Summary: North American Energy Partners Inc May 11

Standard & Poors, May 2011

Abstract
The ratings on North American Energy Partners Inc. (NAEP) reflect Standard & Poor's Ratings Services' view of the company's unbalanced business mix, concentrated customer base in its largest business unit, and operating margin volatility caused by unanticipated project shutdowns among its largest customer base. These factors, which we believe weaken the company's overall credit profile, are somewhat offset by what we view as NAEP's strong competitive position as a leading oil sands service provider and good visibility to ongoing service work in the oil sands sector based on expected project development in the near-to-medium term. NAEP's weak business risk profile reflects Standard & Poor's view of the company's limited business diversification with a concentrated customer base in the oil sands...

Companies mentioned in this report are: North American Energy Partners Inc
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

North American Energy Partners Inc

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