EX-99.2 3 dex992.htm EARNINGS PRESENTATION FOR FIRST QUARTER ENDED FEBRUARY 28, 2009 Earnings Presentation for First Quarter Ended February 28, 2009
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EARNINGS PRESENTATION
FIRST QUARTER ENDED
FEBRUARY 28, 2009
APRIL 15, 2009
3:00 PM UK TIME
Exhibit 99.2

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April 15, 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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April 15, 2009
slide 3
Overview
Another solid operational performance delivering sound margins and
profits:
Revenue from continuing operations of $503 million
Adjusted EBITDA for continuing operations of $102 million;
delivering an adjusted EBITDA margin of 20.2%
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)

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April 15, 2009
slide 4
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
Adjusted EBITDA margin is expected to show some resilience as we
deliver on current order book
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

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April 15, 2009
slide 5
Major Project Progression
Continuing Projects >$100m, between 5% and 95% complete as at February 28, 2009 -
excl. long-term ship charters in Brazil and the North Sea
0%
20%
40%
60%
80%
100%
Mexilhao (Brazil)
Pluto (Australia)
Frade (Brazil)
Deep Panuke (Canada)
Marathon Volund (N.Sea)
PazFlor (Angola)
Block 15 (Angola)
Moho Bilondo (Congo)
Acergy AFMED
Acergy NEC
Acergy SAM
Acergy AME
Disc. Operations

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April 15, 2009
slide 6
Backlog
Analysis
–
continuing
operations
Backlog by Region
57%
20%
15%
7%
0%
20%
40%
60%
80%
100%
Feb.28.09
AME
SAM
NAMEX
NEC
AFMED
Backlog by Award Date
<2006
14%
2009
14%
2008
49%
2007
23%
Backlog by Execution Date
2010
33%
2011+
17%
2009
50%
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

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April 15, 2009
slide 7
Financial Highlights
In $ millions, except share and per share data
Three-Months Ended
February     
28, 2009
Unaudited
February     
29, 2008
Unaudited
Continuing operations:
Revenue
503.1
609.7
Adjusted EBITDA
(a)
101.8
112.4
Net operating income
71.3
86.4
Taxation
(22.4)
(33.4)
Net income –
continuing
operations
39.1
48.4
Net income / (loss) –
discontinued
operations
1.9
(7.3)
Net income
41.0
41.1
Earnings / (loss) per share –
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
shares
equivalents
outstanding
–
Diluted
183.4m
191.0m
(a)
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net Income.

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April 15, 2009
slide 8
In $ millions
Three-Months Ended
February 28, 2009
Net income
41.0
Depreciation and amortisation
30.5
Impairment
-
Other non cash items from operations
(2.1)
Changes in working capital
24.1
Net cash from operating activities
93.5
Capital expenditure
Proceeds from sale of assets (net of costs of sale)
Advances to associates & JVs
Dividend from associates & JVs
(56.5)
72.9
(3.6)
2.4
Net cash from investing activities
15.2
New borrowings
0.1
Share buyback
-
Exercise of share options
0.1
Interest paid on convertible note
-
Dividends paid to shareholders
-
Dividends paid to minority interests
-
Net cash from financing activities
0.2
Effect of exchange rate changes on cash
(4.3)
Change in cash and cash equivalents 
104.6
Cashflow Highlights

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slide 9
In $ millions as at
February 
28, 2009
Unaudited
November 
30, 2008
Audited
February 
29, 2008
Unaudited
Property, plant and equipment
899.3
907.6
828.7
Interest in associates and joint ventures
144.2
140.2
128.7
Trade and other receivables
324.5
354.5
466.5
Other accrued income and prepaid expenses
237.0
233.5
241.2
Cash and cash equivalents
677.6
573.0
649.8
  Other assets
176.7
262.3
192.4
Total assets
2,459.3
2,471.1
2,507.3
Total equity
818.4
801.4
874.7
Non-current portion of borrowings
413.0
409.2
389.9
Trade and other payables
620.9
651.6
653.7
Deferred revenue
272.2
305.6
252.7
Current tax liabilities
101.5
69.1
167.8
  Other liabilities
233.3
234.2
168.5
Total liabilities
1,640.9
1,669.7
1,632.6
Total equity and liabilities
2,459.3
2,471.1
2,507.3
Balance Sheet Highlights

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April 15, 2009
slide 10
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

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slide 11
Appendices

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April 15, 2009
slide 12
Regional
Performance
–
continuing
operations
Acergy Africa and Mediterranean
Quarter Ended
February
228.0
37.0
359.5
57.5
0
200
400
Revenue
Net Operating
Income
2009
2008
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

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slide 13
Regional Performance –
continuing operations
Acergy Northern Europe and Canada
Quarter Ended
February
138.1
1.5
128.0
5.9
0
100
200
Revenue
Net Operating
Income
2009
2008
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

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April 15, 2009
slide 14
Regional
Performance
–
continuing
operations
Acergy North America and Mexico
Quarter Ended
February
4.3
0.6
4.6
0.7
0
5
10
Revenue
Net Operating
Income
2009
2008
Project
management
and
engineering
support
for
Frade
SURF
project,
offshore
Brazil
Good
progress
on
ultra
deep
Perdido
Project
in
Gulf
of
Mexico

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slide 15
Regional
Performance
–
continuing
operations
Acergy South America
Quarter Ended
February
7.5
85.3
76.6
7.5
0
50
100
Revenue
Net Operating
Income
2009
2008
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

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slide 16
Regional
Performance
–
continuing
operations
Acergy Asia and Middle East
Quarter Ended
February
47.1
44.1
12.6
(2.7)
-20
0
20
40
60
Revenue
Net Operating
Income / (Loss)
2009
2008
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

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April 15, 2009
slide 17
Regional
Performance
–
discontinued
operations
Discontinued Operations
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
Quarter Ended
February
32.3
26.2
5.4
(12.9)
-25
0
25
50
75
Revenue
Net Operating
Income / (Loss)
2009
2008

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April 15, 2009
slide 18
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 they
eliminate 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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April 15, 2009
slide 19
Reconciliation of Net Operating Income to Adjusted EBITDA
Three-Months Ended
February 28, 2009
Three-Months Ended
February 29, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
71.3
5.4
76.7
86.4
(12.9)
73.5
Depreciation and amortisation
30.5
-
30.5
26.0
2.0
28.0
Impairments
-
-
-
-
-
-
Adjusted EBITDA
101.8
5.4
107.2
112.4
(10.9)
101.5
Revenue 
503.1
32.3
535.4
609.7
26.2
635.9
Adjusted EBITDA %
20.2%
16.7%
20.0%
18.4%
(41.6%)
16.0%
Reconciliation of Net Income to Adjusted EBITDA
Three-Months Ended
February 28, 2009
Three-Months Ended
February 29, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
39.1
1.9
41.0
48.4
(7.3)
41.1
Depreciation and amortisation
30.5
-
30.5
26.0
2.0
28.0
Impairments
-
-
-
-
-
-
Investment income
(1.8)
-
(1.8)
(5.7)
-
(5.7)
Other gains and losses
1.9
2.5
4.4
1.1
(1.1)
-
Finance costs
9.7
-
9.7
9.2
-
9.2
Taxation
22.4
1.0
23.4
33.4
(4.5)
28.9
Adjusted EBITDA
101.8
5.4
107.2
112.4
(10.9)
101.5
Revenue 
503.1
32.3
535.4
609.7
26.2
635.9
Adjusted EBITDA %
20.2%
16.7%
20.0%
18.4%
(41.6%)
16.0%