You can always try changing the drawing engine to OpenGL.
Open Steam Location\SteamApps\common\Hitman Contracts\HitmanContracts.ini
Change "DrawDll RenderD3D.dll" to "DrawDll RenderOpenGL.dll"
I have an NVIDIA GTX970, and for me this fixes the water animations and transparency (examples being the main menu, the fountain at the asylum and the lake and drain at Beldingford Manor) BUT...
-Videos are only heard and not seen. Instead the previous screen, such as the loading bar or loading dialog box, flashes away.
-47 doesn't cast a shadow.
-On the levels with rain (Practically all of them?) there aren't any splash marks on the ground from the rain.
-You can't force Antialiasing.
I've tried and tried in the past to get to the bottom of this but never came up with anything. I wonder if it's at all possible to replicate how it's supposed to look on modern machines.