EX-99.2 3 dex992.htm EARNINGS PRESENTATION FOR FOURTH QUARTER AND FULL YEAR ENDED NOVEMBER 30, 2008 Earnings Presentation for Fourth Quarter and Full Year Ended November 30, 2008
seabed-to-surface
FEBRUARY 18, 2009
3:00 PM UK TIME
EARNINGS PRESENTATION
FOURTH QUARTER & FULL YEAR ENDED
NOVEMBER 30, 2008
Exhibit 99.2

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February 18, 2009
slide 2
Forward-Looking Statements
Certain statements made in this presentation may include “forward-looking statements”
within the meaning of Section 27A of the Securities Act and Section 21E of the US
Securities Exchange Act of 1934.  These statements may be identified by the use of
words
like
“anticipate,”
“believe,”
“estimate,”
“expect,”
“intend,”
“may,”
“plan,”
“forecast”, “project,”
“will,”
“should,”
“seek,”
and similar expressions.  The forward-
looking
statements
reflect
our
current
views
and
assumptions
and
are
subject
to
risks
and uncertainties.  The following factors, and others which are discussed in our public
filings and submissions with the U.S. Securities and Exchange Commission, are among
those that may cause actual and future results and trends to differ materially from our
forward-looking statements: the general economic conditions and competition in the
markets and businesses in which we operate; our relationship with significant clients; the
outcome of legal and administrative proceedings or governmental enquiries; uncertainties
inherent in operating internationally; the impact of laws and regulations; and operating
hazards, including spills and environmental damage.  Many of these factors are beyond
our ability to control or predict.  Given these factors, you should not place undue reliance
on the forward-looking statements.

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February 18, 2009
slide 3
Overview
Acergy
Piper
held for sale at November 30, 2008, the results of the
Trunkline segment are reported as discontinued operations
Strong operational and financial performance for the year:
Net operating revenue for continuing operations increased to $2.5bn
Adjusted EBITDA for continuing operations increased to $573 million;  
delivering an adjusted EBITDA margin of 22.7%
Net income for continuing operations more than doubled to $330 million
Discontinued operations reports a net loss of $23 million on revenue of       
$282 million
Diluted EPS for total operations increased to $1.59
Successful execution of larger and more complex projects reflecting the
results of continued investment in our people and our assets
Clients
continue
to
invest
–
although
timing
of
awards
difficult
to
predict
Healthy backlog and strong balance sheet
Dividend increased 5% to $0.22 per share subject to shareholder approval

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February 18, 2009
slide 4
Regional Business Performance
Acergy Africa and Mediterranean
Quarter Ended
November 30
207.7
22.8
434.1
109.1
0
250
500
Net Operating
Revenue
Net Operating
Income
2008
2007
Twelve Months Ended
November 30
183.7
1,175.9
229.2
1,398.4
0
500
1,000
1,500
Net Operating
Revenue
Net Operating
Income
2008
2007
As expected, lower activity levels during the quarter due to high level of
planned dry-docks:
Acergy Polaris
continued dry-dock, recommenced operations post year-end
Acergy Legend
and Acergy Hawk
in dry-dock during the quarter
Good progress on major deepwater and conventional projects, including EPC2B,
Block 15 and Agbami

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February 18, 2009
slide 5
Regional Business Performance
Acergy Northern Europe and Canada
Twelve Months Ended
November 30
192.0
843.1
121.5
696.6
0
300
600
900
Net Operating
Revenue
Net Operating
Income
2008
2007
High levels of SURF, IMR and Survey activities
Good project execution, including StatoilHydro Alve, Tyrihans subsea installations
and Deep Panuke
Recognition of a $33 million pension credit
Quarter Ended
November 30
226.1
65.4
149.5
13.4
0
100
200
300
Net Operating
Revenue
Net Operating
Income
2008
2007

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February 18, 2009
slide 6
Regional Business Performance
Acergy North America and Mexico
Project management and engineering support for SURF projects in Brazil –
PRA-1 and Frade
Perdido Project in ultra deepwater Gulf of Mexico remains in early stages
Quarter Ended
November 30
1.8
1.1
3.9
(1.3)
-5
0
5
10
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Twelve Months Ended
November 30
4.4
10.5
(5.2)
3.2
-10
-5
0
5
10
15
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007

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February 18, 2009
slide 7
Regional Business Performance
Acergy South America
Quarter Ended
November 30
7.4
90.9
62.2
2.9
0
50
100
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Twelve Months Ended
November 30
320.1
202.0
22.6
0
100
200
300
400
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Strong
revenue
contribution
from
Frade
deepwater
SURF
Project
Three ships on long term service arrangements achieved full utilisation outside
of planned dry dock
(1.3)

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February 18, 2009
slide 8
Regional Business Performance
Acergy Asia and Middle East
Twelve Months Ended
November 30
180.8
102.4
14.4
(28.7)
-50
0
50
100
150
200
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Quarter Ended
November 30
45.0
42.2
2.1
(10.1)
-20
0
20
40
60
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Good progress on projects, including close-outs on Van Gogh and Liu Hua
SapuraAcergy achieved small positive contribution in quarter

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February 18, 2009
slide 9
Regional Business Performance
Discontinued Operations
Twelve Months Ended
November 30
281.8
274.0
(22.5)
1.3
-50
0
50
100
150
200
250
300
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Quarter Ended
November 30
104.7
62.2
3.5
-25
0
25
50
75
100
125
Net Operating
Revenue
Net Operating
Income (Loss)
2008
2007
Acergy
Piper
completed
deepwater
scope
on
Mexilhao
Trunkline
Project
Acergy
Piper
–
asset
held
for
sale
at
November
30,
2008
–
$11
million
impairment reversal
Lag between recognising costs and revenue
Remaining shallow water scope to be completed in 2009
(26.6)

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February 18, 2009
slide 10
Major Project Progression
Continuing Projects >$100m, between 5% and 95% complete as at November 30, 2008 -
excl. long-term ship charters in Brazil and the North Sea
0%
20%
40%
60%
80%
100%
Mexilhao (Brazil)
Frade (Brazil)
Deep Panuke (Canada)
Marathon Volund
(N.Sea)
Block 15 (Angola)
Tombua Landana
(Angola)
Moho Bilondo (Congo)
Acergy Africa & Mediterranean
Acergy Northern Europe and Canada
Acergy South America
Discontinued operations

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February 18, 2009
slide 11
Backlog Analysis –
continuing operations
Backlog by Region
52%
19%
20%
7%
0%
20%
40%
60%
80%
100%
Nov.30.08
Asia & Middle    
East
South America
North America   
& Mexico
Northern Europe
& Canada
Africa &
Mediterranean
Backlog by Award Date
2005
10%
2008
50%
2007
32%
2006
8%
Backlog by Execution Date
2010
30%
2011+
13%
2009
57%
In $ millions as at:
Nov.30.08
Aug.31.08
Nov.30.07
Backlog
(1)
2,511
3,038
2,832
Pre-Backlog
(2)
149
176
366
(1) 
Backlog excludes amounts related to discontinued operations of Nov.30.08: $114 million, Aug.31.08: $243 million, Nov.30.07 $343 million.
(2)
Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements

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February 18, 2009
slide 12
In $ millions
Three-Months Ended
Twelve-Months Ended
November
30, 2008
Unaudited
November
30, 2007
Unaudited
November
30, 2008
Audited
November
30, 2007
Audited
Continuing operations:
Revenue
567.9
692.1
2,522.4
2,406.3
Adjusted EBITDA
(a)
135.1
150.0
573.0
437.9
Net operating income
102.7
125.4
460.8
351.5
Taxation
(45.8)
(102.3)
(162.6)
(215.1)
Net income / (loss) – continuing operations
89.9
7.2
329.7
128.8
Net income / (loss) – discontinued operations
1.5
(36.5)
(22.5)
5.7
Net income – total operations
91.4
(29.3)
307.2
134.5
Earnings / (loss) per share – Diluted
  Continuing operations
$0.45
$0.02
$1.70
$0.63
  Discontinued operations
$0.01
$(0.19)
$(0.11)
$0.03
  Total operations
$0.46
$(0.17)
$1.59
$0.66
Weighted-average number of common shares
and common shares equivalents outstanding
- Diluted
204.3m
187.9m
207.1m
192.6m
(a)
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net Income.
Financial Highlights

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February 18, 2009
slide 13
In $ millions
Three-Months Ended
Twelve-Months Ended
November 30, 2008
November 30, 2008
Net Income
91.4
307.2
Depreciation and amortisation
32.6
118.4
Impairment
(11.5)
(11.5)
Other non cash items from operations
27.1
11.2
Changes in working capital
131.7
67.8
Net cash from operating activities
271.3
493.1
Capital expenditure
Proceeds from sale of assets or subs
Advances to associates & JVs
Dividend from associates & JVs
Payment for intangible assets
(101.6)
10.4
(8.1)
2.9
-
(294.3)
12.2
(15.1)
10.9
(0.4)
Net cash from investing activities
(96.4)
(286.7)
New borrowings
-
6.3
Share buyback
-
(138.3)
Exercise of share options
0.5
4.2
Interest paid on convertible note
(5.7)
(11.3)
Dividends paid to shareholders
-
(38.3)
Dividends paid to minority interests
-
(8.7)
Net cash from financing activities
(5.2)
(186.1)
Effect of exchange rate changes on cash
(34.8)
(30.0)
Change in cash and cash equivalents 
134.9
(9.7)
Cashflow Highlights

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February 18, 2009
slide 14
In $ millions as at
November 30, 
2008
Audited
November 30, 
2007
Audited
Property, plant and equipment
907.6
814.2
Interest in associates
140.2
106.4
Trade and other receivables
354.5
485.1
Other accrued income and prepaid expenses
279.3
294.7
Cash and cash equivalents
573.0
582.7
  Other assets
216.5
143.7
Total assets
2,471.1
2,426.8
Total equity
801.4
819.0
Borrowings
409.2
386.6
Trade and other payables
651.6
701.4
Deferred revenue
305.6
217.4
Current tax liabilities
69.1
157.3
  Other liabilities
234.2
145.1
Total liabilities
1,669.7
1,607.8
Total equity and liabilities
2,471.1
2,426.8
Balance Sheet Highlights

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February 18, 2009
slide 15
Summary
Strong operational and financial performance for the year
More challenging and volatile short-term market and reduced
near-term visibility
Medium and long-term fundamentals remain robust 
Acergy well positioned to capitalise on future market growth

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February 18, 2009
slide 16
Appendix –
Adjusted EBITDA
a)
Adjusted EBITDA:  The group calculates Adjusted EBITDA from continuing operations (adjusted earnings before interest, income taxation, depreciation and
amortisation) as net income from continuing operations plus finance costs, other gains and losses, taxation, depreciation and amortisation and adjusted to
exclude investment income and impairment of property, plant and equipment. Adjusted EBITDA margin from continuing operations is defined as Adjusted
EBITDA divided by revenue from continuing operations.  Management believes that Adjusted EBITDA and Adjusted EBITDA margin from continuing operations
are important indicators of our operational strength and the performance of our business. Adjusted EBITDA and Adjusted EBITDA margin from continuing
operations have not been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB nor as endorsed for use in
the European Union.  These non-IFRS measures provide management with a meaningful comparison amongst our various regions, as it eliminates the effects
of financing and depreciation.  Adjusted EBITDA margin from continuing operations may also be a useful ratio to compare our performance to our competitors
and is widely used by shareholders and analysts following the group’s performance. However, Adjusted EBITDA and Adjusted EBITDA margin from continuing
operations as presented by the group may not be comparable to similarly titled measures reported by other companies.  Such supplementary adjustments to
EBITDA may not be in accordance with current practices or the rules and regulations adopted by the US Securities and Exchange Commission (the “SEC”) that
apply to reports filed under the Securities Exchange Act of 1934.  Accordingly, the SEC may require that Adjusted EBITDA and Adjusted EBITDA margin from
continuing operations be presented differently in filings made with the SEC than as presented in this release, or not be presented at all. Adjusted EBITDA and
Adjusted EBITDA margin from continuing operations are not measures determined in accordance with IFRS and should not be considered as an alternative to,
or more meaningful than, net income (as determined in accordance with IFRS), as a measure of the group’s operating results or cash flows from operations
(as determined in accordance with IFRS) or as a measure of the group’s liquidity.  The reconciliation of the group’s net income from continuing operations to
Adjusted EBITDA from continuing operations is included in this release.  This release also includes a supplemental calculation of Adjusted EBITDA from
continuing operations calculated as net operating income from continuing operations, plus depreciation and amortisation and impairment charges on property,
plant and equipment.  Management believes that this supplemental presentation of Adjusted EBITDA from continuing operations is also useful as it is more in
line with the presentation of similarly titled measures by companies within Acergy’s peer group and therefore believes it to be a helpful calculation for those
evaluating companies within Acergy’s industry.  Adjusted EBITDA for discontinued operations is calculated as per methodology outlined above.  Adjusted
EBITDA for total operations is the total of continuing operations and discontinued operations.
(a)     Adjusted EBITDA:

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February 18, 2009
slide 17
Reconciliation of Net Operating Income from Continuing and Discontinued
Operations to Adjusted EBITDA from Continuing and Discontinued
Operations
Three-Months Ended
November 30, 2008
Three-Months Ended
November 30, 2007
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
102.7
3.5
106.2
125.4
(26.6)
98.8
Depreciation and amortisation
30.6
2.0
32.6
24.5
2.0
26.5
Impairments
1.8
(13.3)
(11.5)
0.1
-
0.1
Adjusted EBITDA
135.1
(7.8)
127.3
150.0
(24.6)
125.4
Revenue 
567.9
104.7
672.6
692.1
62.2
754.3
Adjusted EBITDA %
23.8%
(7.4%)
18.9%
21.7%
(39.5%)
16.6%
Twelve-Months Ended
November 30, 2008
Twelve-Months Ended
November 30, 2007
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
460.8
(22.5)
438.3
351.5
1.3
352.8
Depreciation and amortisation
110.4
8.0
118.4
86.1
7.8
93.9
Impairments
1.8
(13.3)
(11.5)
0.3
-
0.3
Adjusted EBITDA
573.0
(27.8)
545.2
437.9
9.1
447.0
Revenue 
2,522.4
281.8
2,804.2
2,406.3
274.0
2,680.3
Adjusted EBITDA %
22.7%
(9.9%)
19.4%
18.2%
3.3%
16.7%

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February 18, 2009
slide 18
Reconciliation of Net Income from Continuing and Discontinued Operations
to Adjusted EBITDA from Continuing and Discontinued Operations
Three-Months Ended
November 30, 2008
Three-Months Ended
November 30, 2007
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
89.9
1.5
91.4
7.2
(36.5)
(29.3)
Depreciation and amortisation
30.6
2.0
32.6
24.5
2.0
26.5
Impairments
1.8
(13.3)
(11.5)
0.1
-
0.1
Investment income
(4.3)
-
(4.3)
(7.7)
-
(7.7)
Other gains and losses
(34.9)
1.7
(33.2)
6.9
(1.1)
5.8
Finance costs
6.2
1.0
7.2
16.7
-
16.7
Taxation
45.8
(0.7)
45.1
102.3
11.0
113.3
Adjusted EBITDA
135.1
(7.8)
127.3
150.0
(24.6)
125.4
Revenue 
567.9
104.7
672.6
692.1
62.2
754.3
Adjusted EBITDA %
23.8%
(7.4%)
18.9%
21.7%
(39.5%)
16.6%
Twelve-Months Ended
November 30, 2008
Twelve-Months Ended
November 30, 2007
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
329.7
(22.5)
307.2
128.8
5.7
134.5
Depreciation and amortisation
110.4
8.0
118.4
86.1
7.8
93.9
Impairments
1.8
(13.3)
(11.5)
0.3
-
0.3
Investment income
(17.9)
-
(17.9)
(30.8)
-
(30.8)
Other gains and losses
(44.1)
1.1
(43.0)
(0.6)
(1.5)
(2.1)
Finance costs
30.5
1.0
31.5
39.0
-
39.0
Taxation
162.6
(2.1)
160.5
215.1
(2.9)
212.2
Adjusted EBITDA
573.0
(27.8)
545.2
437.9
9.1
447.0
Revenue 
2,522.4
281.8
2,804.2
2,406.3
274.0
2,680.3
Adjusted EBITDA %
22.7%
(9.9%)
19.4%
18.2%
3.3%
16.7%