Unless otherwise specified, all dollar amounts discussed are in Canadian dollars.

Consolidated Financial Highlights

                                   Three Months Ended      Six Months Ended
                                             Sept. 30,             Sept. 30,
(dollars in thousands)                2009       2008       2009       2008
-------------------------------  ---------  ---------  ---------  ---------
Revenue                          $ 171,110  $ 280,283  $ 318,213  $ 539,270
Gross profit                     $  33,121  $  44,281  $  57,931  $  91,871
 Gross profit margin                  19.4%      15.8%      18.2%      17.0%
Operating income                 $  18,569  $  23,046  $  28,341  $  49,976
Net income (loss)                $     809  $ (1,222)  $  15,583  $  17,874
Consolidated EBITDA (1)          $  31,755  $  36,226  $  51,340  $  72,953
Capital spending                 $  23,555  $  16,177  $  43,265  $  75,526
Cash and cash equivalents        $  97,716  $       -  $  97,716  $       -
(1) For a definition of Consolidated EBITDA (as defined within the credit
    agreement) and reconciliation to net income, see "Non-GAAP Financial
    Measures" at the end of this release.

"We made good progress during the three months ending September 30, 2009, despite continuing tough market conditions," said Rod Ruston, President and CEO. "We increased margins over last year, won new contracts and the current quarter's operating performance improved from the previous quarter."

"In the oil sands, which represents our largest market, recurring services volumes returned to more typical levels as production ramped back up under our long-term contract with Canadian Natural and we increased work under our new three-year contract with Shell Canada. As expected, project development activity in the oil sands remained well below last year's levels but we are seeing encouraging signs that the climate for oil sands investment is improving," said Mr. Ruston.

"Results from both our Piling and Pipeline divisions reflect the new economic environment. Piling revenues and margins remain under pressure due to the slowdown in both oil sands development activity and commercial and industrial construction markets. Pipeline revenues, meanwhile, are not yet reflecting the benefit of new contracts, including the TransCanada maintenance contract announced last quarter and two recent small contract awards with Terasen Gas Inc. and Spectra Energy Corp. Although the Piling and Pipeline segments make an important contribution to revenue and gross profit when the right projects are available, it is important to remember that they are variable by nature and are readily downsized and operated at a low cost when market conditions are less favourable."

"Overall, our results for the current period were in line with our expectations. Going forward, we expect to see continued strength in our recurring services business through the second half of the fiscal year. We anticipate that our project development business will continue to face challenging market conditions in the near term. However, our longer-term outlook remains positive as a result of our recent contract wins and further improvement in oil sands industry fundamentals," said Mr. Ruston.

Consolidated Results for the Three Months Ended September 30, 2009

(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Revenue                                     $ 171,110  $ 280,283  $(109,173)

For the three months ended September 30, 2009, consolidated revenue was $171.1 million, compared to $280.3 million during the same period last year. The $109.2 million decrease reflects continued weakness in commercial and industrial construction markets due to the current economic slowdown, reduced project development activity in the oil sands and a significant decline in Pipeline segment revenues following last year's completion of the TMX Anchor Loop pipeline project. Recurring services revenue remained stable year-over-year, with increased activity at Shell Canada Energy's (Shell) Albian Jackpine Mine and an increase in equipment rentals to Suncor Energy Inc. (Suncor) helping to offset lower activity levels at Syncrude Canada Ltd. (Syncrude) while that customer carried out a major maintenance program on its upgrader. Overburden removal activity levels at Canadian Natural Resources Limited's (Canadian Natural) Horizon mine were comparable to the same period last year and are expected to continue ramping up to planned production levels over the next three months now that the mine's start-up has been completed.

                                              Three Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Gross profit                                $  33,121  $  44,281  $ (11,160)
 Gross profit margin                             19.4%      15.8%

Gross profit for the three months ended September 30, 2009 was $33.1 million compared to $44.3 million in the same period last year. The change in gross profit primarily reflects lower revenue. Gross profit margin improved to 19.4% of revenue from 15.8% during the same period last year, reflecting lower equipment costs due to the timing of planned repair and maintenance costs and company-wide efforts to improve efficiency and reduce expenses.

                                              Three Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Operating income                            $  18,569  $  23,046  $  (4,477)
 Operating margin                                10.9%       8.2%

Operating income for the three months ended September 30, 2009 was $18.6 million, compared to $23.0 million in the same period last year. The impact of lower revenue and gross profit was partially offset by a $5.3 million reduction in general and administrative costs resulting from reorganization, cost-reductions and process improvements implemented in the prior fiscal year.

                                              Three Months Ended
(dollars in thousands, except per                       Sept. 30,
 share amounts)                                  2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Net income (loss)                           $     809  $  (1,222) $   2,031
Per share information:
 Net income (loss) - basic                  $    0.02  $   (0.03) $    0.05
 Net income (loss) - diluted                $    0.02  $   (0.03) $    0.05

The Company recorded net income of $0.8 million (diluted income per share of $0.02) for the three months ended September 30, 2009, compared to a net loss of $1.2 million (diluted loss per share of $0.03) during the same period last year. Non-cash items negatively affecting net income included a loss on cross-currency and interest rate swaps, along with a loss related to embedded derivatives in a long-term customer contract and long-term supplier contracts. These were partially offset by the positive foreign exchange impact of a strengthening Canadian dollar on the Company's US dollar-denominated 8 3/4% senior notes and a gain on the embedded derivative related to the redemption options in our 8 3/4% senior notes. Excluding the various non-cash items, diluted income per share would have been $0.17 for the three months ended September 30, 2009, compared to $0.30 during the same period last year.

Consolidated Results for the Six Months Ended September 30, 2009

                                                Six Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Revenue                                     $ 318,213  $ 539,270  $(221,057)

For the six months ended September 30, 2009, consolidated revenue was $318.2 million, compared to $539.3 million during the same period last year. The $221.1 million revenue decrease reflects reduced project development activity in the oil sands and significantly lower Pipeline and Piling segment revenues. Recurring services revenue was also lower on a year-to-date basis, reflecting lower volumes under the Company's overburden removal contract with Canadian Natural during that customer's mine start-up period, as well as reduced activity at Syncrude during the completion of an upgrader maintenance program. These impacts were partially offset by increased activity at Shell's oil sands sites under a new three-year contract and an increase in equipment rentals to Suncor.

                                                Six Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Gross profit                                $  57,931  $  91,871  $ (33,940)
 Gross profit margin                             18.2%      17.0%

Gross profit for the six months ended September 30, 2009 was $57.9 million compared to $91.9 million during the same period last year, primarily reflecting lower revenue. Gross profit margin improved to 18.2% of revenue, reflecting the benefit of reduced equipment costs from the timing of planned repairs and maintenance and company-wide efforts to improve efficiency and reduce expenses.

                                                Six Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Operating income                            $  28,341  $  49,976  $ (21,635)
 Operating margin                                 8.9%       9.3%

Operating income for the six months ended September 30, 2009 was $28.3 million, compared to $50.0 million during the same period last year, reflecting lower revenues and gross profit as discussed above. General and administrative costs were $29.1 million, a $9.5 million decrease from the same period last year, reflecting the benefit of reorganization, cost-reductions and process improvements implemented in the prior fiscal year.

                                                Six Months Ended
(dollars in thousands, except per                       Sept. 30,
 share amounts)                                  2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Net income                                  $  15,583  $  17,874  $  (2,291)
Per share information:
 Net income - basic                         $    0.43  $    0.50  $   (0.07)
 Net income - diluted                       $    0.43  $    0.48  $   (0.05)

The Company achieved net income of $15.6 million (diluted income per share of $0.43) for the six months ended September 30, 2009, compared to net income of $17.9 million (diluted income per share of $0.48) during the same period last year. Non-cash items positively affecting net income included the positive foreign exchange impact of a strengthening Canadian dollar on the Company's US dollar denominated 8 3/4% senior notes and gains on embedded derivatives in long-term supplier contracts and the redemption options in our 8 3/4% senior notes. These gains were partially offset by a loss on cross-currency and interest rate swaps, along with a loss related to an embedded derivative in a long-term customer contract. Excluding the various non-cash items, diluted income per share would have been $0.19 for the six months ended September 30, 2009, compared to $0.70 for the same period last year.

Segment Results

Heavy Construction and Mining

                                              Three Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Segment revenue                             $ 154,463  $ 176,073  $ (21,610)
Segment profit                              $  21,636  $  26,525  $  (4,889)
Segment profit margin                            14.0%      15.1%

For the three months ended September 30, 2009, revenue from the Heavy Construction and Mining segment was $154.5 million, compared to $176.1 million during the same period last year. The change in revenue primarily reflects a reduction in oil sands project development activity. As noted previously, recurring services, which represent approximately 75% of the Company's annual oil sands revenue, remained stable between the two periods.

Segment profit margin in the Heavy Construction and Mining segment for the three months ended September 30, 2009 decreased to 14.0% of revenue, from 15.1% during the same period last year. Segment profit margin in the current period was negatively impacted by an adjustment for lower forecasted margin on a large project.

                                                Six Months Ended
                                                        Sept. 30,
(dollars in thousands)                           2009       2008     Change
------------------------------------------  ---------  ---------  ---------
Segment revenue                             $ 286,873  $ 365,479  $ (78,606)
Segment profit                              $  45,272  $  47,928  $  (2,656)
Segment profit margin                            15.8%      13.1%

For the six months ended September 30, 2009, revenue from the Heavy Construction and Mining segment was $286.9 million, compared to $365.5 million during the same period last year. This decrease primarily reflects the decline in new project development activity in the oil sands. Results from last year also include revenue from a pass-through fuel supply contract and a tire premium surcharge that are no longer in effect.

Recurring services revenue was down slightly between the two periods, reflecting lower overburden removal volumes during Canadian Natural's mine start-up period and reduced site services activity during Syncrude's planned maintenance program. Partially offsetting these impacts were increased volumes under the Company's master services agreement with Shell and equipment rentals to Suncor.

Segment profit margin in the Heavy Construction and Mining segment for the six months ended September 30, 2009 increased to 15.8% of revenue, from 13.1% during the same period last year. The lower margin recorded a year ago was related to production challenges on a project and the pass-through fuel supply contract. Excluding these impacts, prior-year segment profit margin would have been 15.6% of revenue.

Piling

                                              Three Months Ended
                                                        Sept.