6-K 1 d6k.htm FORM 6-K Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of April, 2009

Commission File Number: 000-21742

 

 

Acergy S.A.

(Translation of registrant’s name into English)

 

 

200 Hammersmith Road

London, W6 7DL

England

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   X             Form 40-F       

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):      

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):      

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                   No  X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            

 

 

 


Attached herewith as Exhibit 99.1 is a press release, dated April 15, 2009 whereby Acergy S.A. (“Acergy”) announced results for the first quarter which ended on February 28, 2009.

Highlights

 

 

Revenue from continuing operations was $503 million (Q1 2008: $610 million) due to anticipated lower comparative activity levels in Acergy Africa & Mediterranean.

 

 

Strong balance sheet and cash position; $73 million net proceeds received following the completion of the sale of Acergy Piper.

 

 

Progress on new major contracts:

 

   

$250 million Angola LNG contract

 

   

SapuraAcergy joint venture awarded $825 million Gumusut-Kakap contract in Malaysia, post quarter-end.

Financial Summary

 

     Three Months Ended  

In $ millions, except share and per share data

   Feb.28.09
Unaudited
    Feb.29.08
Unaudited
 

Revenue from continuing operations

     503.1       609.7  

Gross profit

     114.8       136.2  

Net operating income from continuing operations

     71.3       86.4  

Income before taxes from continuing operations

     61.5       81.8  

Taxation

     (22.4 )     (33.4 )

Income from continuing operations

     39.1       48.4  

Net income / (loss) from discontinued operations

     1.9       (7.3 )

Net income – total operations

     41.0       41.1  

Per share data (Diluted)

            

Earnings per share - continuing operations

   $ 0.19     $ 0.24  

Earnings / (loss) per share - discontinued operations

   $ 0.01     ($ 0.04 )

Net earnings per share – total operations

   $ 0.20     $ 0.20  

Weighted-average no. of shares outstanding (in millions)

     183.4       191.0  

Operating Review

Acergy Africa and Mediterranean – Revenue from continuing operations for the first quarter fell to $228.0 million (Q1 2008: $359.5 million) due to lower activity levels and the planned dry-dock of the Acergy Polaris. Good progress was made on Block 15, Tombua Landana and EPC2B, which completed during the quarter, and PazFlor, which passed the 5% profit recognition threshold during the quarter. Net operating income from continuing operations for the quarter was $37.0 million (Q1 2008: $57.5 million) due to lower activity levels and utilisation of assets.

Acergy Northern Europe and Canada – Revenue from continuing operations for the first quarter was $138.1 million (Q1 2008: $128.0 million) reflecting good levels of SURF, IMR and survey activity. Good operational progress was made on StatoilHydro Alve, Dong Nini, Deep Panuke and Tyrihans Subsea Installation. Net operating income from continuing operations for the quarter was $1.5 million (Q1 2008: $5.9 million), reflecting the $6.5 million charge for the cancellation of the Merlin charter and lower asset utilisation during the quarter, offset by good project performance in a seasonally low period.

 

2


Acergy North America and Mexico – Revenue from continuing operations for the first quarter was $4.3 million (Q1 2008: $0.6 million) with net operating income from continuing operations for the quarter of $4.6 million (Q1 2008: $0.7 million) an improvement due to the contribution from the cross-regional Frade Project which progressed well and good progress on the engineering phase of the Perdido Project.

Acergy South America – Revenue from continuing operations for the first quarter was $85.3 million (Q1 2008: $76.6 million) driven by strong revenue contribution from the Frade Project. The three ships on long-term service agreements to Petrobras achieved high utilisation. Net operating income from continuing operations for the quarter was $7.5 million (Q1 2008: $7.5 million) following good performance on all activities.

Acergy Asia and Middle East – Revenue from continuing operations for the first quarter was $47.1 million (Q1 2008: $44.1 million) reflecting good progress on projects, including Van Gogh and Pluto, which passed the 5% profit recognition threshold. Net operating income from continuing operations of $12.6 million (Q1 2008: net operating loss of $2.7 million) reflected good project performance, including project close-out on Dai Hung.

Discontinued operations

Net income from discontinued operations for the first quarter was $1.9 million (Q1 2008: net loss of $7.3 million) due to the positive contribution from the Mexilhao Trunkline Project.

Asset Development

In January 2009, the Acergy Piper was sold for net proceeds of $73 million. The Acergy Polaris completed her planned dry-dock programme and recommenced work in West Africa in the second half of the quarter.

The charter arrangement for the Merlin was cancelled in February. All charges, including a $6.5 million settlement relating to the cancellation of the charter, have been recognised in Acergy Northern Europe and Canada during the first quarter.

Financial Review

Revenue from continuing operations for the first quarter of 2009 was $503 million (Q1 2008: $610 million) reflecting lower activity levels in West Africa and the planned dry-dock of the Acergy Polaris which were partially offset by good SURF and IMR activity levels in the North Sea and good SURF activity levels in Brazil and Asia Pacific.

Gross profit was $115 million (Q1 2008: $136 million) reflecting the lower activity levels and fewer projects in installation phase in AFMED, which were partially offset by good project execution and some foreign exchange gains on trade balances during the quarter.

Administrative expenses were $53 million (Q1 2008: $60 million) reflecting a strengthened US dollar, partially offset by higher tendering costs.

Acergy’s share of results from associates and joint ventures was broadly flat at $10 million (Q1 2008: $11 million) reflecting a lower contribution from NKT Flexibles, partially offset by a good contribution from Seaway Heavy Lifting and an improvement from the SapuraAcergy joint venture, which delivered a small positive contribution in the quarter.

 

3


Income before taxes from continuing operations for the first quarter was $62 million (Q1 2008: $82 million) reflecting the lower activity levels in AFMED, which were partially offset by good project execution and a good contribution from associates and joint ventures.

Taxation for the quarter was $22 million (Q1 2008: $33 million), reflecting an effective rate of 36% (Q1 2008: 41%).

Net income from continuing operations for the first quarter was $39 million (Q1 2008: $48 million). Net income from total operations for the first quarter was $41 million (Q1 2008: $41 million).

The cash and cash equivalents position at the quarter end was $678 million (Q4 2008: $573 million). Deferred revenue, at the quarter end stood at $272 million (Q4 2008: $306 million).

At quarter end, Acergy S.A. held directly 11,224,508 treasury shares representing 5.76% of the total number of issued shares, as well as indirectly holding 879,121 treasury shares, representing 0.45% of the total number of issued shares. Total shares in issue were 194,953,972, including these treasury shares.

Backlog

Backlog for continuing operations as at February 28, 2009 was approximately $2.4 billion, of which $1.2 billion is expected to be executed in the remainder of fiscal year 2009. This backlog figure does not include the backlog relating to associates and joint ventures.

 

In $ millions as at:

   Feb.28.09    Nov.30.08    Feb.29.08

Backlog (1)

   2,432    2,511    3,647

Pre-Backlog (2)

   75    149    368

 

(1) Backlog excludes amounts related to discontinued operations of Feb.28.09: $86 million, Nov.30.08: $114 million, Feb.29.08: $325 million
(2) Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements

Current Trading and Outlook

Since the beginning of 2009, market conditions have become more challenging, characterised by sporadic order flow and pricing pressure on new contracts. Reduced market visibility and the late award of contracts make us more cautious in respect of our expectations.

For fiscal year 2009, we expect revenue to decrease to levels marginally lower than current consensus. However, our Adjusted EBITDA margin will show some resilience as we deliver on the current order book. Activity patterns in several regions will disrupt the typical annual profile of quarterly revenues and profits and the third quarter may be weaker in comparison to the corresponding period in 2008.

Looking ahead, we are confident that our skills and strengths meet our clients’ strategic needs, particularly in the development of hydrocarbon discoveries secured in frontier acreage. As demand improves, and with field depletion increasing, the need to access new reserves and replenish production will return our markets to growth. We are well-placed, both financially and operationally, to exploit new growth areas, such as Brazil, while recognising that other regions have an evolving significance for the Group.

 

4


ACERGY S.A. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

(In $ millions, except share and per share data)

 

     Three Months Ended  
     February 28,
2009

Unaudited
    February 29,
2008

Unaudited
 

Revenue from continuing operations

   503.1     609.7  

Operating expenses

   (388.3 )   (473.5 )
            

Gross profit

   114.8     136.2  

Administrative expenses

   (53.3 )   (59.7 )

Net other operating income/(loss)

   0.1     (0.7 )

Share of results of associates and joint ventures

   9.7     10.6  
            

Net operating income from continuing operations

   71.3     86.4  

Investment income

   1.8     5.7  

Other gains and losses

   (1.9 )   (1.1 )

Finance costs

   (9.7 )   (9.2 )
            

Income before taxes from continuing operations

   61.5     81.8  

Taxation

   (22.4 )   (33.4 )
            

Income from continuing operations

   39.1     48.4  

Net income / (loss) from discontinued operations

   1.9     (7.3 )
            

Net income

   41.0     41.1  
            

Net income attributable to:

    

Equity holders of parent

   37.3     38.1  

Minority interest

   3.7     3.0  
            

Net income

   41.0     41.1  
            

PER SHARE DATA

    

Earnings / (loss) per share

    

Basic:

    

Continuing operations

   0.19     0.24  

Discontinued operations

   0.01     (0.04 )
            

Net earnings

   0.20     0.20  
            

Diluted:

    

Continuing operations

   0.19     0.24  

Discontinued operations

   0.01     (0.04 )
            

Net earnings

   0.20     0.20  
            

Weighted average number of Common Shares And Common Share equivalents outstanding

    

Basic

   182.8     188.1  

Diluted

   183.4     191.0  

SELECTED INFORMATION - CONTINUING OPERATIONS

    

Cash outflows for capital expenditures

   56.5     41.4  

Depreciation and amortisation

   30.5     26.0  

 

5


ACERGY S.A. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In $ millions)

 

     As at
February 28,
2009
    As at
November 30,
2008(1)
    As at
February 29,
2008
 
     Unaudited     Audited     Unaudited  

ASSETS

      

Non-current assets

      

Intangible assets

   3.8     3.8     3.7  

Property, plant and equipment

   899.3     907.6     828.7  

Interest in associates and joint ventures

   144.2     140.2     128.7  

Advances and receivables and other non-current assets

   48.5     47.9     60.9  

Deferred tax assets

   39.8     39.8     61.5  
                  

Total non-current assets

   1,135.6     1,139.3     1,083.5  

Current assets

      

Inventories

   38.0     38.5     33.5  

Trade and other receivables (2)

   324.5     354.5     466.5  

Other current assets

   45.5     56.8     31.7  

Assets held for sale

   1.1     75.5     1.1  

Other accrued income and prepaid expenses

   237.0     233.5     241.2  

Cash and cash equivalents

   677.6     573.0     649.8  
                  

Total current assets

   1,323.7     1,331.8     1,423.8  
                  

Total assets

   2,459.3     2,471.1     2,507.3  
                  

EQUITY

      

Capital and reserves attributable to equity holders

      

Issued share capital

   389.9     389.9     389.9  

Own shares

   (228.8 )   (229.4 )   (116.6 )

Paid in surplus

   500.2     498.7     494.3  

Equity reserve

   110.7     110.7     110.7  

Translation reserve

   (85.4 )   (70.4 )   35.5  

Other reserves

   (80.9 )   (70.4 )   (8.5 )

Retained earnings / (Accumulated deficit)

   195.5     158.6     (52.0 )
                  

Equity attributable to equity holders of the parent

   801.2     787.7     853.3  

Minority interest

   17.2     13.7     21.4  
                  

Total equity

   818.4     801.4     874.7  

LIABILITIES

      

Non-current liabilities

      

Non-current portion of borrowings

   413.0     409.2     389.9  

Retirement benefit obligation

   20.4     21.2     51.1  

Deferred tax liabilities

   56.1     56.1     36.0  

Other non-current liabilities

   69.9     69.0     43.1  
                  

Total non-current liabilities

   559.4     555.5     520.1  

Current liabilities

      

Trade and other payables

   620.9     651.6     653.7  

Current tax liabilities

   101.5     69.1     167.8  

Current portion of borrowings

   4.8     10.1     4.0  

Other current liabilities

   82.1     77.8     34.3  

Deferred revenue

   272.2     305.6     252.7  
                  

Total current liabilities

   1,081.5     1,114.2     1,112.5  
                  

Total liabilities

   1,640.9     1,669.7     1,632.6  
                  

Total equity and liabilities

   2,459.3     2,471.1     2,507.3  
                  

 

(1) These figures have been extracted from the Audited Consolidated Financial Statements for 2008.
(2) As at February 28, 2009 a total of $nil million of claims not formally agreed with clients has been included in trade and other receivables. This compares to $nil million and $11.0 million of claims included in trade and other receivables as at November 30, 2008 and February 29, 2008 respectively.

 

6


ACERGY S.A. AND SUBSIDIARIES

STATEMENT OF MOVEMENT OF RETAINED EARNINGS

FOR THREE MONTHS ENDED FEBRUARY 28, 2009

(In $ millions)

 

Balance, November 30, 2008

   158.6  

Net income for three months ended February 28, 2009

   37.3  

Loss on sale of own shares

   (0.4 )
      

Balance, February 28, 2009

   195.5  
      

ACERGY S.A. AND SUBSIDIARIES

EARNINGS PER SHARE CALCULATION

(In $ millions, except share and per share data)

 

     Three Months Ended  
     February 28,
2009
    February 29,
2008
 

Net income attributable to equity holders

     37.3       38.1  

(Income) / loss from discontinued operations

     (1.9 )     7.3  
                

Net Income from continuing operations

     35.4       45.4  

Interest expense on convertible note

     7.3       7.0  
                

Adjusted net income from continuing operations including convertible note

     42.7       52.4  
                

Weighted-average number of common shares:

    

Basic number of shares

     182,840,184       188,086,510  
                

Diluted number of shares

     183,412,182       190,973,907  

Convertible note dilutive effect

     20,790,021       20,790,021  
                

Total diluted number of shares

     204,202,203       211,763,928  
                

BASIC

    

Continuing operations

   $ 0.19     $ 0.24  

Discontinued operations

   $ 0.01     $ (0.04 )
                

Net Earnings / (loss)

   $ 0.20     $ 0.20  
                

DILUTED excluding convertible note

    

Continuing operations

   $ 0.19     $ 0.24  

Discontinued operations

   $ 0.01     $ (0.04 )
                

Net Earnings / (loss)

   $ 0.20     $ 0.20  
                

DILUTED including convertible note

    

Continuing operations

   $ 0.21     $ 0.25  

Discontinued operations

   $ 0.01     $ (0.04 )
                

Net Earnings / (loss)

   $ 0.22     $ 0.21  
                

 

 

For the three months ended February 2009 and 2008 the effect of inclusion of the Convertible note would be to increase the diluted EPS from $0.20 to $0.22 (Q1 2008: $0.20 to $0.21). This is anti-dilutive and is therefore not included in the calculation.

 

7


ACERGY S.A. AND SUBSIDIARIES

SEGMENTAL ANALYSIS

(In $ millions)

The Group has six reportable segments based on the geographic distribution of its activities as follows: the Acergy Africa and Mediterranean segment (AFMED) covers activities in Africa and the Mediterranean; the Acergy Northern Europe and Canada segment (NEC) includes all activities in Northern Europe and Eastern Canada; the Acergy North America and Mexico segment (NAMEX) includes all activities in the United States, Mexico, Central America and Western Canada; the Acergy South America segment (SAM) incorporates activities in South America and the islands of the southern Atlantic Ocean; the Acergy Asia and Middle East segment (AME) includes all activities in Asia Pacific, India and the Middle East (excluding the Caspian Sea) and including the SapuraAcergy joint venture. The Acergy Corporate segment (Corporate) includes all activities that serve more than one region. These include the activities of the SHL and NKT joint ventures. Also included are assets which have global mobility including construction ships, ROVs and other assets that are not attributed to any one segment; management of offshore personnel; captive insurance activities; and Management and corporate services provided for the benefit of the whole Group, including design engineering, finance and legal departments.

 

Three months ended February 28, 2009

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
   Acergy
AME
    Acergy
Corporate
   Total –
Continuing
operations
 

Revenue(1)

   228.0    138.1    4.3    85.3    47.1     0.3    503.1  

Net operating income

   37.0    1.5    4.6    7.5    12.6     8.1    71.3  

Investment income

                    1.8  

Other gains & losses

                    (1.9 )

Finance costs

                    (9.7 )

Net income before taxation from continuing operations

   61.5  

Three months ended February 29, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
   Acergy
AME
    Acergy
Corporate
   Total –
Continuing
operations
 

Revenue(1)

   359.5    128.0    0.6    76.6    44.1     0.9    609.7  

Net operating income/(loss)

   57.5    5.9    0.7    7.5    (2.7 )   17.5    86.4  

Investment income

                    5.7  

Other gains & losses

                    (1.1 )

Finance costs

                    (9.2 )

Net income before taxation from continuing operations

   81.8  

 

(1) Three clients each individually accounted for more than 10% of the Group’s revenue from continuing operations for the quarter ended February 28, 2009. The revenue from these clients was $226.8 million and was attributable to Acergy Africa and Mediterranean, Acergy Northern Europe and Canada and Acergy South America. Two clients each individually accounted for more than 10% of our revenue from continuing operations for the quarter ended February 29, 2008. The revenue from these clients was $267.8 million and was attributable to Acergy Africa and Mediterranean, Acergy Northern Europe and Canada and Acergy South America.

 

8


APPENDIX:

2008 QUARTERLY RESULTS RE-PRESENTED

TO REFLECT DISCONTINUED OPERATIONS

ACERGY S.A. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

(In $ millions, except share and per share data)

 

     Three Months Ended     Twelve
Months Ended
 
     February 29,
2008
    May 31,
2008
    August 31,
2008
    November 30,
2008
    November 30,
2008
 

Revenue from continuing operations

   609.7     705.6     639.2     567.9     2,522.4  

Operating expenses

   (473.5 )   (524.1 )   (453.6 )   (423.0 )   (1,874.2 )
                              

Gross profit

   136.2     181.5     185.6     144.9     648.2  

Administrative expenses

   (59.7 )   (61.9 )   (63.9 )   (68.3 )   (253.8 )

Net other operating income/(loss)

   (0.7 )   4.0     —       0.1     3.4  

Share of results of associates and joint ventures

   10.6     13.6     12.8     26.0     63.0  
                              

Net operating income from continuing operations

   86.4     137.2     134.5     102.7     460.8  

Investment income

   5.7     2.9     5.0     4.3     17.9  

Other gains and losses

   (1.1 )   (4.1 )   14.4     34.9     44.1  

Finance costs

   (9.2 )   (5.2 )   (9.9 )   (6.2 )   (30.5 )
                              

Income before taxes from continuing operations

   81.8     130.8     144.0     135.7     492.3  

Taxation

   (33.4 )   (40.6 )   (42.8 )   (45.8 )   (162.6 )
                              

Income from continuing operations

   48.4     90.2     101.2     89.9     329.7  

Net income / (loss) from discontinued operations

   (7.3 )   (28.4 )   11.7     1.5     (22.5 )
                              

Net income

   41.1     61.8     112.9     91.4     307.2  
                              

Net income attributable to:

          

Equity holders of parent

   38.1     65.7     112.3     85.3     301.4  

Minority interests

   3.0     (3.9 )   0.6     6.1     5.8  
                              

Net income

   41.1     61.8     112.9     91.4     307.2  
                              

PER SHARE DATA

          

Earnings / (loss) per share

          

Basic:

          

Continuing operations

   0.24     0.51     0.55     0.46     1.76  

Discontinued operations

   (0.04 )   (0.15 )   0.06     0.01     (0.12 )
                              

Net earnings

   0.20     0.36     0.61     0.47     1.64  
                              

Diluted:

          

Continuing operations

   0.24     0.49     0.52     0.45     1.70  

Discontinued operations

   (0.04 )   (0.14 )   0.06     0.01     (0.11 )
                              

Net earnings

   0.20     0.35     0.58     0.46     1.59  
                              

Weighted average number of Common Shares And Common Share equivalents outstanding

          

Basic

   188.1     183.2     182.5     182.8     184.1  

Diluted

   191.0     207.1     205.5     204.3     207.1  

SELECTED INFORMATION - CONTINUING OPERATIONS

          

Cash outflows for capital expenditures

   41.4     73.7     76.8     101.0     292.9  

Depreciation and amortisation

   26.0     26.0     27.8     30.6     110.4  

Impairment

   —       —       —       1.8     1.8  

 

9


ACERGY S.A. AND SUBSIDIARIES

SEGMENTAL ANALYSIS

(In $ millions)

 

Three months ended February 29, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
    Acergy
AME
    Acergy
Corporate
    Total –
Continuing
operations
 

Revenue

   359.5    128.0    0.6    76.6     44.1     0.9     609.7  

Net operating income/(loss)

   57.5    5.9    0.7    7.5     (2.7 )   17.5     86.4  

Investment income

                  5.7  

Other gains & losses

                  (1.1 )

Finance costs

                  (9.2 )

Net income before taxation from continuing operations

                  81.8  

Three months ended May 31, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
    Acergy
AME
    Acergy
Corporate
    Total –
Continuing
operations
 

Revenue

   375.3    210.3    0.9    75.3     43.2     0.6     705.6  

Net operating income/(loss)

   82.7    32.4    5.6    11.2     8.2     (2.9 )   137.2  

Investment income

                  2.9  

Other gains & losses

                  (4.1 )

Finance costs

                  (5.2 )

Net income before taxation from continuing operations

                  130.8  

Three months ended August 30, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
    Acergy
AME
    Acergy
Corporate
    Total –
Continuing
operations
 

Revenue

   233.4    278.7    1.1    77.3     48.5     0.2     639.2  

Net operating income/(loss)

   20.7    88.3    0.3    (3.5 )   6.8     21.9     134.5  

Investment income

                  5.0  

Other gains & losses

                  14.4  

Finance costs

                  (9.9 )

Net income before taxation from continuing operations

                  144.0  

Three months ended November 30, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
    Acergy
AME
    Acergy
Corporate
    Total –
Continuing
operations
 

Revenue

   207.7    226.1    1.8    90.9     45.0     (3.6 )   567.9  

Net operating income

   22.8    65.4    3.9    7.4     2.1     1.1     102.7  

Investment income

                  4.3  

Other gains & losses

                  34.9  

Finance costs

                  (6.2 )

Net income before taxation from continuing operations

                  135.7  

Twelve months ended November 30, 2008

(In $ millions)

   Acergy
AFMED
   Acergy
NEC
   Acergy
NAMEX
   Acergy
SAM
    Acergy
AME
    Acergy
Corporate
    Total –
Continuing
operations
 

Revenue

   1,175.9    843.1    4.4    320.1     180.8     (1.9 )   2,522.4  

Net operating income

   183.7    192.0    10.5    22.6     14.4     37.6     460.8  

Investment income

                  17.9  

Other gains & losses

                  44.1  

Finance costs

                  (30.5 )

Net income before taxation from continuing operations

                  492.3  

 

10


The following information was used by Acergy in connection with the earnings presentation for the first quarter ended February 28, 2009, attached herewith as Exhibit 99.2.

Overview

 

   

Another solid operational performance delivering sound margins and profits:

 

   

Revenue from continuing operations of $503 million

 

   

Net income for total operations of $41 million

 

   

Diluted EPS for total operations of $0.20

 

   

Successful execution of complex projects, including operational completion of EPC2B and Tombua Landana and financial close-out of Dai Hung

 

   

Encouraging progress on major contract tenders: Angola LNG ($250 million) and Gumusut ($825 million)

Market Environment

 

   

Market environment remains difficult – 2009 visibility will be poor

 

   

IOCs and NOCs seeking to maintain activity levels – although timing of awards difficult to predict

 

   

Working with clients to optimise costs and their cash

 

   

Expect revenues for fiscal 2009 to be marginally lower than current market consensus

 

   

Typical annual profile of quarterly results likely to be disrupted

 

   

Focused on managing our internal costs appropriately

 

   

Our skills and strengths are key to clients’ short-term plans and future growth in current and new markets

Major Project Progression

LOGO

Backlog Analysis – continuing operations

 

In $ millions as at:

   Feb.28.09    Nov.30.08    Feb.29.08

Backlog (1)

   2,432    2,511    3,647

Pre-Backlog (2)

   75    149    368

 

        
  (1) Backlog excludes amounts related to discontinued operations of Feb.28.09: $86m, Nov.30.08: $114m, Feb.29.08: $325m.
  (2) Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements

 

11


LOGO

Financial Highlights

LOGO

Cashflow Highlights

LOGO

 

12


Balance Sheet Highlights

LOGO

Summary

 

   

Solid performance in challenging conditions; translating operational execution into sound margins and profits

 

   

Market conditions remain challenging and visibility will be poor through 2009

 

   

Medium and long-term fundamentals remain robust – as the need for clients to invest remains

 

   

Position ourselves to capitalise on strong fundamentals and future market growth

Appendices

Regional Performance – continuing operations

Acergy Africa and Mediterranean

LOGO

 

   

As expected, lower activity levels during the quarter, primarily due to planned dry-dock of Acergy Polaris, which recommenced operations in January

 

   

Good progress on major deepwater and conventional projects, including Block 15, Tombua Landana, EPC2B and PazFlor -which passed 5% profit recognition threshold

 

   

Offshore operations on EPC2B and Tombua Landana completed during the quarter

 

13


Regional Performance – continuing operations

Acergy Northern Europe and Canada

LOGO

 

   

Good levels of SURF, IMR and Survey activities

 

   

Good operational progress, including StatoilHydro Alve, DONG Nini, Deep Panuke and Tyrihans subsea installation

 

   

Merlin charter cancelled in February, results for first quarter include $6.5 million charge

 

   

Lower asset utilisation in the quarter

Regional Performance – continuing operations

Acergy North America and Mexico

LOGO

 

   

Project management and engineering support for Frade SURF project, offshore Brazil

 

   

Good progress on ultra deep Perdido Project in Gulf of Mexico

Regional Performance – continuing operations

Acergy South America

LOGO

 

   

Strong revenue contribution from Frade deepwater SURF Project

 

   

Three ships on long term service arrangements achieved high utilisation

 

   

Skandi Acergy commenced work on challenging manifold installation project for Petrobras on the Roncador field, its first project offshore Brazil, which completed post quarter

 

14


Regional Performance – continuing operations

Acergy Asia and Middle East

LOGO

 

   

Good progress on projects, including Van Gogh, which is now offshore and Pluto which passed 5% profit recognition threshold

 

   

Good contribution resulting from financial completion of Dai Hung

 

   

SapuraAcergy achieved small positive contribution in quarter

Regional Performance – discontinued operations

Discontinued Operations

LOGO

 

   

Positive contribution from the Mexilhao Trunkline Project

 

   

Ibama environmental licence exclusion for most of first quarter; remaining shallow water scope to be completed in 2009

 

   

Sale of Acergy Piper completed for net proceeds of $73 million

The information set forth above shall be deemed to be incorporated by reference into the prospectuses forming a part of our Registration Statements on Form S-8 (No. 33-85168, No. 333-9292, No. 333-74321, No. 333-124983 and No. 333-124997) and our Registration Statements on Form F-3 and Form F-3/A (No. 333-86288) and to be a part of such prospectuses from the date of the filing thereof. The attached press release and earnings presentation shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Certain statements set forth above and contained in the press release and earnings presentation furnished pursuant to this Form 6-K may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “should,” “seek,” and similar expressions. These statements include, but are not limited to, statements as to the approximate value of the awarded contracts, the strength and geographical orientation of our business, our projections of 2009, expectations regarding our backlog and pre-backlog and statements contained in the “Current Trading and Outlook” section, including our expected revenues and Adjusted EBITDA margin in fiscal 2009, the impact of activity patterns in several regions on our annual profile of quarterly revenues, our performance in the third quarter of 2009, our ability to exploit new growth areas, such

 

15


as Brazil, and statements as to management’s confidence that our market will return to growth and our abilities to meet our clients’ strategic needs. The forward-looking statements reflect our current views and assumptions and are subject to risks and uncertainties. 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: our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal proceedings or governmental enquiries; uncertainties inherent in operating internationally; the timely delivery of ships on order and the timely completion of ship conversion programs; 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.

 

16


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ACERGY S.A.
Date: April 16, 2009   By:  

/s/ Stuart Jackson

  Name:   Stuart Jackson
  Title:   Chief Financial Officer


Exhibit Index

 

99.1    Press Release dated April 15, 2009 Announcing First Quarter Results
99.2    Earnings Presentation for First Quarter Ended February 28, 2009