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Exhibit 14.1
 
 CODE OF BUSINESS CONDUCT
 October 2007
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TABLE OF CONTENTS
 1. Introduction
    
    
    32. Questions Concerning this Code
    
    
    33. Conflicts of Interest
    
    
    44. Business Gifts and Entertainment
    
    
    55. Public Disclosure
    
    
    56. Maintaining Accurate Accounts and Records
    
    
    57. Compliance with Laws
    
    
    68. Fair Dealing
    
    
    79. Protection and Proper Use of Company Assets
    
    
    710. Confidential Information
    
    
    711. Work Place Practices
    
    
    812. Reporting Violations of this Code
    
    
    813. Other Matters
    
    
    9
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1. Introduction
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    Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
    
    Full, fair, accurate, timely and understandable disclosure in the
Companys public communications and its reports and documents filed
with, or submitted to, the Securities and Exchange Commission;
    
    Compliance with applicable governmental laws, rules and regulations as
well as Exterran policies and procedures;
    
    The prompt internal reporting of violations of this Code to an
appropriate person or persons identified in the Code; and
    
    Accountability for adherence to the Code.
 2. Questions Concerning this Code
  
    
    You are always encouraged to direct questions to your Supervisor or Manager, your Human
Resources representative or the Legal Department. You are also encouraged to report
violations or suspected violations to these persons as well as the Compliance Hotline, or in
certain circumstances the Audit Committee of the Companys Board of Directors. Please review
Article 12 of this Code of Business Conduct for further information on reporting violations.
  
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3. Conflicts of Interest
  Exterran Holdings.
   
    
    Investments in Competitors, Customers and Suppliers Ownership by an employee, officer or
director or any member of his or her immediate family (i.e. spouse, children, parents,
brothers and sisters) of a substantial financial interest in any outside concern that does or
is seeking to do business with Exterran, or is a competitor of Exterran.
 
    
    Outside Business Activities Active participation in any outside business by an employee
or officer, that could interfere with his or her ability to devote proper time and attention
to the Company or active participation in any outside business by an officer, director or
employee, or any member of his or her immediate family that is seeking to do business with
Exterran, or is a competitor of Exterran.
 
    
    Taking a Business Opportunity The taking of a business opportunity would include an
employee, officer or director (a) taking for him or herself personally an opportunity
discovered through the use of Company property, information or position for personal gain; (b)
using Company property, information or position for personal gain; and (c) competing with the
Company.
 
    
    Loans Company loans to, or guarantees of obligations of, directors or executive officers
or their family members. Additionally, loans to, or guarantees of obligations of other
employees must be reviewed and approved in advance by the Companys Chief Compliance Officer.
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4. Business Gifts and Entertainment
    5. Public Disclosure
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    Familiarize himself or herself with the disclosure requirements applicable to the Company
as well as the business and financial operations of the Company to the extent appropriate
within his or her area of responsibility.
 
    
    Promptly bring to the attention of the Companys Disclosure Committee any material
information that affects the disclosures made by the Company in its public filings and assist
the Disclosure Committee in fulfilling its responsibilities as specified in the Disclosure
Committee charter and Company policies.
 
    
    Not knowingly misrepresent, or cause others to misrepresent, facts about the Company to
others, whether within or outside the Company, including to the Companys independent
auditors, governmental regulators and self-regulatory organizations.
 
    
    Properly review and critically analyze proposed disclosure for accuracy and completeness,
or, where appropriate, delegate this task to others.
 6. Maintaining Accurate Accounts and Records
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7. Compliance with Laws
  Anti-Boycott Laws.
 Improper Payments and Anti-Bribery Laws.
 Anti-Trust and Competition Laws.
 Export and Import Compliance.
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Environmental Laws.
 Political Contributions.
 Securities Laws and Insider Trading.
 8. Fair Dealing
  9. Protection and Proper Use of Company Assets
  10. Confidential Information
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11. Work Place Practices
 Equal Employment Opportunity.
 Workplace Health and Safety.
 Workplace Violence.
 Illegal Drugs and Alcohol.
 Contraband.
 12. Reporting Violations of this Code
    
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No Retaliation for Reporting Violations of this Code
  
    
    the Human Resources Department or the Legal Department, or
    
    the Audit Committee, if your reports or participation involved, accounting or audit
matters, or
    
    the Compliance Hotline.
  13. Other Matters
 Enforcement.
 Compliance Standards.
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Waivers of this Code of Business Conduct.
 The Code of Business Conduct is Available on our Website. www.exterran.com.
 The Code is not a Guaranty of Employment.
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