EX-99.2 3 dex992.htm EARNINGS PRESENTATION Earnings Presentation
EARNINGS PRESENTATION
FOURTH
QUARTER
&
FULL
YEAR
ENDED
NOVEMBER
30,
2009
FEBRUARY 17, 2010
3:00 PM UK TIME
Exhibit 99.2
seabed-to-surface

seabed-to-surface
February 17, 2010
slide 2
Forward-Looking Statements
Forward-Looking
Statements:
Certain
statements
made
in
this
announcement
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: 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 and administrative proceedings or governmental
enquiries; uncertainties inherent in operating internationally; the timely delivery of ships on order and the
timely completion of ship conversion programmes; 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.

seabed-to-surface
February 17, 2010
slide 3
Highlights
Strong fourth quarter performance:
Continuing operations:
Revenue of $622 million
Adjusted EBITDA of $163 million
Adjusted EBITDA margin of 26.3%
Net income of $79 million
Diluted EPS of $0.39
Solid full year performance:
Continuing operations:
Revenue of $2,209 million
Adjusted EBITDA of $488 million
Adjusted EBITDA margin of 22.1%
Net income of $259 million
Diluted EPS of $1.29
Proposed dividend increased 5% to $0.23 per share, subject to shareholder
approval at the 2010 AGM
Major contract awards worldwide have increased backlog to $2.8 billion;
excluding backlog relating to associates and joint ventures

seabed-to-surface
February 17, 2010
slide 4
2009 –
positioned for profitable growth
Delivered on our commitments:
Outstanding execution of larger and more complex projects
Financial discipline:
Maintained a good project risk profile
Managed our cost base without compromising our long-term strategy
Reoriented resources towards key markets
Continued to build a strong cash position:
Financial discipline has enabled us to seize opportunities
Acquisition of Acergy Borealis, a versatile high specification deepwater ship, at a
favourable price

seabed-to-surface
February 17, 2010
slide 5
Acergy Borealis
–
post hull launch

seabed-to-surface
February 17, 2010
slide 6
Brief technical details:
•
Overall length 182m
•
Breadth 46m
•
Main crane capacity 5,000Te
•
DP3 dynamic positioning system
•
Steep-S
single
joint
pipelay
system
with 600Te capacity
•
Double joint J-Lay system over the
side
•
Work class ROVs
•
DnV
Class plus NMD Letter of
Compliance for worldwide operations
•
Accommodation for up to 400 people
Acergy Borealis
–
final design

seabed-to-surface
February 17, 2010
slide 7
Oil price operating in ‘appropriate’
range with greater stability
Anticipate more activity in the Conventional market in West Africa, at good
margins
Encouraged that certain major SURF contracts, delayed during 2009, are
expected to come to market award
Given
the
size
and
complexity
of
these
new
major
SURF
projects
–
offshore
installation expected to commence in late 2011 and beyond
Recent increase in tendering activity, particularly in the UK North Sea and
Gulf of Mexico, but pricing environment remains very competitive
Possible upside on Norwegian Continental Shelf, offshore activity beyond
2010
Medium-term
fundamentals
remain
strong

seabed-to-surface
February 17, 2010
slide 8
$1.7 billion of backlog in hand for execution in 2010; supports 2010 guidance
Clear
and
focused
strategy
–
growth
expected
to
be
driven
by
global
SURF
market while Conventional market in West Africa remains strong
Well placed
to
combine
our
competitive
strengths
of
high
calibre
engineering
and project management skills, together with our high quality assets to
capture future growth opportunities
Acquisition of
Acergy
Borealis
represents
key
milestone
in
ongoing
fleet
enhancement programme
Maintained strategic focus, aligned resources to be able to exploit new
opportunities as our markets return to growth in the medium-term
Building our future

seabed-to-surface
February 17, 2010
slide 9
Financial Highlights
Three-Months Ended
In $ millions, except share and per share data
Nov.30,
2009
Unaudited
Nov.30,
2008
Unaudited
Continuing operations:
Revenue
621.9
567.9
Adjusted EBITDA
(a)
163.3
135.1
Net operating income
113.5
102.7
Taxation
(40.4)
(45.8)
Income –
continuing operations
78.7
89.9
Net income
–
discontinued operations
2.4
1.5
Net income
81.1
91.4
Earnings
per share –
diluted
Continuing operations
0.39
0.44
Discontinued operations
0.01
0.01
Net earnings
0.40
0.45
Weighted average number of  common
shares and common
share
equivalents
outstanding
-
diluted
206.2m
204.7m
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net income.
(a)

seabed-to-surface
February 17, 2010
slide 10
Regional Performance –
continuing operations
649
67
843
192
Revenue
Net operating income
FY09
FY08
164
36
226
65
Revenue
Net operating income
Q409
Q408
Year ended Nov.30
Quarter ended Nov.30
$m
Territory 1 -
Acergy Northern Europe and Canada
Fourth Quarter 2009:
As expected, lower activity levels during the quarter compared to Q4 2008 reflecting ongoing
challenging market environment
Good
operational
progress
on
Ormen
Lange,
Gjoa,
DONG
Nini
East,
Norne
and
Deep
Panuke
Successful
early
completion
of
Ormen
Lange
in
the
quarter
Net operating income for Q4 2008 included $33 million credit on Norwegian defined benefit
pension scheme
Commercial
negotiations
on
Marathon
Volund
Project
continue

seabed-to-surface
February 17, 2010
slide 11
Regional Performance –
continuing operations
Year ended Nov.30
Quarter ended Nov.30
$m
Territory 1 -
Acergy Asia and Middle East
206
38
181
14
Revenue
Net operating income
FY09
FY08
62
10
45
2
Revenue
Net operating income
Q409
Q408
Fourth Quarter 2009:
Good
operational
progress
on
projects,
including
BHP
Pyrenees,
Bluewater
Al
Sheehan
and
Pluto -
which remained in early stages
SapuraAcergy
JV
delivered
a
positive
contribution
in
the
quarter
and
for
the
fiscal
year

seabed-to-surface
February 17, 2010
slide 12
Regional Performance –
continuing operations
Year ended Nov.30
Quarter ended Nov.30
$m
Territory 2 -
Acergy Africa and Mediterranean
1,000
171
1,176
184
Revenue
Net operating income
FY09
FY08
320
65
208
23
Revenue
Net operating income
Q409
Q408
Fourth Quarter 2009:
Good
progress
on
a
number
of
major
projects,
including
Block
15,
EPC4A,
Angola
LNG
and
PazFlor, together with a good contribution from Sonamet
Good
utilisation
of
regional
vessels,
including
Acergy
Polaris
and
Acergy
Legend
which
were
in
planned dry-dock for Q4 2008
A number of major projects in this segment remain in early stages
No major projects completed during the quarter

seabed-to-surface
February 17, 2010
slide 13
Regional Performance –
continuing operations
Year ended Nov.30
Quarter ended Nov.30
$m
Territory 2 -
Acergy North America and Mexico
58
26
4
11
Revenue
Net operating income
FY09
FY08
11
9
2
4
Revenue
Net operating income
Q409
Q408
Fourth Quarter 2009:
Good contribution from ultra-deep Perdido Project and Hess Conger Project, which
completed during the quarter
Successful
completion
of
cross-regional
Frade
SURF
Project

seabed-to-surface
February 17, 2010
slide 14
Regional Performance –
continuing operations
Year ended Nov.30
Quarter ended Nov.30
$m
Territory 2 -
Acergy South America
289
38
320
23
Revenue
Net operating income
FY09
FY08
64
13
7
91
Revenue
Net operating income
Q409
Q408
Fourth Quarter 2009:
Anticipated
lower
activity
levels
partly
offset
by
good
contribution
from
the
Frade
Project,
which completed offshore operations
Three ships on long-term service arrangements achieved full utilisation
Successful
completion
of
cross-regional
Frade
SURF
Project

seabed-to-surface
February 17, 2010
slide 15
Regional Performance –
continuing operations
Year ended Nov.30
Quarter ended Nov.30
$m
Corporate
8
3
38
(2)
FY09
FY08
2
1
(21)
(4)
Q409
Q408
Fourth Quarter 2009:
Revenue reflected personnel services and related costs charged to the SapuraAcergy JV
Lower contribution from NKT Flexibles and Seaway Heavy Lifting JVs
Lower utilisation of corporate vessels, partially offset by reduction in administrative
expenses
Revenue
Net operating
income
Revenue
Net operating
(loss) / income

seabed-to-surface
February 17, 2010
slide 16
Financial Highlights
Twelve-Months Ended
In $ millions, except share and per share data
Nov.30,
2009
Audited
Nov.30,
2008
Audited
Continuing operations:
Revenue
2,208.8
2,522.4
Adjusted
EBITDA
(a)
488.3
573.0
Net operating income
342.7
460.8
Taxation
(102.8)
(162.6)
Income –
continuing operations
258.5
329.7
Net income / (loss) –
discontinued operations
7.2
(22.5)
Net income
265.7
307.2
Earnings / (loss) per share –
diluted
Continuing operations
1.29
1.70
Discontinued operations
0.04
(0.11)
Net earnings
1.33
1.59
Weighted average number of  common
shares and common
share
equivalents
outstanding
-
diluted
183.8m
207.5m
(a)
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net income.

seabed-to-surface
February 17, 2010
slide 17
In $ millions
Three-Months Ended
Twelve-Months Ended
Nov.30, 2009
Nov.30, 2009
Net income – total operations
81.1
265.7
Depreciation and amortisation
35.3
131.1
Impairment
15.6
15.6
Other non cash items from operations
106.1
96.6
Changes in working capital
(76.9)
37.1
Net cash from operating activities
161.2
546.1
Capital expenditure
Payment for intangible assets
Proceeds from sale of assets (net of costs of sale)  
Advances to associates & JVs
Dividends from associates & JVs
Increase in investment in non-consolidated JVs
(34.9)
(4.6)
0.1
0.1
20.6
(20.6)
(171.8)
(4.6)
73.6
(5.0)
28.0
(20.6)
Net cash from investing activities
(39.3)
(100.4)
New borrowings
1.5
2.8
Exercise of share options
0.7
1.6
Interest paid on convertible note
(5.7)
(11.3)
Dividends paid to shareholders
-
(40.2)
Dividends paid to minority interests
-
(4.9)
Net cash from financing activities
(3.5)
(52.0)
Effect of exchange rate changes on cash
17.7
44.5
Change in cash and cash equivalents 
136.1
438.2
Cashflow Highlights

seabed-to-surface
February 17, 2010
slide 18
Balance Sheet Highlights
In $ millions as at
November
30, 2009
Audited
November
30, 2008
Audited
Property, plant and equipment
821.8
907.6
Interest in associates
and joint ventures
190.3
140.2
Trade and other receivables
297.9
354.5
Assets held for sale
263.6
75.5
Other accrued income and prepaid expenses
212.8
233.5
Cash and cash equivalents
907.6
573.0
Other assets
139.1
186.8
Total assets
2,833.1
2,471.1
Total equity
1,099.2
801.4
Non-current portion of borrowings
415.8
409.2
Trade and other payables
624.1
651.6
Deferred revenue
279.8
305.6
Current tax liabilities
97.9
69.1
Liabilities directly associated with assets held for sale
174.9
-
Other liabilities
141.4
234.2
Total liabilities
1,733.9
1,669.7
Total equity and liabilities
2,833.1
2,471.1
(2)
These figures have been extracted from the Audited Consolidated Financial Statements for 2009 and 2008.
As at November 30, 2009 cash balances of $907.6 million exclude $103.6 million relating to Sonamet which as at this date is classified as an asset held for sale.
(1)
(1)
(2)
(1)

seabed-to-surface
February 17, 2010
slide 19
Appendices

seabed-to-surface
February 17, 2010
slide 20
Major Project Progression
Continuing Projects >$100m, between 5% and 95% complete as at November 30, 2009 -
excl. long-term ship charters
0%
20%
40%
60%
80%
100%
Mexilhao (Brazil)
Pluto (Australia)
Deep Panuke (Canada)
Block 17/18 (Angola)
ALNG (Angola)
PazFlor (Angola)
EPC4A (Nigeria)
Block 15 (Angola)
Moho Bilondo (Congo)
Acergy AFMED
Acergy NEC
Acergy AME
Disc. Operations

seabed-to-surface
February 17, 2010
slide 21
Backlog
Analysis
–
continuing
operations
Backlog by Region
11%
6%
66%
17%
0%
20%
40%
60%
80%
100%
Nov.30.09
SAM
AFMED
AME
NEC
Backlog by Award Date
2006
11%
2009
46%
2008
34%
2007
9%
Backlog by Execution Date
2011
27%
2012+
13%
2010
60%
In $ millions as at:
Nov.30.09
Aug.31.09
Nov.30.08
Backlog
(1)
2,848
2,628
2,511
Pre-Backlog
(2)
249
42
149
(1)
Backlog excludes amounts related to discontinued operations as of Nov.30.09: $43 million, Aug.31.09: $72 million, Nov.30.08: $114 million
(2)
Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements

seabed-to-surface
February 17, 2010
slide 22
Segmental
Analysis
–
continuing
operations
For the three months
ended Nov.30.09
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
163.5
62.0
320.1
11.0
63.5
1.8
621.9
Net operating income / (loss)
36.3
10.4
65.4
9.2
13.2
(21.0)
113.5
   Investment income
1.6
   Other gains 
12.5
   Finance costs
(8.5)
Net income before taxation from continuing operations 
119.1
 
 
 
 
 
 
 
For the three months
ended Nov.30.08
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
226.1
45.0
207.7
1.8
90.9
(3.6)
567.9
Net operating income 
65.4
2.1
22.8
3.9
7.4
1.1
102.7
    Investment income
4.3
    Other gains
34.9
    Finance costs
(6.2)
Net income before taxation from continuing operations
135.7

seabed-to-surface
February 17, 2010
slide 23
Segmental
Analysis
–
continuing
operations
    
For the twelve months
ended Nov.30.09
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
648.8
206.0
999.7
57.8
288.8
7.7
2,208.8
Net operating income
67.4
37.8
171.3
26.0
37.5
2.7
342.7
   Investment income
6.4
   Other gains 
43.6
   Finance costs
(31.4)
Net income before taxation from continuing operations 
361.3
 
 
 
 
 
 
 
For the twelve months
ended Nov.30.08
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
843.1
180.8
1,175.9
4.4
320.1
(1.9)
2,522.4
Net operating income 
192.0
14.4
183.7
10.5
22.6
37.6
460.8
    Investment income
17.9
    Other gains
44.1
    Finance costs
(30.5)
Net income before taxation from continuing operations
492.3

seabed-to-surface
February 17, 2010
slide 24
Positive contribution for fiscal year 2009
Regional
Performance
–
discontinued
operations
Year ended Nov.30
Quarter ended Nov.30
$m
Discontinued Operations
115
16
(23)
282
FY09
FY08
30
5
105
4
Revenue
Net operating income
Q409
Q408
Revenue
Net operating
income/(loss)
Positive contribution for the quarter from the Mexilhao Trunkline Project

seabed-to-surface
February 17, 2010
slide 25
Adjusted EBITDA
(a)
                      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 and intangibles. 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 adopted 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 and intangibles.  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.
Adjusted EBITDA:

seabed-to-surface
February 17, 2010
slide 26
Reconciliation
of
Net
Income
to
Adjusted
EBITDA
Three-Months Ended
November 30, 2009
Three-Months Ended
November 30, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
78.7
2.4
81.1
89.9
1.5
91.4
Depreciation and amortisation
35.2
0.1
35.3
30.6
2.0
32.6
Impairments
14.6
1.0
15.6
1.8
(13.3)
(11.5)
Investment income
(1.6)
-
(1.6)
(4.3)
-
(4.3)
Other gains and losses
(12.5)
(0.6)
(13.1)
(34.9)
1.7
(33.2)
Finance costs
8.5
-
8.5
6.2
1.0
7.2
Taxation
40.4
2.8
43.2
45.8
(0.7)
45.1
Adjusted EBITDA
163.3
5.7
169.0
135.1
(7.8)
127.3
Revenue 
621.9
29.5
651.4
567.9
104.7
672.6
Adjusted EBITDA %
26.3%
19.3%
25.9%
23.8%
(7.4%)
18.9%
Twelve-Months Ended
November 30, 2009
Twelve-Months Ended
November 30, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income  / (loss)
258.5
7.2
265.7
329.7
(22.5)
307.2
Depreciation and amortisation
131.0
0.1
131.1
110.4
8.0
118.4
Impairments
14.6
1.0
15.6
1.8
(13.3)
(11.5)
Investment income
(6.4)
-
(6.4)
(17.9)
-
(17.9)
Other gains and losses
(43.6)
1.6
(42.0)
(44.1)
1.1
(43.0)
Finance costs
31.4
-
31.4
30.5
1.0
31.5
Taxation
102.8
6.7
109.5
162.6
(2.1)
160.5
Adjusted EBITDA
488.3
16.6
504.9
573.0
(27.8)
545.2
Revenue 
2,208.8
114.8
2,323.6
2,522.4
281.8
2,804.2
Adjusted EBITDA %
22.1%
14.5%
21.7%
22.7%
(9.9%)
19.4%

seabed-to-surface
February 17, 2010
slide 27
Reconciliation of Net Operating Income to
Adjusted EBITDA
Three-Months Ended
November 30, 2009
Three-Months Ended
November 30, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
113.5
4.6
118.1
102.7
3.5
106.2
Depreciation and amortisation
35.2
0.1
35.3
30.6
2.0
32.6
Impairments
14.6
1.0
15.6
1.8
(13.3)
(11.5)
Adjusted EBITDA
163.3
5.7
169.0
135.1
(7.8)
127.3
Revenue 
621.9
29.5
651.4
567.9
104.7
672.6
Adjusted EBITDA %
26.3%
19.3%
25.9%
23.8%
(7.4%)
18.9%
Twelve-Months Ended
November 30, 2009
Twelve-Months Ended
November 30, 2008
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income / (loss)
342.7
15.5
358.2
460.8
(22.5)
438.3
Depreciation and amortisation
131.0
0.1
131.1
110.4
8.0
118.4
Impairments
14.6
1.0
15.6
1.8
(13.3)
(11.5)
Adjusted EBITDA
488.3
16.6
504.9
573.0
(27.8)
545.2
Revenue 
2,208.8
114.8
2,323.6
2,522.4
281.8
2,804.2
Adjusted EBITDA %
22.1%
14.5%
21.7%
22.7%
(9.9%)
19.4%