UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 40-F







| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

OR



|x | ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



| | For the fiscal year ended March 31, 2011
                                         
   Commission File Number 001-33161
| | ----------------------------------------------------------------------------------------------------------------------





NORTH AMERICAN ENERGY
PARTNERS INC.

(Exact name of Registrant as specified in its charter)





Canada

(Province or other
jurisdiction of incorporation or organization)

1629

(Primary Standard Industrial Classification Code Number (if applicable))

N/A

(I.R.S. Employer Identification Number (if applicable))

Suite 2400, 500
4thAvenue SW

Calgary, Alberta T2P 2V6

(403) 7674825

(Address and telephone number of Registrants principal executive offices)

CT Corporation System

111 Eighth Avenue, 13thFloor

New York, New York 10011

(212) 894-8940

(Name, address (including zip code) and telephone number (including area
code)

of agent for service in the United States)





Securities registered or to be registered pursuant to Section 12(b) of the Act:



|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of each class |  | Name of each exchange on which registered
|Common Shares       |  | Toronto Stock Exchange                   
|                    |  | The New York Stock Exchange              

Securities registered or to be registered pursuant
to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:



| |  |                             |  |                                         |  | 
| |  | --------------------------- |  | --------------------------------------- |  | 
| |  | x  Annual 
information form |  | x  Audited 
annual financial statements |  | 

Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of
the period covered by the annual report.

36,242,526 Common Shares

Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934 (the Exchange Act). If Yes is marked, indicate the filing number assigned to the Registrant in connection with such Rule.

Yes   ̈       
      No  x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes  x             No   ̈

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web
site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to
submit and post such files).

Yes   ̈             No   ̈









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ANNUAL INFORMATION FORM, AUDITED ANNUAL CONSOLIDATED

FINANCIAL STATEMENTS AND MANAGEMENTS DISCUSSION AND ANALYSIS

Annual Information Form

The Registrants Annual Information Form for the fiscal year
ended March 31, 2011 is attached as Exhibit 99.1 to this Annual Report on Form 40-F and is incorporated herein by reference.

Audited Annual
Consolidated Financial Statements

The Registrants audited annual consolidated financial statements for the fiscal year ended
March 31, 2011, including the report of the independent registered chartered accountants with respect thereto, are attached as Exhibit 99.2 to this Annual Report on Form 40-F and are incorporated herein by reference.

Managements Discussion and Analysis

The Registrants Managements Discussion and Analysis for the fiscal year ended March 31, 2011 is attached as Exhibit 99.3 to this
Annual Report on Form 40-F and is incorporated herein by reference.



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DISCLOSURES REGARDING CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Please
see Internal Systems and ProcessesEvaluation of Disclosure Controls and Procedures included in the Registrants Managements Discussion and Analysis for the fiscal year ended March 31, 2011, which is attached as
Exhibit 99.3 to this Annual Report on Form 40-F and is incorporated herein by reference.

Managements Annual Report on Internal Control Over
Financial Reporting

Please see Internal Systems and ProcessesManagements Report on Internal Controls Over
Financial Reporting (ICFR) included in the Registrants Managements Discussion and Analysis for the fiscal year ended March 31, 2011, which is attached as Exhibit 99.3 to this Annual Report on Form 40-F and is incorporated
herein by reference.

Attestation Report of the Registered Public Accounting Firm

The attestation report of the independent registered chartered accountants on managements assessment of internal control over financial
reporting is included under the heading Report of Independent Registered Chartered Accountants on pages 1 and 2 of Exhibit 99.2 to this Annual Report on Form 40-F, which attestation report is incorporated herein by reference.

Changes in Internal Control over Financing Reporting

Please see Internal Systems and ProcessesRemediation Plans included in the Registrants Managements Discussion and Analysis for the fiscal year ended March 31, 2011, which is
attached as Exhibit 99.3 to this Annual Report on Form 40-F and is incorporated herein by reference.

NOTICES PURSUANT TO REGULATION
BTR

None.

AUDIT
COMMITTEE FINANCIAL EXPERT

The Registrants board of directors has determined that [Mr. Allen R. Sello], a member and the
chairman of the Registrants audit committee, is an audit committee financial expert (as such term is defined by the rules and regulations of the Securities and Exchange Commission) and is independent (as such term is
defined by the New York Stock Exchanges listing standards applicable to the Registrant).

CODE OF ETHICS

The Registrant has adopted a code of ethics (as such term is defined by the rules and regulations of the Securities and Exchange
Commission), entitled the Code of Conduct and Ethics Policy, that applies to all employees the Registrant, including its President and Chief Executive Officer, its Chief Financial Officer and its Vice President, Finance. The Code of
Conduct and Ethics Policy is available for viewing on the Registrants website at www.nacg.ca under Investor RelationsCorporate Governance. There were not any amendments to any provision of the Code of Conduct and
Ethics Policy during the fiscal year ended March 31, 2011 that applied to the Registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
Further, there were not any waivers, including implicit waivers, granted from any provision of the Code of Conduct and Ethics Policy during the fiscal year ended March 31, 2011 that applied to the Registrants principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions.



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PRINCIPAL ACCOUNTANT FEES AND SERVICES AND

PRE-APPROVAL POLICIES AND PROCEDURES

Please see The Board and Board Committees included in the Registrants Annual Information Form for the fiscal year ended March 31, 2011, which is attached as Exhibit 99.1 to this Annual Report
on Form 40-F and is incorporated herein by reference.

OFF-BALANCE SHEET ARRANGEMENTS

Please see Off-Balance Sheet Arrangements included in the Registrants Managements Discussion and Analysis for the fiscal
year ended March 31, 2011, which is attached as Exhibit 99.3 to this Annual Report on Form 40-F and is incorporated herein by reference.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

Please see Capital
CommitmentsContractual Obligations and Other Commitments included in the Registrants Managements Discussion and Analysis for the fiscal year ended March 31, 2011, which is attached as Exhibit 99.3 to this Annual Report
on Form 40-F and is incorporated herein by reference.

IDENTIFICATION OF THE AUDIT COMMITTEE

Please see The Board and Board CommitteesAudit Committee included in the Registrants Annual Information Form for the fiscal
year ended March 31, 2011, which is attached as Exhibit 99.1 to this Annual Report on Form 40-F and is incorporated herein by reference.

NYSE CORPORATE GOVERNANCE RULES

The Registrant has reviewed the New York Stock
Exchanges corporate governance rules and confirms that the Registrants corporate governance practices are not significantly different from those required of domestic companies under the New York Stock Exchanges listing standards.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

Undertaking

The Registrant undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to
which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Consent to Service of Process

The Registrant previously filed with the Commission a Form F-X in connection with the class of securities in relation to which the obligation to
file this report arises.

Any change to the name or address of the Registrants agent for service shall be communicated promptly to
the Commission by an amendment to the Form F-X referencing the file number of the Registrant.



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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized.



NORTH AMERICAN ENERGY PARTNERS INC.By:

/S/ RODNEY J. RUSTONRodney J. RustonPresident and Chief Executive Officer


Date: June 2, 2011



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EXHIBIT INDEX



|     |  |                                                                                                                                                       
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------
|     | 
|99.1 |  | Annual Information Form for the fiscal year ended March 31, 2011.                                                                                     
|     | 
|99.2 |  | Audited Annual Consolidated Financial Statements for the fiscal year ended March 31, 2011.                                                            
|     | 
|99.3 |  | Managements Discussion and Analysis for the fiscal year ended March 31, 2011.                                                                        
|     | 
|99.4 |  | Canadian Supplement to: Annual Managements Discussion and Analysis for the fiscal year ended March 31, 2011.                                         
|     | 
|99.5 |  | Consent of KPMG LLP.                                                                                                                                  
|     | 
|99.6 |  | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.                     
|     | 
|99.7 |  | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.                     
|     | 
|99.8 |  | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|     | 
|99.9 |  | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



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