EX-99.2 3 dex992.htm EARNINGS PRESENTATION FOR SECOND QUARTER ENDED MAY 31, 2009 Earnings Presentation for Second Quarter Ended May 31, 2009
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EARNINGS
PRESENTATION
SECOND
QUARTER
ENDED
MAY
31,
2009
JULY 15, 2009
3:00 PM UK TIME
Exhibit 99.2

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July 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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July 15, 2009
slide 3
Second Quarter Highlights
Delivered a solid operational performance in a challenging environment:
Continuing operations:
Revenue of $526 million
Adjusted EBITDA of $113 million
Adjusted EBITDA margin of 21.5%
Net income of $76 million
Diluted EPS of $0.40
Encouraging progress on new large contract awards:
EPC4A
–
Nigerian
Conventional
($190m)
Gumusut
in
Malaysia
($825m)
to
our
SapuraAcergy
JV
Polar
Queen
in
Brazil
($260m)
–
post
quarter
end
Number of smaller awards worldwide

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July 15, 2009
slide 4
SURF market:
Short–term: poor visibility
Some projects delayed by Operators
Conventional / hook-up market in West Africa:
Increased visibility with the award of EPC4A contract
More projects being discussed in Nigeria
In
spite
of
challenging
business
environment,
we
remain
on
course
to
deliver
expectations for 2009
Medium-term fundamentals remain strong
Short-Term Caution –
Strong Fundamentals

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July 15, 2009
slide 5
Financial Highlights
In $ millions, except share and per share data
Three-Months Ended
Six-Months Ended
May 31,
2009
Unaudited
May 31,
2008
Unaudited
May 31,
2009
Unaudited
May 31,
2008
Unaudited
Continuing operations:
Revenue
525.5
705.6
1,028.6
1,315.3
Adjusted
EBITDA
(a)
113.
2
163.2
215.
0
275.6
Net operating income
81.0
137.2
152.3
223.6
Taxation
(9.2)
(40.6)
(31.6)
(74.0)
Income
-
continuing
operations
76.0
90.2
115.1
138.6
Net
income
/
(loss)
–
discontinued
operations
0.9
(28.4)
2.8
(35.7)
Net income
76.9
61.8
117.9
102.9
Earnings
/
(loss)
per
share
–
Diluted
Continuing operations
0.40
0.49
0.60
0.74
Discontinued operations
0.01
(0.14)
0.01
(0.19)
Net Earnings
0.41
0.35
0.61
0.55
Weighted average number of Common Shares and
Common
Share
equivalents
outstanding
-
Diluted
205.6
m
207.
5m
183.5m
188.6m
(a)
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net Income.

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July 15, 2009
slide 6
In $ millions
Three-Months Ended
Six-Months Ended
May 31, 2009
May 31, 2009
Net income – Total operations
76.9
117.9
Depreciation and amortisation
32.2
62.7
Impairment
-
-
Other non cash items from operations
4.0
1.9
Changes in working capital
3.7
27.8
Net cash from operating activities
116.8
210.3
Capital expenditure
Proceeds from sale of assets (net of costs of sale)
Advances to associates & JVs
Dividend from associates & JVs
(46.3)
-
(1.5)
0.9
(102.8)
72.9
(5.1)
3.2
Net cash from investing activities
(46.9)
(31.8)
New borrowings
-
0.1
Exercise of share options
0.1
0.2
Interest paid on convertible note
(5.6)
(5.6)
Dividends paid to shareholders
-
-
Dividends paid to minority interests
(5.0)
(5.0)
Net cash from financing activities
(10.5)
(10.3)
Effect of exchange rate changes on cash
19.0
14.7
Change in cash and cash equivalents 
78.4
182.9
Cashflow Highlights

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July 15, 2009
slide 7
Balance Sheet Highlights
(1)
As
at
May
31,
2009
cash
balances
of
$695.8
million
exclude
$60.1
million
relating
to
Sonamet
which
as
at
this
date
is
classified
as
an
asset
held
for
sale.
In $ millions as at
May 31
,
2009
Unaudited
November
30, 2008
Audited
May 31
,
2008
Una
udited
Property, plant and equipment
850.2
907.6
885.1
Interest in associates and joint ventures
164.1
140.2
140.1
Trade and other receivables
319.9
354.5
447.6
Assets
held for sale
240.3
75.5
1.1
Other accrued income and prepaid expenses
197.6
233.5
291.9
Cash and cash equivalents
(1)
695.8
573.0
429.8
Other assets
132.3
186.8
202.3
Total
assets
2,600.2
2,471.1
2,397.9
Total
equity
922.8
801.4
769.5
Non-current portion of borrowings
406.5
409.2
394.3
Trade and other payables
550.3
651.6
718.4
Deferred revenue
263.7
305.6
259.4
Current tax liabilities
96.6
69.1
87.0
Liabilities directly associated with assets held for sale
189.9
-
-
Other liab
ilities
170.4
234.2
169.3
Total
liabilities
1,677.4
1,669.7
1,628.4
Total equity and liabilities
2,600.2
2,471.1
2,397.9

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July 15, 2009
slide 8
Appendices

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July 15, 2009
slide 9
Major Project Progression
Continuing Projects >$100m, between 5% and 95% complete as at May 31, 2009 -
excl. long-term ship charters
0%
20%
40%
60%
80%
100%
Mexilhao (Brazil)
Pluto (Australia)
Deep Panuke (Canada)
Marathon Volund (N.Sea)
PazFlor (Angola)
Block 15 (Angola)
Moho Bilondo (Congo)
Acergy AFMED
Acergy NEC
Acergy AME
Disc. Operations

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July 15, 2009
slide 10
Backlog Analysis –
continuing operations
Backlog by Region
62%
19%
12%
6%
0%
20%
40%
60%
80%
100%
May.31.09
AME
SAM
NAMEX
NEC
AFMED
Backlog by Award Date
<2006
12%
2009
23%
2008
47%
2007
18%
Backlog by Execution Date
2010
44%
2011+
18%
2009
38%
In $ millions as at:
May.31.09
Feb.28.09
May.31.08
Backlog
(1)
2,415
2,432
3,354
Pre-Backlog
(2)
99
75
241
(1)
Backlog excludes amounts related to discontinued operations as of May.31.09: $77 million, Feb.28.09: $86 million, May.31.08: $295 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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July 15, 2009
slide 11
Segmental Analysis –
continuing operations
For the three months
ended May.31.2009
In $ millions
Acergy
AFMED
Acergy
NEC
Acergy
NAMEX
Acergy
SAM
Acergy
AME
Acergy
Corporate
Total –
Continuing
operations
Revenue
207.9
130.6
29.2
100.7
53.7
3.4
525.5
Net operating income / (loss)
41.1
(4.5)
8.1
10.3
14.9
11.1
81.0
   Investment income
1.6
   Other gains and losses        
7.9
   Finance costs
(5.3)
Net income before taxation from continuing operations 
85.2
 
 
 
 
 
 
 
For the 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 and losses
(4.1)
    Finance costs
(5.2)
Net income before taxation from continuing operations
130.8

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July 15, 2009
slide 12
Regional Performance –
continuing operations
Acergy Africa and Mediterranean
As expected, lower activity levels reflecting fewer major deepwater projects in
installation phase compared with Q2 2008
Number of major projects, including PazFlor, ALNG and EPC4A remain in early
stages
No major projects completed during the quarter
Awarded EPC4A $190m Nigerian Conventional contract
Quarter Ended
May 31
207.9
41.1
82.7
375.3
0
200
400
Net Operating
Revenue
Net Operating
Income
2009
2008
Six Months Ended
May 31
435.9
78.1
140.2
734.8
0
400
800
Net Operating
Revenue
Net Operating
Income
2009
2008

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July 15, 2009
slide 13
Regional Performance –
continuing operations
Acergy Northern Europe and Canada
As
expected,
lower
activity
levels
during
the
quarter
reflecting
challenging
market conditions
Good
operational
progress
on
Dong
Nini,
Tyrihans
subsea
installation
and
Deep Panuke
Charge
taken
on
the
Marathon
Volund
Project
ahead
of
completion
of
commercial settlement
Quarter Ended
May 31
130.6
(4.5)
210.3
32.4
-50
50
150
250
Net Operating
Revenue
Net Operating
Income / (loss)
2009
2008
Six Months Ended
May 31
(3.0)
268.7
38.3
338.3
-50
100
250
400
Net Operating
Revenue
Net Operating
Income / (loss)
2009
2008

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July 15, 2009
slide 14
Regional
Performance
–
continuing
operations
Acergy North America and Mexico
Good
progress
on
installation
phase
of
Perdido
Project
in
Gulf
of
Mexico
Project
management
and
engineering
support
for
Frade
SURF
project,
offshore
Brazil
Six Months Ended
May 31
33.5
12.7
6.3
1.5
0
10
20
30
40
Net Operating
Revenue
Net Operating
Income
2009
2008
Quarter Ended
May 31
29.2
8.1
5.6
0.9
0
10
20
30
40
Net Operating
Revenue
Net Operating
Income
2009
2008

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July 15, 2009
slide 15
Regional Performance –
continuing operations
Acergy South America
Good
revenue
contribution
from
Frade
Project
and
Roncandor
Manifolds
Project
Good performance on SURF activities partially offset by lower utilisation on
Acergy Condor
Awarded
four-year
$260
million
contract
for
the
Polar
Queen
by
Petrobras
post
quarter end
Quarter Ended
May 31
10.3
100.7
75.3
11.2
0
40
80
120
Net Operating
Revenue
Net Operating
Income
2009
2008
Six Months Ended
May 31
186.0
151.9
17.8
18.7
0
50
100
150
200
Net Operating
Revenue
Net Operating
Income
2009
2008

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July 15, 2009
slide 16
Regional
Performance
–
continuing
operations
Acergy Asia and Middle East
Good progress on projects, including Van Gogh, which completed offshore
phase and Pluto which remains in early stages
SapuraAcergy
JV positive contribution in the quarter
SapuraAcergy
JV
awarded
Gumusut
Project
($825m)
and
Iwaki
Project
($60m)
Six Months Ended
May 31
100.8
87.3
27.5
5.5
0
40
80
120
Net Operating
Revenue
Net Operating
Income
2009
2008
Quarter Ended
May 31
53.7
43.2
14.9
8.2
0
20
40
60
Net Operating
Revenue
Net Operating
Income
2009
2008

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July 15, 2009
slide 17
Regional Performance –
discontinued operations
Discontinued Operations
Positive contribution from the Mexilhao Trunkline Project
Six Months Ended
May 31
49.0
63.0
6.4
(44.2)
-50
-25
0
25
50
75
Net Operating
Revenue
Net Operating
Income (Loss)
2009
2008
Quarter Ended
May 31
16.7
36.8
1.0
(31.3)
-40
-20
0
20
40
Net Operating
Revenue
Net Operating
Income (Loss)
2009
2008

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July 15, 2009
slide 18
Adjusted EBITDA
Adjusted EBITDA:
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 ccordance 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)
The Group calculates Adjusted EBITDA from continuing operations (adjusted earnings before interest, income

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July 15, 2009
slide 19
Reconciliation of Net Operating Income to Adjusted EBITDA
Three-Months Ended
May 31, 2009
Three-Months Ended
May 31, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
81.0
1.0
82.0
137.2
(31.3)
105.9
Depreciation and amortisation
32.2
-
32.2
26.0
2.0
28.0
Impairments
-
-
-
-
-
-
Adjusted EBITDA
113.2
1.0
114.2
163.2
(29.3)
133.9
Revenue 
525.5
16.7
542.2
705.6
36.8
742.4
Adjusted EBITDA %
21.5%
6.0%
21.1%
23.1%
(79.6%)
18.0%
Reconciliation of Net Income to Adjusted EBITDA
Three-Months Ended
May 31, 2009
Three-Months Ended
May 31, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
76.0
0.9
76.9
90.2
(28.4)
61.8
Depreciation and amortisation
32.2
-
32.2
26.0
2.0
28.0
Impairments
-
-
-
-
-
-
Investment income
(1.6)
-
(1.6)
(2.9)
-
(2.9)
Other gains and losses
(7.9)
(0.1)
(8.0)
4.1
(0.1)
4.0
Finance costs
5.3
-
5.3
5.2
-
5.2
Taxation
9.2
0.2
9.4
40.6
(2.8)
37.8
Adjusted EBITDA
113.2
1.0
114.2
163.2
(29.3)
133.9
Revenue 
525.5
16.7
542.2
705.6
36.8
742.4
Adjusted EBITDA %
21.5%
6.0%
21.1%
23.1%
(79.6%)
18.0%