Infrastructure Services - Preeminent Middle Market ... · Our mission with this paper is to provide an update on end market dynamics to our 2015 whitepaper detailing the U.S. industrial

Infrastructure Services

HW&Co. Whitepaper

Spring 2017

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Harris Williams & Co. Infrastructure Services | Spring 2017

Our mission with this paper is to provide an update on end market dynamics to our

2015 whitepaper detailing the U.S. industrial service market for energy, power, and

heavy industrial infrastructure. We define infrastructure services broadly to

encompass services provided for energy, power, and infrastructure assets while we

define industrial services to encompass only those services provided to heavy

process industries.

The North American refinery, chemical, power generation, and process industries

experienced significant investment in 2016 and remain in the early stages of a

prolonged investment cycle. North America has structural cost advantages over

international competitors that have supported continued high utilization across an

aging infrastructure base that will require significant maintenance and capital

investment through 2020 and beyond.

The political environment and stabilization of commodity prices domestically have

further supported a long-term outlook of continued investment across heavy

industrial and process markets.

Infrastructure ServicesIndustrial Services for Energy and Power InfrastructureHarris Williams & Co. WhitepaperSpring 2017

CONTENTS

Abstract

HW&Co. Infrastructure Services Experience

Infrastructure Services Market and Today’s Political Environment

Industrial Services in Today’s Commodity Environment

Positive Domestic Refinery Outlook

Continued Chemical and Petrochemical Strength

Strong Demand for Domestic LNG Export Facilities

Significant Investment in Domestic Power Generation

Appendix A: Industrial Services Overview

Appendix B: Top 50 Infrastructure Projects

ENERGY, POWER & INFRASTRUCTURE CONTACTSUnited States

Andrew Spitzer | Managing Director

[email protected]

+1(804) 915-0174

Brian Lucas | Managing Director

[email protected]

+1(804) 932-1323

Matt White | Managing Director

[email protected]

+1(804) 915-0131

Luke Semple | Director

[email protected]

+1(804) 915-0158

Chris Burnham | Director

[email protected]

+1(804) 915-0142

Ian Thomas | Vice President

[email protected]

+1(804) 932-1384

Neha Shah | Vice President

[email protected]

+1(804) 887-6036

Europe

Jeffery Perkins | Managing Director

[email protected]

+49 69 7593 7166


With more than 40 closed transactions across the sector, Harris Williams & Co. has

provided sell-side advisory services to some of the infrastructure services market’s premier

service providers.

Harris Williams & Co. Infrastructure Services Experience

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Harris Williams & Co. Select TransactionsInfrastructure Services

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Page | 1

The infrastructure services market has experienced strong growth in 2016 and early 2017,

and is poised for continued expansion through 2020 and beyond. The recent U.S. election

has significantly improved investor sentiment and market outlook for infrastructure

service providers. President Trump's stated goal of increasing federal and private

spending throughout the sector supports a strong outlook for operators and service

providers of infrastructure assets. In his recent list of the top 50 Emergency and National

Security Projects, the administration estimated the total investment in the top 50 projects1

alone to be $137.5 billion, 50% of which will be funded by private sources. While too early

to know which sectors will be the largest beneficiaries or if actual spending will match

initial claims, it is clear President Trump’s administration is making infrastructure a

priority and looks to have support across the aisle to make these plans a reality. Overall,

Trump and his team have stated they are seeking to invest over $1 trillion in infrastructure

during his time in office.

Public infrastructure service providers saw the immediate effect of the increasingly

positive outlook following the election. All of the indices we track benefited from a

significant trading bump in the wake of the election, as public and institutional investors

sought to position their investments to reap the gains a Trump presidency may have on

domestic infrastructure and the energy market.

Infrastructure Services Market and Today’s Political Environment

Exhibit 1

Public Infrastructure Service Providers Received a Significant Post-Election Bump

LTM EV/EBITDA

Source: FactSet.

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17

25th - 75th Percentile EPC's / GC's Design & Engineering Specialty Contractors

Post-ElectionTradingBump

1) A listing of the top 50 projects can be found in Appendix B.


Page | 2

Oil prices began to recover and stabilize in mid-2016 and have been supported into 2017 by

the November 2016 OPEC agreement, in which member countries agreed to reduce

production by 1.2 million barrels a day. The recent surge in oil prices compared to early

2016 has re-opened previously shuttered domestic production. This recent uptick, in

combination with the billions of planned, announced, and committed capital for energy

infrastructure projects in the coming years, keeps North America solidly in the early

innings of a downstream energy infrastructure build out. Much of this infrastructure is

supported by continued high levels of North American natural gas production and

consistently low prices, which have maintained North American global cost

competitiveness.

In conjunction with the recent increase and stabilization in oil prices, natural gas prices

have remained low. This continues to benefit domestic industrial consumers, who are

actively building increased capacity to capitalize on this sustained advantage. We continue

to see strong tailwinds across domestic downstream sectors and are looking at several

trends in the downstream infrastructure market as we continue into 2017, as outlined in

the following pages.

Infrastructure Services in Today’s Commodity Environment

Exhibit 2

Current Commodity Price Environment and Near-Term Indicators for Infrastructure Service Providers

West Texas Intermediate and Henry Hub Gas Prices Key Near-Term Indicators

Source: U.S. Energy Information Administration (“EIA”).

Refinery

Refinery capacity utilization Crack spreads and refiner margins Petroleum product imports / exports Aging facilities

Petrochemical Natural gas prices Global ethylene demand and cost

curve dynamics

Chemical

Ongoing capital buildout Increasing capacity High facility utilization rates and

increased throughput Aging facilities

LNG

Low cost natural gas increasesattractiveness of export opportunity

Increased buildout to keep pace withdemand worldwide

Power

Potential relaxation of the Clean Airstandards under the currentadministration

Aging installed base of infrastructure Renewable buildout is expected to

pick up steam in the next severalyears

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

$0

$20

$40

$60

$80

$100

$120

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Hen

ery

Hu

b ($

/Mcf)

WT

I ($

/ B

bl)

WTI Henry Hub


Page | 3

7.176.66 6.47 6.25

5.82 5.74 5.44 5.09 5.005.48

6.49

8.769.42

8.74

9.88

2.0

4.0

6.0

8.0

10.0

12.0

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2015 2016E 2020P

Despite the dip in domestic production in 2016 due to commodity price fluctuations,

analysts are forecasting U.S. production to increase by ~2.0 million bpd over the next five

years to 9.9 million bpd (eclipsing 2015 production levels). The recent supply / demand

imbalance has shifted back to neutral and the world demand for crude is anticipated to

increase 1.2 million barrels a day in 2017. In the EIA’s bull case, they predict a doubling of

domestic crude production over the next 20 to 30 years.

In recent years, technological advancements have enabled producers to successfully

develop previously uneconomic hydrocarbon resources. In particular, unconventional oil

and gas plays (those defined as having more varied liquid output that just crude oil) such

as the Eagle Ford Shale and Permian Basin in Texas have greatly benefitted from these

advancements, allowing lower cost production and increased output. Furthermore, in

November 2016 the U.S. Geological Survey confirmed the discovery of the largest U.S.

deposit of oil in the Wolfcamp Shale in Texas, which represents nearly $1 trillion in

potential value and further solidifies domestic abundance of oil and gas resources for the

long-term.

Downstream operators in the U.S. benefit from the proximity to abundant supplies of oil

and gas for feedstocks and fuel. Additionally, integrated operators (those with upstream

and downstream operations) were negatively impacted by commodity fluctuations and

accordingly adjusted spending on downstream operations. The long-term positive outlook

for domestic production and recent stabilization of commodity prices provides a

supportive environment for process industries through 2020 and beyond.

Resurgence of Domestic Crude Production

Exhibit 3

Domestic Crude Production

U.S. Historical and Projected Crude Production(Mbpd)

Source: EIA 2017 Annual Energy Outlook.


Page | 4

Continued, steady increases in domestic production result in cost advantages for domestic

downstream operators. Feedstock and fuel costs for the refinery, chemical, and

petrochemical sectors are determined by resource price, abundance, and proximity to the

facility. Domestic production increases provide convenient access to resources for

downstream operators compared to international competitors, which serves as a

significant competitive advantage and will continue to support expanded maintenance and

capital spend on downstream infrastructure domestically.

Lower costs for crude domestically due to proximity (lower transportation costs), input

(cost of the crude oil being refined), and operating expenses (oil and gas driven based on

unit fuel) provide domestic refiners with a significant advantage and associated

infrastructure services providers with long-term tailwinds of continued investment.

Domestic Cost Advantage

ProductYield Product

Netback

TransportCost

Crude Input Cost

Op Ex

D&AGross Margin

EBIT Margin

Transportation costs key differentiator across US regions

Cheaper domestic crude improves US

refinery margins

Cheaper natural gas provides operating expenses cushion

Exhibit 4

Refinery Cost Advantage

Continued Domestic Refinery Cost Advantage


Page | 5

Refinery utilization rates have remained near record highs in recent years. This has been

driven by increased demand for refined petroleum products, lower domestic facility

counts with increasing capacity, and domestic producers enjoying significant cost

advantages over international peers. Utilization rates have consistently exceeded 90%

throughout the U.S. and particularly along the U.S. Gulf Coast corridor where utilization is

over 91%. Commodity price fluctuations in 2015 and 2016 drove refiners to defer some

turnarounds to offset losses in upstream operations by capitalizing on attractive crude

input costs. These industry factors and recent deferrals combine to drive more spending to

repair and upgrade facilities throughout the domestic refinery complex with the

expectations for a large 2017 and 2018 turnaround season.

U.S. refiners are experiencing strong sector tailwinds that will continue to drive growth

and investment in the overall refinery market. Significant investment in the sector is

expected as operators expand capacity across a base of aging facilities that consistently

operate at high utilization rates. While the number of total refineries has declined over the

last several decades and is expected to remain stable over the next five years, capacity has

expanded by nearly 10%. Capacity increases support extended capital spending and

increased maintenance on additional units at operating facilities. Operating facilities,

however, are largely decades old and require significant investment to support continuing

operations. Of the 140 refineries in operation, 89% are between 40 and 120 years old,

resulting in an aged and aging installed base that requires significant ongoing

maintenance.

Positive Domestic Refinery Outlook

Source: EIA.

Exhibit 5

Refinery Count and Capacity

U.S. Historical Operating Refineries and Operable Capacity (Capacity in Mbpd)

15.5

16.0

16.5

17.0

17.5

18.0

18.5

120

130

140

150

160

2000 2003 2006 2009 2012 2015

Cap

acity

Op

era

ble

Refi

neri

es

Refinery Count Capacity

Exhibit 6

High Utilization and Long-Term Cost Advantage

U.S. Average Refinery Utilization

85%83%

86% 86%89% 88% 90% 91% 90%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: EIA.


Page | 6

The domestic refinery market is characterized by highly stable growth - capacity and

production have increased since 2008 despite crack spread (the difference between the

price of crude oil and refined petroleum products) fluctuations. Steadily growing output

drives consistent investment with contractors and service providers to expand and

maintain domestic facilities.

Source: EIA.

$(10)

$(5)

$-

$5

$10

$15

$20

$25

$30

-

5

10

15

20

25

2008 2009 2010 2011 2012 2013 2014 2015 2016

Crack

Spread

Do

mes

tic

Pro

du

ctio

n/

Cap

acit

y (M

bp

d)

Domestic Production Crack SpreadTotal US capacity Linear (Domestic Production)

Exhibit 8Steady Refining Capacity and Production

Historical Production, Crack Spreads, and Domestic Capacity

Steady Capacity and Production Drives Consistent Investment

The continued strength of U.S. refiners relative to international peers and the growing

demand for refined petroleum products has maintained the U.S.’s position as a net

exporter of finished petroleum products. The trend is expected to continue in the future,

supporting future investment requirements in U.S. refineries.

Source: EIA.

Exhibit 7Refinery Inputs and Petroleum Products

U.S. Net Imports of Total Petroleum Products

Refineries Operating at Record Levels to Export Refined Petroleum Products

(Mbpd)

(4.0)

(2.0)

0.0

2.0

4.0

6.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

U.S. Net Imports of Total Petroleum Products Linear (U.S. Net Imports of Total Petroleum Products)

Increase of over 1.2 million barrels a day in capacity


Page | 7

$6.1

$5.0 $5.0 $5.2 $5.3 $5.4 $5.6

$5.9

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

2014 2015 2016E 2017P 2018P 2019P 2020P 2021P

Canada USA

Strong sector tailwinds are expected to drive significant investment in both maintenance

and capital work across the North American refinery market. Douglas Westwood

conservatively projects maintenance expenditures to approach 2014 levels by 2021P.

Commodity fluctuations in 2015 led to a reduction in maintenance and capital spend at

integrated refineries as operators increased utilization rates and deferred investment to

offset upstream losses. In the coming years, however, maintenance and capital spending is

expected to increase meaningfully as operators increase capacity domestically. Nearly $60

billion in capital expenditures are expected from 2017P to 2021P, which will significantly

expand the market’s addressable maintenance base. Given expected capacity expansions

and elevated utilization rates across the country, we believe these estimates to be

conservative over the coming years.

($ in billions)

Conservative forecast given increasing capacity and utilization dynamics

Exhibit 9

Refinery Maintenance and Capital Spend in the U.S. and Canada

Historical and Projected Maintenance Spend Historical and Projected Capital Spend

Source: Douglas Westwood, Industrial Information Resources (“IIR”).

($ in billions)

$14.4

$11.9 $12.4

$13.0 $13.7 $14.0

$15.0

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

2014 2015 2016E 2017P 2018P 2019P 2020P


Page | 8

0.0x

20.0x

40.0x

60.0x

80.0x

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Brent to U.S. Natural Gas

The abundant supply of natural gas, coupled with low cost feedstock for North American

operators, is expected to drive continued investment and growth in the chemical industry.

Domestic dry natural gas production, a critical feedstock and fuel source for chemical

operators, has expanded over six trillion cubic feet since 2010. Over the same time period

the U.S. liquid natural gas price has fallen over 70%, leading to significant growth in the

domestic chemical industry as operators take advantage of lower feedstock costs.

Continued Chemical and Petrochemical Strength

(trillion cubic feet per year)

Exhibit 10

Domestic Production Supports Strong Sector Tailwinds

U.S. Dry Gas Production U.S. Liquid Natural Gas Price

Source: EIA.

($ per million BTU)

-

5

10

15

20

25

30

35

40

2005 2010 2015 2020P 2025P 2030P 2035P 2040P $-

$5

$10

$15

$20

Jan-09 Jul-10 Jan-12 Jul-13 Jan-15 Jul-16

The U.S. chemical industry - and petrochemical sector, in particular - continue to

experience a favorable cost position compared to international competitors. U.S. ethane-

based ethylene production cost advantages remained favorable in 2015 and 2016 and, in

August of 2016, U.S. ethane based producers had a cost advantage of 6 cents a pound

versus naphtha-based producers in Asia.

In January 2017, the ratio of Brent oil to U.S. natural gas, a proxy for the relative cost

position of U.S. ethane-based ethylene producers versus their naptha-based European and

Asian producers, rose to 17.3x in from the previous January 2016 number of 13.5x. This is

compared to the long-term historical average of ~8.0x. The abundance of domestic natural

gas and the associated cost advantage compared to naptha-based producers creates a

highly defensible feedstock cost advantage. Furthermore, this advantage will generally

expand with increasing oil prices.

Strong Advantages for Domestic Petrochemical Producers vs. International Peers

0%

25%

50%

75%

100%

'07 '08 '09 '10 '11 '12 '13 '14 '15

Adv over Europe Adv over NE Asia Adv over SE Asia

Exhibit 11

U.S. Advantage over International Peers

U.S. Ethane Advantage Brent Oil to U.S. Natural Gas

Source: IHS; EIA.

Historical average of ~8.0x is well below current ratio of 17.3x

Historical Average


Page | 9

1,099

1,879

-

400

800

1,200

1,600

2,000

Existing 2015 PlantCapacity

Total Planned Capacity(2018P)

Pre-1950

25%

'51 to '70

37%

'71 to '90

29%

'91 to '00

6%

Post-2000

4%

Percent of PetrochemicalFacilities by Start Year

The petrochemical industry, like the broader chemical industry, is expected to increase

capacity significantly as operators capitalize on strong domestic tailwinds of low

production costs relative to international peers. By 2018P petrochemical capacity in the

U.S. is expected to expand approximately 70% to nearly 1.9 trillion metric tons, when

compared to 2015.

Given the relative age of existing facilities, with over 90% 25 years or older and 60% 45

years or older, industrial services providers are poised for significant opportunities to

capitalize on increased maintenance spend on aging facilities, capital jobs on capacity

additions, and on increasing maintenance spend on the large base of operating assets.

Demand-Driven Growth Across Domestic Chemical and Petrochemical Market

Source: IIR.

~70% capacity increase

Over 90% of U.S. refinery facilities were built on or

before 1991 -Over 25 years ago

Exhibit 13

Petrochemical Demand-Driven Capacity Expansions and Aging Asset Base

U.S Petrochemical Capacity Additions(Billions of metric tons)

U.S. Facility Start Year

Growing global demand is supplied by an aging asset base, which is expected to

meaningfully benefit industrial services companies serving the chemical complex through

2020P and beyond. Domestic chemical capacity additions to meet growing demand are

expected to be nearly 40 billion metric tons from 2016E through 2020P. Across all

categories of non-petrochemical chemical producers, however, facilities will require

increasing levels of maintenance given relative age – nearly 50% of non-petrochemical

chemical producing facilities started operation in 1970 or before.

Exhibit 12

Chemical Demand-Driven Capacity Expansions and Aging Asset Base

U.S Non-Petrochemical Capacity Additions(Billions of metric tons)

U.S. Facility Start Year

Source: IIR.

Nearly 50% of facilities in every category started operation in 1970 or before

29%43%

23% 22%

36%

29%

15%28%

14%14%

30%

28%

3%

14%

23% 6%19%

9% 15%

0%

20%

40%

60%

80%

100%

Agricultural Fibers IndustrialGases

Plastics /Rubbers

Pre-1950 '51 to '70 '71 to '90 '91 to '00 Post-2000

100

150

200

250

300

2014 2015 2016E 2017P 2018P 2019P 2020P


Page | 10

Exhibit 14

Near-Term North American Chemical Investment

North American Chemical Capital Investment($ in billions)

Source: IIR.

$26

$18

$13

$26

$23

2014 2015 2016E 2017P 2018P

Projected Chemical Spending

Domestic operators have invested significantly in recent years to satisfy growing

worldwide demand. In order to capitalize on strong cost advantages in North America,

chemical operators are expected to invest meaningfully near-term. In 2017 spending is

expected to match the previous peak in 2014 when capacity was expanded following the

shale boom. Identified capital investment deemed “Most Probable” to occur by IIR over

the next 24 months in North America alone represents nearly $50 billion in projects.

Historical Spend Most Probable Future Spend

Nearly $50 billion in anticipated investment over the next two years

The North American petrochemical industry, like the broader chemical industry, has been

experiencing and will continue to experience a significant buildout as operators capitalize

on growing demand and cost advantages over international peers. Operators are expected

to add ~70% in domestic capacity by 2018 and are expected to ultimately invest nearly $60

billion in capital projects from 2017P to 2020P.

Strong Petrochemical Spending Outlook

Exhibit 15

Near-Term North American Petrochemical Investment

North American Petrochemical Capital Investment($ in billions)

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

2010 2011 2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P

Source: IIR, LEK.

25% CAGR

7% CAGR


Page | 11

Source: Douglas Westwood.

North American Petrochemical Maintenance Spend($ in billions)

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

2016E 2017P 2018P 2019P 2020P

Exhibit 16

Near-Term North American Petrochemical Investment

17% Increase

Capital investment to grow capacity and the continued operation of older facilities is

expected to require significant maintenance investment through 2020 and beyond.

Petrochemical maintenance in North America over the coming years is expected to total

over $46 billion through 2020P. Based on all the new capacity set to come online over the

next couple of years, we find this forecast to be a conservative estimate and expect

maintenance spending to increase further in the medium term.


Page | 12

Growing global LNG demand is driving significant investment to expand LNG export

capacity. Domestic operators are poised to benefit given resource abundance and sustained

low commodity prices. U.S. natural gas prices have remained substantially below global

market prices due to the abundance of domestic unconventional resources and the ability

to export natural gas through the liquefaction process. However, there is some concern

among industry participants surrounding potential oversupply and lower margins,

particularly in Japan, the world’s largest importer, in the event additional domestic

projects are announced beyond already planned capacity.

Strong Demand for Domestic LNG Export Facilities

Exhibit 18

Strong Domestic Outlook Given Global Price Differentials

Global Price Differentials1

(USD in actual dollars per MMBtu)

(1) As of January 2017.Source: IMF.

The sustained price advantage of the U.S. over major European and Asian markets, as well

as the growing global demand, have positioned the U.S. to fill the capacity gap by

increasing spending to buildout the current number of LNG export facilities and

associated capacity. LNG facilities are forecasted to grow from 23 in 2016 to 41 in 2021, an

increase in capacity of 72 million metric tons per year (MMt/y).

-

50

100

150

200

250

300

350

400

450

2000 2005 2010 2015 2020 2025 2030

MM

t/y

Japan, Korea and Taiwan China & IndiaEurope AmericasNiche (Asia & ME) Uncovered Demand

Exhibit 17

Rising Demand Continues to Support Additional Investment

Global Demand

$7.50

$5.88

$2.82

$5.00

$10.00

$15.00

$20.00

$25.00

Dec-10 Jun-12 Dec-13 Jun-15 Dec-16

Asia Benchmark Europe Benchmark Henry Hub

Long-term sustained global price differentials support extensive North American LNG export opportunities

Source: EIA.


Page | 13

North America is poised for significant, continued investment in the engineering,

planning, and construction of multi-billion dollar LNG export facilities given resource

abundance in the region. New facilities are principally located around the Gulf Coast given

resource proximity but the first U.S. LNG export terminal was in Kenai, Alaska and

entered service in 1969. Resource abundance in the lower 48 states is driving significant

investment, especially around the Gulf, and in February 2016 Cheniere was the first

company to export LNG from the lower 48. The investment to construct and maintain

these facilities represents a large opportunity for infrastructure service companies in the

near- and long-term. There are currently seven export facilities under construction and an

additional eight approved by the DOE and FERC.

LNG Export Projects Advancing in North America Due to Attractive Pricing Dynamics

Exhibit 19

North American LNG Export Terminal Projects

As of January 2017

(Capacity in Bcfd)

Source: FERC

U.S. Export Terminals – Approved

Under Construction

Capacity OwnerExpected Date in

Operation

Sabine, LA 1.4 Cheniere/Sabine Pass LNG 2019Hackberry, LA 2.1 Sempra-Cameron LNG 2018

Freeport, TX 2.1Freeport LNG Dev/Freeport LNG

Expansion/FLNG Liquefaction2018

Cove Point, MD 0.8 Dominion- Cove Point LNG 2017Corpus Christi, TX 2.1 Cheniere – Corpus Christi LNG 2018Sabine Pass, LA 1.4 Sabine Pass Liquefaction 2019Elba Island, GA 0.4 Southern LNG Company 2019

Not Under Construction


Operation

Lake Charles, LA 2.2 Southern Union – Lake Charles LNG 2019Lake Charles, LA 1.1 Magnolia LNG TBDHackberry, LA 1.4 Sempra – Cameron LNG 2018Sabine Pass, TX 2.1 ExxonMobil – Golden Pass TBD

U.S. Export Terminals – Formal FERC Application Filed

Awaiting Approval


Operation

Golden Pass, TX 2.1 Qatar Petroleum / Exxon Mobil 2022 – 2024Calcasieu, LA 1.4 Venture Global 2022 – 2023Texas 0.6 Texas LNG 2023Rio Grande, TX 1.4 NextDecade 2022Gulf of Mexico 1.5 Kinder Morgan – Gulf LNG 2022

Canada Export Terminals – Approved



Operation

Port Hawkesbury, NS

0.5 Bear Head LNG TBD

Kitimat, BC 3.2 LNG Canada TBDSquamish, BC 0.3 Woodfibre LNG Ltd. 2017Prince Rupert Island, BC

2.7 Pacific Northwest LNG TBD

U.S. Import Terminals - Approved

Under Construction


Operation

Corpus Christi, TX 0.4 Cheniere - Corpus Christi LNG 2018



Operation

Salinas, PR 0.6 Aguirre Offshore GasPort, LLC 2018Gulf of Mexico 1.0 Main Pass McMoRan Exp. TBDGulf of Mexico 1.4 TORP Technology-Bienville LNG TBD


Page | 14

-

50

100

150

200

250

-

5

10

15

20

25

30

35

40

45

2010 2011 2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P 2021P

North American Facility Count North American Capacity

Investment to expand LNG facilities and capacity across North America is expected to

continue through 2021P and beyond given the resource abundance and sustained price

advantages of the region. With nearly 20 new facilities expected from 2016E to 2021P,

infrastructure services providers find themselves poised to benefit from a substantial, long-

term investment cycle that is currently in the early innings.

Significant Facility Buildout and Associated Spend

Significant expansion of LNG facilities in North America will position service providers to

execute on long-term capital and maintenance opportunities. The expansion is driving a

more than doubling of maintenance expenditures from 2017P to 2021P with long-term

prospects for continuing growth and opportunity for infrastructure services providers.

Exhibit 20

North American LNG BuildoutNorth America Import and Export Facility and Capacity Buildout(MMt / y)


North American LNG Maintenance Spend($ in billions)

Fa

cili

ty C

ou

nt

MM

t / y

$-

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2010 2011 2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P 2021P


Exhibit 21

North American LNG Buildout

22% CAGR


Page | 15

The domestic power market benefits from a large installed base of aging facilities and an

expanding market driven by natural gas capacity additions. While coal’s share of domestic

power generation has declined due to environmental regulations, the shift to natural gas as

an inexpensive, cleaner fuel source has contributed to a stable power generation base.

Coal’s prospects, however, are beginning to recover given additional regulations being

held up and the renewed support of coal in the new administration. In February 2016 the

Supreme Court halted implementation of the Environmental Protection Agency’s (EPA)

Clean Power Plan and in February 2017 President Trump stopped regulation on coal

mining debris disposal. The abundance of natural gas and increasingly favorable outlook

for coal provide a strong outlook for power generation and associated service providers.

Exhibit 22

Domestic Power Generation

(million kilowatt hours)

-

0.5

1.0

1.5

2.0

2.5

3.0

2005 2008 2011 2014 2017P 2020P

Coal Natural Gas

Exhibit 23

Long-Term Investment in Additional Power Generation Capacity

(gigawatts)

In order to meet energy demands through 2040, the EIA expects more than 300 gigawatts

of power generation capacity additions in the U.S. Natural gas is the predominant fuel

source anticipated given resource abundance and renewable additions are expected to see

the most growth year-over-year given environmental pressure. However, as noted above,

there is potential for this mix to shift given today’s political environment and

infrastructure services providers will ultimately benefit from the additions in all forms.

-

10

20

30

40

50

60

70

2013-2015

2016-2020

2021-2025

2026-2030

2031-2035

2036-2040

Coal Nuclear Renewables/ Other Natural gas

Source: EIA.

Steady Demand for Power Generation

Source: EIA.

Electrical Power Generation Additions by Fuel Type

Electrical Power Generation by Fuel Type


Page | 16

Domestic power demand is steadily increasing with ~10% expected growth in the next

decade, which will require additional capacity buildout in the near- and long-term.

Planned investment is primarily comprised of grassroots / greenfield, transmission and

distribution, expansion, maintenance, modernization, conversion, environmental, and

closure initiatives. Specifically, there is a significant and large pipeline of natural gas-fired

project starts expected to commence from 2017 to 2020 with 223 distinct projects in the

pipeline for North America, which represents more than $83 billion of investment and a

large opportunity for infrastructure services providers for the foreseeable future.

Significant Investment in Domestic Power Generation Throughout North America

Exhibit 24North American Power Industry

Source: IIR.

Natural Gas-Fired Project Starts (2017-2020)

Exhibit 25U.S. Power Industry

Source: IIR.

$60 million

$278million

$167 million

$533 million

Scheduled Maintenance Outages (2017-2018)

Infrastructure services providers are also well-positioned to benefit from regularly

scheduled maintenance at power facilities. Scheduled maintenance outages for power

infrastructure are anticipated to be in excess of $6 billion between 2017 and 2018. The most

significant concentration will occur in the Gulf Coast with nearly $900 million scheduled

between Texas, Oklahoma, Louisiana, and Arkansas.

$1.2 billion

$11.1billion

$4.4billion

$21.4 billion

Major Gas-Fired Project Starts by State (2017-2020)

State Units Mega Watts

Texas 97 20,298

Pennsylvania 56 10,378

Ohio 30 8,089

California 38 5,172

New Jersey 17 3,639

Alberta 14 3,249

Michigan 16 3,045

Virginia 10 2,729

Indiana 10 2,196

Illinois 8 2,187

Natural Gas-Fired Project Starts (2017-2020)

Scheduled Maintenance Outages by Company (2017-2018)

Company Outages TIV ($ in millions)

Entergy Corp 21 $168.6

NRG Energy 14 129.7

Vistra Energy / Luminant 11 82.9

Calpine Copr 17 71.1

American Elect Power 12 35.6

Total 75 $487.9

Gulf Coast Scheduled Maintenance Outages

$114 million

$533 million

$125 million

177 scheduled outages worth $880 million

1,095 scheduled outages worth $6.1 billion


Page | 17

Continued expansion of the power generation market is expected to require increasing

investment through both capital and maintenance activities. Capital projects are projected

to remain relatively consistent around $20 billion per year with some modest increases

each year. As infrastructure continues to age and additional power generation capacity is

brought online, maintenance expenditures are expected to increase and ultimately reach

nearly $100 billion by 2020P. The long-term, stable capital investments and growing

maintenance base provide a strong outlook for infrastructure services providers across the

power sector through 2020P and beyond.

Exhibit 26

U.S. Power Generation Investment

($ in billions)

Source: IIR, LEK.

$16 $17 $18 $18 $19 $20 $19 $20 $20 $20 $21

$57 $60$70

$60 $63$71 $74 $71 $73 $76 $79

$73 $77

$88

$78 $82

$90 $92 $91 $93

$96 $99

$-

$20

$40

$60

$80

$100

2010 2011 2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020PMRO Capital Expenditures Total

Projected and Historical Capital and Maintenance Spend


Page | 18

North America is poised for significant investment in renewable energy through 2020 in

the form of both solar and wind power production. Renewable domestic power generation

is supported by production tax credits for wind energy that extend through 2020 as well as

investment tax credits for solar that extend through 2022. These tailwinds are driving

significant capital investment in the sector and is heavily concentrated on the West coast

and Mid-West of the United States. This trend is expected to continue with more

renewable portfolio standards on the horizon and serve as an additional avenue for

infrastructure services providers to work with power generation operators across North

America.

Continued Investment in Renewable Power Generation

Exhibit 27North American Renewable Power

Source: IIR.

New Capital Work for Renewable Energy Projects Scheduled to Begin 2017 to 2020

$2.6 billion

$10.3billion

$5.6 billion

$25.9 billion


Page | 19

Appendix A: Industrial Services Overview


Page | 20

Over the last two decades, process industries have shifted to outsourcing non-core

activities that make up today’s industrial services market. Outsourced industrial services

have served as a means to reduce costs for process industry operators by eliminating

unnecessary equipment previously owned by the facility and associated maintenance

expenditures, increase safety through specialization at service providers, and create

efficiencies within plant operations and helped to mitigate skilled labor shortages in most

U.S. industries.

Industrial Services Overview

Appendix A: Exhibit 1Industrial Services Overview

MECHANICAL SERVICES

Services include maintenance, turnarounds, and construction.

Zachry/JVIC conducts a turnaround

at the Phillips 66 refinery in Borger, TX

EMCOR/RepconStrickland conducts first

FCCU turnaround with cones in place

EMCOR/Ohmstede repairs and tests

a heat exchanger

Key Players:

ELECTRICAL SERVICES

Services include installation, maintenance, and testing of electrical equipment and instruments.

IPS repairs a large electric motor for

a petrochemical facility

Ardent completes new substation tie-in

and coker turnarounds

Quanta installs sample tubing and

instrumentation for turbines in Colorado

Key Players:

INDUSTRIAL CLEANING

Services include hydroblasting, vacuum services, chemical cleaning, tank cleaning, remediation, and disposal & recycling services.

PSC uses an automated hydroblaster

to clean a heat exchanger

HydroChem uses a specialized vacuum

setup for coating removal

Veolia uses a specialized system to

clean fin fans

Key Players:

MULTI-CRAFT AND OTHER

Services include scaffolding, insulation, coatings, painting, refractory work, NDT, inspection and other related crafts.

Brock erects scaffolding for a

cracker turnaround

Brand uses scaffolding for refinery tank

maintenance

AZZ/Aquilex uses automated weld

heads for precision, in-pipe operations

Key Players:


Page | 21

Mechanical services include engineering, constructability, and planning services for

routine maintenance, plant turnarounds, expansions, and new construction. Routine

maintenance services consist of field machining, bolting/torqueing, and duct work, among

others, and are performed by employees of mechanical services companies that reside in or

are embedded in a customer’s facility. These services serve as a stable base of work on a

daily and weekly basis, are typically performed on time and materials agreements, and

often carry a lower margin than turnaround maintenance and expansion work.

Planned turnarounds (in refineries and petrochemical facilities) or outages (in power

plants) consist of scheduled, large-scale maintenance activities wherein an entire process

unit is taken off-line for comprehensive maintenance, revamp, and renewal. While

industry-specific terminology varies, the fall and spring seasons are the traditional

turnaround seasons when lower demand justifies equipment being taken off-line

temporarily as opposed to summer and winter seasons where facilities run 24 hours a day,

seven days a week. These regularly scheduled plant turnarounds are necessary to

minimize unexpected repairs and downtime of critical process equipment that can occur

with equipment failure. While the frequency of turnarounds can vary by facility type,

equipment age, and operator, a typical plant schedules turnarounds every two to five

years. However, it is not unusual for a plant operator to stage turnaround activities by

processing unit or type of equipment, so as to avoid having the entire facility shutdown at

one time, which results in a consistent flow of work for mechanical service providers.

During a turnaround, mechanical service firms flex their employee base at the site, which

can exceed 500 people for a large turnaround. Similar to routine maintenance, these

services are often performed on a time and materials basis, but command higher margins

due to added complexity and the timeliness in which work must be performed to limit

plant downtime.

Mechanical Services

Appendix A: Exhibit 2

Service Categories

Routine Maintenance Project Maintenance Capital Projects

Daily / weekly maintenanceoperations performed byembedded outsourced serviceproviders

Medium and large scalemaintenance operations thatoften require equipment to betemporarily taken offline every 1– 3 years

Upgrades, expansions, newconstruction, and capitalprojects scheduled on an as-needed basis

Outsourced services performed by industrial services providers can be sub-divided into

three categories that vary in scope and frequency.

Services Categories

Description

Time & Materials (“T&M”) T&M / Lump Sum Lump SumTypical

Structure

Low Medium HighMargins &

Perceived Risk


Page | 22

Electrical contractors within the industrial services sector provide engineering and

construction, fabrication, installation, and maintenance services to electrical systems and

equipment. These services typically encompass a wide array of maintenance services and

capital projects to numerous end markets, including electrical systems for refinery capacity

expansions, new petrochemical plants and expansions, LNG export facilities, oilfield

electrification, offshore oil and gas rigs and platforms, power generation facilities,

renewable energy resources, and many other process facilities in related markets. Electrical

systems in these facilities require significant ongoing maintenance to control, lighting, and

power systems and must be performed by specialized contractors to ensure the safe and

efficient operation of facilities.

Electrical Services


Mechanical Services

Key Services Description Key Players

Routine Maintenance

Smaller scale, regularly scheduled maintenanceperformed by resident outsourced service providersenergy infrastructure equipment throughout acontinuous process facility.

Turnarounds & Revamps

Planned, periodic shut down (total or partial) of aprocess unit or plant to perform maintenance, overhauland repair operations, and to inspect, test, and replaceprocess materials and equipment.

Facility Design & Construction

Services focus on constructability and maintainability offacilities and operations across process industries andother industrial and commercial applications.

Piping and Plumbing

Provide piping and plumbing system installation andintegration in addition to welding services associatedwith construction and maintenance.

HVAC Full service design, construction, and ongoing

maintenance of heating, ventilation, and air conditioningsystems.

Other Services Include cold cutting, isolation of lines and pipes for hot-

work, hydrotesting services on welding and bolts, andhot tapping and line stop services.

In addition to turnarounds, mechanical service providers specialize in facility construction

and expansion, which occurs when a facility needs to upgrade a unit or expand its

capacity. This work is often contracted in a lump sum structure that can introduce

execution risk for the service provider, but experienced firms often mitigate these risks

through effective planning and estimating, and can reap higher margins as a result. The

mechanical services market is dominated by large, national providers and is in the midst of

an ongoing consolidation trend as privately-held businesses begin to explore transition

opportunities.


Page | 23

The electrical services market is highly-fragmented with several large contractors gaining

scale and market share through the acquisition of smaller regional or “mom and pop”

operations across the country. Large industry participants include Quanta Services,

Ardent Services, EMCOR Group, and MMR Group, and several smaller providers with a

nationwide presence, diverse end market exposure, wide service offerings, and skilled

labor pools.

Unit Substation acts as an electrical control center in an industrial facility.

Substation is connected to electrical control systems.

Cable trays take cable from the substation to process unit.

Conduit duct banks connect to process unit.

Conduit and cable connect to control stations, lighting, electric motors, etc.

1 2 3 4 5


Sample Electrical Instrumentation Process FlowTypical Electric Systems Flow in an Industrial Process Facility

Exhibit 5

Electrical Services


Electrical and Instrumentation(“E&I”) Systems Installation and Repair

Typically ongoing, daily maintenance services including repair,upgrades, and installation services for electrical infrastructurewithin process facilities, including conduit trays, other associatedcable trays, switchgear repair, calibration services, among others.

Electrical Systems Design

Computer modeling and engineering planning to design theproper locations of electrical systems and components around afacility.

Electrical Systems Inspection and Testing Services

Inspection and testing services that ensure equipment andsystems function properly at anticipated capacities without riskto other systems.

Substation Repair and Construction

Repair and construction services for electrical substations, whichtransform voltage along T&D systems from high to low, or viceversa, to control the transportation of electricity.

Unit Substation acts as an electrical control center in an industrial facility.

Substation is connected to electrical control systems.

Cable trays take cable from the substation to process unit.

Conduit duct banks connect to process unit.

Conduit and cable connect to control stations, lighting, electric motors, etc.

1 2 3 4 5

Unit substation act as as an

electrical control center in an

industrial facility.

Substation connected to

electrical control systems.

Cable trays take cable from

the substation to process

unit.

Conduit duct banks connect

to process unit.

Conduit and cable connect

to control stations, lighting,

electric motors, etc.


Page | 24

The industrial cleaning market’s core services include hydroblasting, industrial

vacuuming, chemical cleaning, and tank cleaning, among other specialty services, which

are necessary to improve or sustain the operating efficiencies and extend the useful lives of

process equipment and facilities through routine daily maintenance and turnaround

programs. Hydroblasting and industrial vacuum services represent the two largest

segments of the cleaning market and have seen substantial technological development

over the last five years, including increased automation and engineered safety systems.

For example, in an effort to create a safer environment and capitalize on increased

efficiency, speed, and quality, many service providers are moving to automate

hydroblasting services, which minimizes risk to employees and helps shorten cleaning

projects.

Industrial cleaning companies typically provide services to a wide range of process

industries, including hydrocarbon processing (petrochemical and refining), the electric

utility industry, and upstream oil and gas industry, among others. The industrial cleaning

market is highly fragmented with a few large, national providers comprising a large

portion of the market, while smaller regional and local companies make up the broadest

segment of the landscape. Industrial cleaning providers typically perform ongoing daily

maintenance within a facility, utility territory, or oil and gas field, as well as large-scale

projects such as turnarounds. Given the larger role these outsourced service providers

have taken, maintenance is no longer simply a necessary expense, but rather a strategic

contributor to the plant’s productivity. This has driven greater use of outsourced

maintenance and cleaning services to handle the more significant environmental, safety,

and reliability requirements of complex plants and infrastructure. Further, cost-cutting at

large process facilities has focused on supply chain management as a tool to consolidate

vendors, which will continue to favor the larger providers that have the requisite ability to

offer bundled services, a nationwide footprint, and leading safety and training programs.

Industrial Cleaning

Appendix A: Exhibit 6Industrial Cleaning


Hydroblasting High-pressure, sometimes automated, water washing of

interior and exterior surfaces, process configurations,heat exchangers, and other vessels.

Industrial Vacuuming

Liquid vacuum services consist of the removal andtransportation of various liquids, while air movingvacuum services include a wide range of materials fromfine powder to concrete.

Chemical Cleaning The cleaning of equipment using chemical mixtures to

loosen, dissolve, and remove materials from equipment.

Tank Cleaning Cleaning of storage tanks to allow inspection and

maintenance activities and the removal of hazardousmaterials from inside the structure.


Page | 25

Multi-Craft and Other Trades

Multi-craft services address a wide range of service specialties for energy infrastructure.

These services are involved in the majority of maintenance and capital projects on-site and

are traditionally contracted to both large national players and a vast network of regional

firms with smaller service offerings. Multi-craft services include scaffolding, refractory,

crane / heavy haul, specialty welding, testing & inspection, painting, blasting, insulation,

and fireproofing, among others.

Scaffolding

Industrial facilities use scaffolding systems that provide closer access torepair equipment and perform routine maintenance activities, unplannedrepairs, and major pre-planned turnaround projects.

Larger scaffolding projects involve engineering designs to comply withOSHA standards and require qualified personnel with expertise inscaffolding assembly in harsh and dangerous environments and facilities.

Erecting and dismantling industrial scaffolding typically requiresconsiderably more technical expertise than commercial scaffolding.

Refractory

Refractory contractors provide installation and maintenance services across awide variety of processing industries and traditional materials includecastables, brick, mortar, refractory anchors and plastics, grouting, and other,usually nonmetallic, natural and synthetic materials.

Refractory products are exposed to temperatures of up to 2,000 degreesCelsius and require regular maintenance in today’s high utilizationenvironment across process industries.

Crane / Heavy Haul

Industrial crane / heavy haul services providers serve the refining,petrochemical, power, and oil & gas markets, among many other industrialand commercial markets.

Crane services are typically billed for on-site time on daily or hourly ratesand are used for large capital projects (turnarounds) and on a recurring basiswith ongoing maintenance and repair operations.

Equipment types include gantry lifts, boom truck cranes, rough terraincranes, all terrain cranes, and crawler cranes, among others.

Specialty Welding

Welding services are an integral part of turnaround and maintenanceservices at refineries, petrochemical plants, and power plants.

These services require highly-skilled labor forces to perform quality weldingservices on everything from revamps and upgrades of piping systems toheavy wall pressure vessels, exchangers, and tower services.

Testing & Inspection

Testing services encompass a wide variety of solutions to ensure processindustry code and specification compliance.

Services include visual inspection liquid penetrant, magnetic particle,radiographic, ultrasonic, and acoustic emissions tests.

Advances in testing technologies have allowed for more advancedtechniques such as eddy current inspections for crack detection andconductivity measurements, digital radiography for live inspections ofpiping systems, and automated ultrasonic systems for scanning duringturnarounds and maintenance.

Other Services Specialty painting and blasting. Insulation and fireproofing.

Appendix A: Exhibit 7Other Trades

Representative Other Trades Key Players


Page | 26

Appendix B: Top 50 Infrastructure Projects


Page | 27

Appendix B: Exhibit 1

Top 50 Infrastructure Projects as Named by the Trump Administration

Major Administration Infrastructure Projects

Project Name Market(s) Served DescriptionAnticipated

Spend

1) Second Avenue Subway Transportation NYC subway expansion $14,200

2) Gateway Program Transportation Reconstruction of rail infrastructure 12,000

3) Texas Central Railway Transportation High speed rail between Houston and Dallas 12,000

4) NextGen Air Traffic Control Aerospace Replacing outdated radar systems 10,000

5) DC Union Station Expansion Transportation Modernization of Union Station 8,700

6) 15 Bridges on I-95 Transportation Repair of bridges in Philadelphia 8,000

7) Maryland Purple Line Transportation 16 mile light rail 5,600

8) Chokecherry and Sierra Madre Wind Energy Power Generation 1,000 turbine wind farm in Wyoming 5,000

9) Atlantic Coast Pipeline Midstream Energy Interstate gas pipeline in VA, NC, and WV 5,000

10) Gordie Howe International Bridge Transportation New bridge connecting Detroit and Ontario 4,500

11) Hydroelectric Plants Power Generation Replacing outdated turbines 4,000

12) Locks and Dams 52 and 53 on the Ohio River Maritime Repair of critical barge infrastructure 3,000

13) Project Clean Lake Wastewater Seven new water tunnels in Cleveland 3,000

14) TransWest Express Transmission Transmission & Distribution Regional electric transmission system 3,000

15) MBTA Green Line Transportation Extension of Boston transit 3,000

16) Cotton Belt Line Rail Transportation Commuter train between Dallas and Fort Worth 2,800

17) The Brent Spence Bridge Transportation Reconstruction of infrastructure 2,500

18) Plains and Eastern Electric Transmission Lines Transmission & Distribution Building of a 720 mile transmission line 2,500

19) Champlain Hudson Power Express Transmission & Distribution Renewable power transmission 2,200

20) Red and Purple Line Modernization, Chicago Transportation Reconstruction of metro lines 2,100

21) National Research Lab for Infrastructure Infrastructure Broadly R&D center for infrastructure 2,000

22) Seattle Airport Expansion Aerospace Expansion of Sea-Tac's airport 2,000

23) Upper Mississippi Locks 20-25 Maritime Repair of river locking system 1,800

24) St. Louis Airport Aerospace Expansion of international terminal 1,800

25) Upper Ohio River Improvements Maritime Improvement of key dams 1,700


Page | 28

Project Name Market(s) Served DescriptionAnticipated

Spend

26) I-95, North Carolina Transportation Repair of major interstate $1,500

27) Mississippi Rive Dredging Maritime Dredging to accommodate deep-draft vessels 1,000

28) Chicago Union Station Redevelopment Transportation Repair of Union Station 1,000

29) Colorado I-70 Transportation Widening of I-70 in Colorado 1,000

30) Colorado I-25 Transportation Widening of I-25 in Colorado 1,000

31) Kansas City Airport Aerospace New business terminal 972

32) Monogahela River Maritime Improvement of key dams and locks 900

33) IHNC Lock Replacement Maritime Replacement of key New Orleans lock 893

34) South Carolina Dams Environmental Accelerated repairs of 600 dams 850

35) I-93 Rebuild Transportation Widening of I-93 in New Hampshire 800

36) I-395 / I-95 Reconstruction Transportation Reconstruction of major Florida interstates 800

37) Savannah Harbor Expansion Maritime Deepening of the Savannah port 706

38) The Peace Bridge Transportation Repair of international crossing 700

39) Illinois River Locks Maritime Repair of river locking system 640

40) Augustin Plains Ranch Environmental Underground water storage in New Mexico 600

41) Soo Locks Reconstruction Maritime Replacement of key lake locks 580

42) M-1 Rail, Detroit Transportation Local rail 528

43) Port Newark Container Terminal Transportation Port expansion and improvements 500

44) Howard Street Tunnel Transportation Tunnel height expansion 425

45) Chichamauga Lock Maritime Replacement of key river lock 383

46) Huntington Beach Desalination Environmental Creation of additional water supply 350

47) Cadiz Water Conveyance Environmental Capture and preserve rain water in the Mojave 250

48) Arlington Memorial Bridge Transportation Bridge repair 250

49) Lake Pontchartraun Bridge Transportation Bridge repair 125

50) Energy Storage and Grid ModernizationPower / Transmission &

DistributionUpgrade of national energy infrastructure Unknown

Appendix B: Exhibit 1 (Continued)

Top 50 Infrastructure Projects as Named by the Trump Administration

Major Administration Infrastructure Projects


Page | 29

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Infrastructure Services - Preeminent Middle Market ... · Our mission with this paper is to provide an update on end market dynamics to our 2015 whitepaper detailing the U.S. industrial