million, respectively. The new facilities mature on April&nbsp;30, 2013. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Advances under the Revolving Facility may be repaid from time to time at our option. The Term Facilities include scheduled repayments totaling $10.0 million per
year with $2.5 million paid on the last day of each quarter commencing June&nbsp;30, 2010. In addition, we must make annual payments within 120 days of the end of our fiscal year in the amount of 50% of Consolidated Excess Cash Flow (as defined in
the credit agreement) to a maximum of $4.0 million. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The facilities bear interest at variable rates based on the Canadian prime rate plus the applicable
pricing margin (as defined within the credit agreement). Interest on US base rate loans is paid at a rate per annum equal to the US base rate plus the applicable pricing margin. Interest on Canadian prime and US base rate loans is payable monthly in
arrears and computed on the basis of a 365-day or 366-day year, as the case may be. Interest on US dollar LIBOR loans is paid during each interest period at a rate per annum, calculated on a 360-day year, equal to the US dollar LIBOR rate with
respect to such interest period plus the applicable pricing margin. Stamping Fees and interest on Banker&#146;s Acceptance advances are paid in advance, at the time of issuance. </FONT></P>
<P STYLE="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">*</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This paragraph contains forward-looking information. Please refer to &#147;Forward-Looking Information and Risk Factors&#148; for a discussion on the risks and uncertainties
related to such information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The new credit facilities are secured by
a first priority lien on substantially all of our existing and after acquired property and contain customary covenants including, but not limited to, incurring additional debt, transferring or selling assets, making investments including
acquisitions or paying dividends or redeeming shares of capital stock. We are also required to meet certain financial covenants under the new credit agreement including: (i)&nbsp;Senior Leverage Ratio (Senior Leverage to Consolidated EBITDA) must be
less than 2.0 times, (ii)&nbsp;Consolidated Interest Coverage Ratio (Consolidated EBITDA to Consolidated Interest Expense) must be greater than 2.5 times, and (iii)&nbsp;Current Ratio (Current Assets to Current Liabilities) must be greater than 1.25
times. Continued access to the facilities is not contingent on the maintenance of a specific credit rating. These covenants are unchanged from the previous third amended and restated credit agreement. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Financing fees of $1.0 million were incurred in connection with the amended and restated credit agreement, dated April&nbsp;30, 2010 and were recorded as deferred
financing costs. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Consolidated EBITDA is defined within the credit agreement to be the sum, without duplication, of (a)&nbsp;consolidated net income,
(b)&nbsp;consolidated interest expense, (c)&nbsp;provision for taxes based on income, (d)&nbsp;total depreciation expense, (e)&nbsp;total amortization expense, (f)&nbsp;costs and expenses incurred by us in entering into the credit facility,
(g)&nbsp;accrual of stock-based compensation expense to the extent not paid in cash or if satisfied by the issuance of new equity, (h)&nbsp;the non-cash currency translation losses or mark-to-market losses on any hedge agreement (defined in the
credit agreement) or any embedded derivative, and (i)&nbsp;other non-cash items including goodwill impairment (other than any such non-cash item to the extent it represents an accrual of or reserve for cash expenditures in any future period) but
only, in the case of clauses (b)-(i), to the extent deducted in the calculation of consolidated net income, less (i)&nbsp;the non-cash currency translation gains or mark-to-market gains on any hedge agreement or any embedded derivative to the extent
added in the calculation of consolidated net income, and (ii)&nbsp;other non-cash items added in the calculation of consolidated net income (other than any such non-cash item to the extent it will result in the receipt of cash payments in any future
period), all of the foregoing as determined on a consolidated basis in conformity with GAAP. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The credit facility may be prepaid in whole or in part
without penalty, except for bankers&#146; acceptances, which are not pre-payable prior to their maturity. However, the credit facility requires prepayments under various circumstances, such as: (i)&nbsp;100% of the net cash proceeds of certain asset
dispositions, (ii)&nbsp;100% of the net cash proceeds from our issuance of equity (unless the use of such securities&#146; proceeds is otherwise designated by the applicable offering document) and (iii)&nbsp;100% of all casualty insurance and
condemnation proceeds, subject to exceptions. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>9.125% Series 1 Debentures </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;7, 2010, we closed a private placement of Series 1 Debentures for gross proceeds of $225.0 million and net proceeds after commissions and related
expenses of $218.3 million. Financing fees of $6.6 million were incurred in connection with the Series 1 Debentures and were recorded as deferred financing costs. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are unsecured senior obligations and rank equally with all other existing and future unsecured senior debt and senior to any subordinated
debt that may be issued by us or any of our subsidiaries. The Series 1 Debentures are effectively subordinated to all secured debt to the extent of the value of the collateral. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At any time prior to April&nbsp;7, 2013, we may redeem up to 35% of the aggregate principal amount of the Series 1 Debentures, with the net cash proceeds of one or
more of our Public Equity Offerings (as defined in the trust indenture that governs the Series 1 Debenture) at a redemption price equal to 109.125% of the principal amount plus accrued and unpaid interest to the date of redemption, so long as:
</FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">i.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">at least 65% of the original aggregate amount of the Series 1 Debentures remains outstanding after each redemption; and </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">ii.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">any redemption is made within 90 days of the equity offering. </FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At
any time prior to April&nbsp;7, 2013, we may on one or more occasions redeem the Series 1 Debentures, in whole or in part, at a redemption price which is equal to the greater of (a)&nbsp;the Canada Yield Price (as defined in the trust indenture that
governs the Series 1 Debenture) and (b)&nbsp;100% of the aggregate principal amount of Series 1 Debentures redeemed, plus, in each case, accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant
record date to receive interest due on the relevant interest payment date). </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures are redeemable at our option, in whole or in part,
at any time on or after: April&nbsp;7, 2013 at 104.563% of the principal amount; April&nbsp;7, 2014 at 103.042% of the principal amount; April&nbsp;7, 2015 at 101.520% of the principal amount; April&nbsp;7, 2016 and thereafter at 100% of the
principal amount; plus, in each case, interest accrued to the redemption date. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If a change of control, as defined in the trust indenture, occurs we will
be required to offer to purchase all or a portion of each holder&#146;s Series 1 Debentures at a purchase price in cash equal to 101% of the principal amount of the Series 1 Debentures offered for repurchase plus accrued interest to the date of
purchase. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Series 1 Debentures were rated B+ by Standard&nbsp;&amp; Poor&#146;s and B3 by Moody&#146;s (see &#147;<I>Debt Ratings&#148;</I>).
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">16&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Capital resources </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We acquire our equipment requirements in three ways: capital expenditures, capital leases and operating leases. Capital expenditures require the outflow of cash for
the full value of the equipment at the time of purchase. Capital leases, while not considered capital expenditures, are restricted under the terms of our credit agreement to a maximum of $30.0 million. Operating leases are not considered capital
expenditures and are not restricted under the terms of our credit agreement. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We define our equipment requirements as either sustaining capital
additions, those that are needed to keep our existing fleet of equipment at its optimal useful life through capital maintenance or replacement, or growth capital additions, those that are needed to perform larger or a greater number of projects.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A summary of equipment additions by nature and by period is shown on the table below: </FONT></P>
<P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Three months ended June&nbsp;30,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Change</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Capital Expenditures</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sustaining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,341</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,161</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,180</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Growth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,248</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,549</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(14,301</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$6,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$19,710</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(13,121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Capital Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sustaining</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Growth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">(576</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.68em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(576</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Sustaining Capital Additions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,341</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,161</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,180</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Growth Capital Additions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$3,296</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$18,173</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$(14,877</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Operating Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,938</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$5,608</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">($670</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The increase in sustaining capital additions, for the three months ended June&nbsp;30, 2010, compared to the same periods in the prior
year, is reflective of increases in capital maintenance activity in the current period. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The reduction in growth capital additions, for the three months
ended June&nbsp;30, 2010, compared to the same periods in the prior year, reflects the impact of fewer development projects as a result of the current economic slowdown. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">There is a minimal change in operating leases for the three months ended June&nbsp;30, 2010, compared to the same period in the previous year. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_21"></A>Capital Commitments </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Contractual obligations and other commitments </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our principal
contractual obligations relate to our long-term debt, capital and operating leases and supplier contracts. The following table summarizes our future contractual obligations, excluding interest payments, unless otherwise noted, as of June&nbsp;30,
2010. </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Payments due by fiscal year</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(dollars in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2013</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2015 and<BR>after</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$225,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&#150;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$225,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Term Facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">75,946</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48,446</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#150;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital leases (including interest)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,111</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,220</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,998</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">474</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">178</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">188,040</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">49,282</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">56,628</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38,876</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,919</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,335</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Supplier contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">53,083</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,505</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,751</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,751</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,816</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,260</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total contractual obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$555,050</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$70,398</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$86,599</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$66,625</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$87,655</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$243,773</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Off-balance sheet arrangements </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have no off-balance sheet arrangements in place at this time. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_22"></A>Debt Ratings </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Debt Ratings </I>
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Moody&#146;s Investor Service, Inc. (&#147;Moody&#146;s&#148;) and Standard&nbsp;&amp; Poor&#146;s Ratings Services (&#147;S&amp;P&#148;) affirmed our
corporate credit ratings in March 2010 and April 2010, respectively. S&amp;P increased our Outlook from &#145;negative&#146; to &#145;stable&#146;. Both agencies also provided a rating for our new Series 1 Debentures. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our credit ratings from these two
agencies are as follows: </FONT></P> <P STYLE="font-size:9px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Category</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Standard &amp; Poor&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Moody&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate Rating</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">B+ (&#145;stable&#146; outlook)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">B2 (&#145;stable&#146; outlook)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.84em; text-indent:-0.84em"><FONT STYLE="font-family:ARIAL" SIZE="2">Series 1 Debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">B+ (recovery rating of &#147;3&#148;)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">B3 (LGD</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="font-family:Times New Roman" SIZE="1">&ne;
</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> rating of &#147;5&#148;)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #7f7f7f">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="1">&ne;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Loss Given Default: </FONT></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A credit rating is a current opinion of the
credit worthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into
consideration the credit worthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion evaluates the obligor&#146;s capacity and
willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A credit rating is not a statement of fact or
recommendation to purchase, sell, or hold a financial obligation or make any investment decisions nor is it a comment regarding an issuer&#146;s market price or suitability for a particular investor. A credit rating speaks only as of the date it is
issued and can be revised upward or downward or withdrawn at any time by the issuing rating agency if it decides circumstances warrant a revision. We undertake no obligation to maintain our credit ratings or to advise investors of a change in
ratings. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A definition of the categories of each rating has been obtained from each respective rating organization&#146;s website as outlined below:
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Standard and Poor&#146;s </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">An obligation rated B
is regarded as having speculative characteristics, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#146;s capacity or
willingness to meet its financial commitment on the obligation. The ratings from AA to CCC may be modified by the addition of a plus (+)&nbsp;or minus (-) sign to show relative standing within the major rating categories. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A recovery rating of &#147;3&#148; for the Series 1 Debentures indicates an expectation for an average of 50% to 70% recovery in the event of a payment default.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A Standard&nbsp;&amp; Poor&#146;s rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically
nine months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change or future CreditWatch action. A
Stable outlook means that a rating is not likely to change. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Moody&#146;s </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Obligations rated &#147;B&#148; are considered speculative and are subject to high credit risk. Moody&#146;s appends numerical modifiers to each generic rating
classification from &#147;Aaa&#148; through &#147;C&#148;. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in
the lower end of that generic rating category. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">LGD assessments are opinions about expected loss given default on fixed income obligations expressed as a
percent of principal and accrued interest at the resolution of the default. An LGD assessment (or rate) is the expected LGD divided by the expected amount of principal and interest due at resolution. A LGD rating of &#147;5&#148; indicates a loss
range of greater than or equal to 70% and less than 90%. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A Moody&#146;s rating outlook is an opinion regarding the likely direction of an issuer&#146;s
rating over the medium term. Where assigned, rating outlooks fall into the following four categories: Positive (&#147;POS&#148;), Negative (&#147;NEG&#148;), Stable (&#147;STA&#148;) and Developing (&#147;DEV&#148; &#150; contingent upon an event).
In the few instances where an issuer has multiple ratings with outlooks of differing directions, an &#147;(m)&#148; modifier (indicating multiple, differing outlooks) will be displayed and Moody&#146;s written research will describe any differences
and provide the rationale for these differences. A &#147;RUR&#148; (Rating(s) Under Review) designation indicates that the issuer has one or more ratings under review for possible change, and thus overrides the outlook designation. When an outlook
has not been assigned to an eligible entity, &#147;NOO&#148; (No Outlook) may be displayed. A Stable outlook means that a rating is not likely to change. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_23"></A>Related Parties </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We may receive
consulting and advisory services provided by the principals or employees of companies owned or operated by certain of our directors (the Sponsors) with respect to the organization of our employee benefit and compensation arrangements and other
matters and no fee is charged for these consulting and advisory services. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In order for the Sponsors to provide such advice and consulting, we provide
the Sponsors with reports, financial data and other information. This permits them to consult with and advise our management on matters relating to our operations, company affairs and finances. In addition, this permits them to visit and inspect any
of our properties and facilities. These services are provided in the normal course of operations and are measured at the value of consideration established and agreed to by the related parties. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Additionally, we provide shared service support for our joint venture nominee, Noramac Ventures Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">18&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_24"></A>Internal
Systems and Processes </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Evaluation of disclosure controls and procedures </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose is recorded, processed, summarized
and reported with the time periods specified under Canadian and US securities laws and include controls and procedures designed to ensure that information is accumulated and communicated to management, including the President and Chief Executive
Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of June&nbsp;30, 2010, an evaluation was carried
out under the supervision of and with the participation of management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e)
under the US Securities Exchange Act of 1934, as amended, and in National Instrument 52-109 under the Canadian Securities Administrators Rules and Policies. Based on that evaluation, the President and Chief Executive Officer and the Chief Financial
Officer concluded that as a result of the material weaknesses in our internal control over financial reporting (ICFR) discussed below, the disclosure controls and procedures were not effective as of June&nbsp;30, 2010. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Material changes to internal controls over financial reporting </I></FONT></P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of March&nbsp;31, 2010, we assessed the effectiveness of our ICFR. In making this assessment, we used the criteria set forth in the Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). During this process we identified a continued material weakness in ICFR as described below and as a result, we concluded that our ICFR was ineffective
as of March&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>Similar to the material weakness identified for the year ended March&nbsp;31, 2009, we did not maintain effective
processes and controls specific to revenue recognition. We did not effectively develop, communicate and implement sufficient monitoring controls over the completeness and accuracy of forecasts, including the consideration of project changes
subsequent to the end of each reporting period. The accounts that could be affected by these deficiencies are revenue, project costs, unbilled revenue and billings in excess of costs incurred and estimated earnings on uncompleted contracts. This
material weakness in ICFR, which is pervasive in nature, resulted in material errors in the financial statements that were corrected prior to release of the financial statements. Further, there is a reasonable possibility that a material
misstatement of our financial statements will not be prevented or detected on a timely basis. <B>Notwithstanding the above mentioned weakness, we have concluded that the Consolidated Financial Statements included in this report fairly present our
consolidated financial position and consolidated results of operations as of and for the three months ended June&nbsp;30, 2010. </B></FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Material changes
to internal controls over financial reporting and remediation plans </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In response to the continued material weakness in revenue recognition identified
above, during the three months ended and subsequent to March&nbsp;31, 2010, we put a dedicated project team in place, led by a senior member of our Finance team, to develop and implement standard business practices and controls specific to ensuring
the accuracy of forecast, including the consideration of project changes subsequent to the end of each reporting period. As of June&nbsp;30, 2010, progress has been made on our remediation plans and we will evaluate the effectiveness of these
controls during the fiscal year to determine if they adequately address our ability to recognize revenue in accordance with GAAP. For a discussion of the risks associated with such weakness, please see our most recent annual Management&#146;s
Discussion and Analysis </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_25"></A>Recently Adopted Accounting Policies </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Improvements to financial reporting by enterprises involved with variable interest entities </I></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In December 2009, the FASB issued ASU No.&nbsp;2009-17, &#147;Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities&#148;,
which amends ASC 810, &#147;Consolidation&#148;. The amendments give guidance and clarification of how to determine when a reporting entity should include the assets, liabilities, non-controlling interests and results of activities of a variable
interest entity in its consolidated financial statements. We adopted this ASU effective April&nbsp;1, 2010. The adoption of this standard did not have a material effect on our interim consolidated financial statements. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_26"></A>Recent Accounting Pronouncements Not Yet Adopted </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Revenue recognition </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In October 2009, the FASB issued ASU
No.&nbsp;2009-13, &#147;Revenue Recognition: Multiple-Deliverable Revenue Arrangements&#148;, which addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services separately rather than as a
combined unit. The amendments establish a selling price hierarchy for determining the selling price of a deliverable. The amendments also eliminate the residual method of allocation and require that arrangement consideration be allocated at the
inception of the arrangement to all deliverables using the relative selling price method. For us, this ASU is effective prospectively for revenue arrangements entered into or materially modified on or after April&nbsp;1, 2011. We are currently
evaluating the effect of this ASU on our interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;19 </FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Embedded credit derivatives
</I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In March 2010, the FASB issued ASU No.&nbsp;2010-11, &#147;Scope Exception Related to Embedded Credit Derivatives&#148;, which clarifies that
financial instruments that contain embedded credit-derivative features related only to the transfer of credit risk in the form of subordination of one instrument to another are not subject to bifurcation and separate accounting. The scope exception
only applies to an embedded derivative feature that relates to subordination between tranches of debt issued by an entity and other features that relate to another type of risk must be evaluated for separation as an embedded derivative. The ASU was
effective for us beginning on July&nbsp;1, 2010, with early adoption permitted in first fiscal quarter beginning after March&nbsp;5, 2010. We are currently evaluating the effect of this ASU on our interim consolidated financial statements.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Share based payment awards </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In April 2010, the
FASB issued ASU No.&nbsp;2010-13, &#147;Effect of Denominating the Exercise Price of Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades&#148;, which clarifies that an employee share-based payment
award with an exercise price denominated in the currency of a market in which a substantial portion of the entity&#146;s equity securities trades should not be considered to contain a condition that is not a market, performance, or service
condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. This ASU will amend ASC 718, &#147;Compensation-Stock Compensation&#148; and it is effective for us beginning on April&nbsp;1, 2011.
We are currently evaluating the effect of this ASU on our interim consolidated financial statements. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>F.
<A NAME="mdna48973_27"></A>Forward-Looking Information and Risk Factors </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_28"></A>Forward-Looking Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This document contains forward-looking information that is based on expectations and estimates as of the date of this document. Our 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 &#147;believe&#148;, &#147;expect&#148;,
&#147;anticipate&#148;, &#147;intend&#148;, &#147;plan&#148;, &#147;estimate&#148;, &#147;should&#148;, &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;target&#148;, &#147;objective&#148;, &#147;projection&#148;, &#147;forecast&#148;,
&#147;continue&#148;, &#147;strategy&#148;, &#147;intend&#148;, &#147;position&#148; or the negative of those terms or other variations of them or comparable terminology. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Examples of such forward-looking information in this document include, but are not limited to, statements with respect to the following, each of which is subject to
significant risks and uncertainties and is based on a number of assumptions which may prove to be incorrect: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the amount of our backlog expected to be performed and realized in the twelve months ending June&nbsp;30, 2011; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation of continued gradual strengthening of demand of our services through the balance of the year; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that demand for recurring services will continue to be strong and our development of the our new tailings pond and reclamations services offering will provide
opportunities to further expand our recurring services business; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that we will receive project development opportunities as new mine developments such as Husky Energy&#146;s Sunrise, ConocoPhillips&#146;s Surmont, and
Suncor&#146;s Firebag projects move forward to the construction phase; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that the Piling division will be able to work through the backlog of projects that have built up over the last six months by the end of the fiscal year;
</FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that the Pipeline segment will have a stronger second and third quarter with work on two new projects getting underway in August 2010; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the expectation for a renewal agreement between our employees party to a collective bargaining agreement which expired October&nbsp;31, 2009 and us; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the expectation that the provincial collective agreement between IUOE Local 955 and the Alberta Roadbuilders and Heavy Construction Association expiring on February&nbsp;28, 2011
will reach a settlement; </FONT></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that our capital needs in fiscal 2011 will be approximately $50-$75 million; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(j)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our operating and lease facilities and cash flow from operations will be sufficient to meet our capital requirements; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(k)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our lease capacity will be sufficient to meet our capital requirements in fiscal 2011; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(l)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the seasonality of our business results may result in an increase in working capital requirements; </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(m)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">our expectation that we will generate a net cash surplus from operations through March&nbsp;31, 2011; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(n)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">any additional funding required by us will be satisfied by the credit facility. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The forward-looking information in paragraphs (a), (b), (c), (d), (e), (f), (i), (j), (k), (l), (m)&nbsp;and (n)&nbsp;rely on certain market conditions and demand
for our services and are based on the assumptions that: despite the slowdown in the global </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">20&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
economy and tightening of credit conditions, we still expect to see strong demand for our recurring services as the oil sands continue to be an economically viable source of energy, our customers
and potential customers continue to invest in the oil sands and other natural resource developments; our customers and potential customers will continue to outsource the type of activities for which we are capable of providing service; and the
Western Canadian economy continues to develop with additional investment in public construction; and are subject to the following risks and uncertainties, which could cause results to differ materially from those expressed in the forward-looking
information contained in this MD&amp;A, but are not limited to: </FONT></P> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">anticipated new major capital projects in the oil sands may not materialize; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">demand for our services may be adversely impacted by regulations affecting the energy industry; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">failure by our customers to obtain required permits and licenses may affect the demand for our services; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in our customers&#146; perception of oil prices over the long-term could cause our customers to defer, reduce or stop their capital investment in oil
sands projects, which would, in turn, reduce our revenue from those customers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reduced financing as a result of the tightening credit markets may affect our customers&#146; decisions to invest in infrastructure projects;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">insufficient pipeline, upgrading and refining capacity or lack of sufficient governmental infrastructure to support growth in the oil sands region could cause
our customers to delay, reduce or cancel plans to construct new oil sands projects or expand existing projects, which would, in turn, reduce our revenue from those customers; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">a change in strategy by our customers to reduce outsourcing could adversely affect our results; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">cost overruns by our customers on their projects may cause our customers to terminate future projects or expansions which could adversely affect the amount of
work we receive from those customers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">because most of our customers are Canadian energy companies, a further downturn in the Canadian energy industry could result in a decrease in the demand for our
services; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">shortages of qualified personnel or significant labour disputes could adversely affect our business; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">unanticipated short term shutdowns of our customers&#146; operating facilities may result in temporary cessation or cancellation of projects in which we are
participating. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The forward-looking information in paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)&nbsp;and
(n)&nbsp;rely on our ability to execute our growth strategy and are based on the assumptions that the management team can successfully manage the business; we can maintain and develop our relationships with our current customers; we will be
successful in developing relationships with new customers; we will be successful in the competitive bidding process to secure new projects; we will identify and implement improvements in our maintenance and fleet management practices; we will be
able to benefit from increased recurring revenue base tied to the operational activities of the oil sands; we will be able to access sufficient funds to finance our capital growth; and are subject to the risks and uncertainties that: </FONT></P>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">continued reduced demand for oil and other commodities as a result of slowing market conditions in the global economy may result in reduced oil production and a
decline in oil prices; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">if we are unable to obtain surety bonds or letters of credit required by some of our customers, our business could be impaired; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">we are dependent on our ability to lease equipment and a tightening of this form of credit could adversely affect our ability to bid for new work and/or supply
some of our existing contracts; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our business is highly competitive and competitors may outbid us on major projects that are awarded based on bid proposals; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our customer base is concentrated and the loss of or a significant reduction in business from a major customer could adversely impact our financial condition;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">lump-sum and unit-price contracts expose us to losses when our estimates of project costs are lower than actual costs; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our operations are subject to weather-related factors that may cause delays in our project work; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:5px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT STYLE="font-family:WINGDINGS" SIZE="3" COLOR="#000000">
<SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">&#159;</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="3"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT>
</SUB><FONT STYLE="font-family:ARIAL" SIZE="3"></FONT></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">environmental laws and regulations may expose us to liability arising out of our operations or the operations of our customers. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While we anticipate that subsequent events and developments may cause our views to change, we do not have an intention to update this forward-looking information,
except as required by applicable securities laws. This forward-looking information represents our views as of the date of this document and such information should not be relied upon as representing our views as of any date subsequent to the date of
this document. We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there
may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">North American Energy Partners
Inc.&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
performance or achievements to differ materially from current expectations. <B>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.</B> These factors are not intended to represent a complete list of the factors
that could affect us. See &#147;Risk Factors&#148; below and risk factors highlighted in materials filed with the securities regulatory authorities filed in the United States and Canada from time to time, including, but not limited to, our most
recent Annual Information Form. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_29"></A>Risk Factors </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the three months ended June&nbsp;30, 2010, there has been no significant change in our risk factors discussed in our most recent annual Management&#146;s
Discussion and Analysis, which was current as of June&nbsp;10, 2010. The risk factors discussed in our most recent annual Management&#146;s Discussion and Analysis should be reviewed in conjunction with this interim Management&#146;s Discussion and
Analysis. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_30"></A>Quantitative and Qualitative Disclosures about Market Risk </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices such as foreign
currency exchange rates and interest rates. The level of market risk to which we are exposed at any point in time varies depending on market conditions, expectations of future price or market rate movements and composition of our financial assets
and liabilities held, non-trading physical assets and contract portfolios. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To manage the exposure related to changes in market risk, we use various risk
management techniques including the use of derivative instruments. Such instruments may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The sensitivities provided below are hypothetical and should not be considered to be predictive of future performance or indicative of earnings on these contracts.
</FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Foreign exchange risk </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign exchange risk
refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in foreign exchange rates. We regularly transact in foreign currencies when purchasing equipment and spare parts
as well as certain general and administrative goods and services. These exposures are generally of a short-term nature and the impact of changes in exchange rates has not been significant in the past. We may fix our exposure in either the Canadian
dollar or the US dollar for these short-term transactions, if material. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, with other variables unchanged, the impact of a $0.01
increase (decrease) in exchange rates of the Canadian dollar to the US dollar on short-term exposures would be insignificant and there would be no impact to other comprehensive income. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Interest rate risk </I></FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are exposed to interest rate risk from
the possibility that changes in interest rates will affect future cash flows or the fair values of our financial instruments. Amounts outstanding under our amended credit facilities are subject to a floating rate. Our Series 1 Debentures are subject
to a fixed rate. Our interest rate risk arises from long-term borrowings issued at fixed rates that create fair value interest rate risk and variable rate borrowings that create cash flow interest rate risk. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In some circumstances, floating rate funding may be used for short-term borrowings and other liquidity requirements. We may use derivative instruments to manage
interest rate risk. We manage our interest rate risk exposure by using a mix of fixed and variable rate debt and may use derivative instruments to achieve the desired proportion of variable to fixed-rate debt. </FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At June&nbsp;30, 2010, we held $75.9 million of floating rate debt pertaining to our term facilities within our amended and restated credit agreement (March 31,
2010 &#150; $28.4 million). As at June&nbsp;30, 2010, holding all other variables constant, a 100 basis point increase (decrease) to interest rates on floating rate debt would result in a $0.8 million increase (decrease) in effective annual interest
costs. This assumes that the amount of floating rate debt remains unchanged from that which was held at June&nbsp;
30, 2010. </FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#a03245"><B>G. <A NAME="mdna48973_31"></A>General Matters </B></FONT></P>
<P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our corporate head office is located at Suite 2400, 500 4th Avenue SW, Calgary, Alberta, T2P 2V6. Our corporate head office telephone and facsimile numbers are
403-767-4825 and 403-767-4849, respectively. </FONT></P> <P STYLE="margin-top:5px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="mdna48973_32"></A>Additional Information </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional information relating to us, including our Annual Information Form dated June&nbsp;10, 2010, can be found on the Canadian Securities Administrators System
for Electronic Document Analysis and Retrieval (SEDAR) database at www.sedar.com, the Securities and Exchange Commission&#146;s website at www.sec.gov and our company&#146;s web site at www.nacg.ca. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">22&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#a03245"><B>Management&#146;s Discussion and
Analysis</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;North American Energy Partners Inc. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
