May 11, 2009

First Quarter 2009Presentation Results

Juan LladóCEO

TEC

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AS

REU

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TEC

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AS

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11

AWARDS

BACKLOG

EXECUTION: SAFETY TRACK RECORD

1Q 2009 FINANCIAL RESULTS

MARKET OUTLOOK

TEC

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TEC

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INDEX

22

Awards

€m

1Q 2009 AWARDS

2,621

3,582

2,207

848

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2006 2007 2008 1Q 09

33

1Q 2009 AWARDS

Lump Sum Turnkey (LSTK) contract for the development of the Sahil and Shah oil fields. Contract value: $1,300 millionProject in JV with CCC Group (TR 60%)Scope includes oil production flow lines, primary separation through central and satellite degassing facilities, gas compression, transfer lines, oil pumping facilities, main oil pipelines and produced water handlingContract length: 45 monthsADCO is part of the ADNOC Group, produces 1.4 million bpd from five fields (Asab, Bab, Bu Hasa, Sahil and Shah) representing 60% of United Arab Emirates oil production. It is ranked among the top 10 oil producers in the world

Highlights

Package B SAS project,Abu Dhabi

44

Two EPC Lump Sum Turnkey (LSTK)contracts in JV with Acciona (50/50)

Two Liquefied Natural Gas (LNG) terminalsin Granadilla (Tenerife) and Arinaga(Gran Canaria)

The project involves a 150,000 Nm3/hourregasification plant, a 150,000m3 storage and a jetty for each site

Contract length: 44 monthsGASCAN is a natural gas transport company, participated by: Unelco-Endesa, CajaCanaria, la Caja de Canarias and other Canarian companies

Highlights

Two LNG terminals, Canary Islands

1Q 2009 AWARDS

55

EPC Lump Sum Turnkey (LSTK)Development of a maritime terminal and a storage and distribution park at the Algeciras PortLiquid storage capacity of 300,000 cubic metresTotal investment of the project of more than € 100 millionContract length: 24 monthsAlpetrol Terminal is a Spanish company dedicated to operating maritime terminals and storage of crude oil and oil derivatives, jointly owned by Lia Oil 70% (part of OC Alliance) and Vilma Oil 30%.

1Q 2009 AWARDS

Highlights

Maritime terminal and storage and distribution park, Port of Algeciras

66

AWARDS

BACKLOG

EXECUTION: SAFETY TRACK RECORD

1Q 2009 FINANCIAL RESULTS

MARKET OUTLOOK

TEC

NIC

AS

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TEC

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77

1Q 2009 BACKLOG

Backlog

€m

Oil and gas Power

3,040

4,713 4,7115,002

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 1Q 09

88

HEALTHY BACKLOG

Spain 20%ROW 8%

Europe 36%Rest of Middle East

20%

Saudi Arabia 16%

BY CLIENTBY CLIENTBY GEOGRAPHYBY GEOGRAPHY

UTILITIES & OTHERS

14%

IOCs 46%NOCs 40%

99

HEALTHY BACKLOG: CUSTOMERS AND PRODUCTS

Refining Petrochemicals Upstream& Gas Power Infrastructures

& Industries Technology

KOC

PDO

PDO

1010

AWARDS

BACKLOG

EXECUTION: SAFETY TRACK RECORD

1Q 2009 FINANCIAL RESULTS

MARKET OUTLOOK

TEC

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AS

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TEC

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1111

Kayan: “Safety Best Performance” awarded three consecutive monthsBorouge: “Best Safety Prevention Campaign” awardRabigh: 30.7 million hours without lost time incidents

EXECUTION: SAFETY TRACK RECORD

Total Construction Worked Hours in 2008 = 55,149,060

TRIR LTIR Construction Worked Hours 000’s

0

60,000

50,000

40,000

30,000

20,000

10,000

1

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

02005 2006 2007 2008

12,326

16,715

34,461

55,149

0.62

0.74

0.12 0.15

0.28

0.22

0.070.11

1212

AWARDS

BACKLOG

EXECUTION: SAFETY TRACK RECORD

1Q 2009 FINANCIAL RESULTS

MARKET OUTLOOK

TEC

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AS

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TEC

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1313

SALES and EBITDA GROWTH

2,005

2,479

580 620

0

500

1,000

1,500

2,000

2,500

3,000

2007 2008 1Q 08 1Q 09

SALES

€m

EBITDA

€m

113

148

34 37

0

20

40

60

80

100

120

140

160

2007 2008 1Q 08 1Q 09

+7%+7% +8%+8%

1414

MARGIN PROGRESSION

5.4%5.7% 6.0% 5.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2006 2007 2008 1Q 09

EBITDA MARGIN

%

EBIT MARGIN

%

5.1% 5.4% 5.7% 5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2006 2007 2008 1Q 09

1515

FINANCIAL RESULTSProfit and Loss Account

1Q 09 1Q 08 Var. 2008

Revenues 620.0 580.0 6.9% 2,478.5

EBITDA 36.6 33.8 8.3% 148.3

Margin 5.9% 5.8% 6.0%

EBIT 35.0 32.6 7.5% 142.3

Margin 5.7% 5.6% 5.7%

Net Financial Results 2.2 1.8 4.7

Profit before Taxes 37.2 34.3 8.4% 147.5

Taxes -3.0 -2.1 -7.2

Net Income 34.2 32.2 6.0% 140.3

€€ millionmillion

1616

NET CASH POSITION AND DIVIDEND POLICY

422575

689

0100200300400500600700800

2007 2008 1Q 09

Net Cash Position

0.30

0.340.45

0.52

0.64

0.65

0.10.30.50.70.91.11.31.5

2007 2008 2009

DPS progression

Interim dividend (January) Complementary dividend (July)

+33%+33%€m€/Share

**ComplementaryComplementary dividenddividend toto be be paidpaid in July 2009in July 2009

**

Net cash position at March 31st, 2009: € 689 million

2008 Dividend proposal: € 1.29 per share (€ 70.1 million, 50% payout)

1717

AWARDS

BACKLOG

EXECUTION: SAFETY TRACKRECORD

1Q 2009 FINANCIAL RESULTS

MARKET OUTLOOK

TEC

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1818

MARKET OUTLOOK: Facing the crisis from a strong base

Overhead cost control

Mantaining a variable cost structure

Efficient procurement to lower costs for our clients

Adapting to customer needs

FACING THE CRISIS FACING THE CRISIS ……

1919

MARKET OUTLOOK: Facing the crisis from a strong base

Healthy backlog with projects that span until 2012

Expanded client base that allows access to a larger share of themarket

Large and diversified bidding pipeline in:

RefiningUpstream & GasPower

Execution under less stressed conditions

Strong Balance Sheet position

…… FROM A STRONG BASEFROM A STRONG BASE

2020

Disclaimer

This document has been prepared by Tecnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first quarter of 2009.

This document contains forward-looking statements of the Company and/or its management. These forward-looking statements such as statements relating to the Company's or management's intent belief or current expectations of the future growth in the Company's business and capital expenditure in the oil and gas industry in general are subject to risks and variables that are beyond the Company's control and that could materially and adversely affect the outcome and financial effects of the facts expressed implied or projected herein.

The Company is under no obligation to update or keep current the information contained in this presentation including any looking forward-statements or to correct any inaccuracies that may later become apparent.

No representation or warranty express or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates advisors or representatives shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This document is only provided for information purposes and does not constitute nor may it be interpreted as an offer to sell or exchange or acquire or solicitation for offers to purchase any share in the Company. Any decision to buy or invest in shares in relation to a specific issue must be made on the basis of the information contained in the relevant prospectus filed by the Company in relation to such specific issue.