EX-99.2 3 dex992.htm EARNINGS PRESENTATION Earnings Presentation
seabed-to-surface
EARNINGS PRESENTATION
FIRST QUARTER ENDED
FEBRUARY 28, 2010
APRIL 14, 2010
3:00 PM UK TIME
Exhibit 99.2

seabed-to-surface
April 14, 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.

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April 14, 2010
slide 3
Highlights
Very strong first quarter performance:
Continuing operations:
Revenue of $576 million
Adjusted EBITDA
(a)
of $135 million
Adjusted EBITDA margin of 23.5%
Net income of $53 million
Diluted EPS of $0.23
Factors contributing to this performance:
Our project teams have delivered outstanding execution on several major
contracts around the world
Conventional activity has continued to strengthen in West Africa
Good contribution from our joint ventures 
Successful result from claims and variation orders on ongoing projects

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April 14, 2010
slide 4
Guidance for fiscal year 2010 reiterated
Continuing operations:
Revenue in line with 2009
an Adjusted EBITDA margin lower than 2009 outturn, namely lower
than 22.1%
Emerging factors for consideration for 2010 margin:
Strength of the Q1 2010 results
Conventional activity in West Africa continued to strengthen
Strong contribution from our joint ventures expected
Expectation of continued excellent execution
Pricing environment for shorter-term work in the UK North Sea remains
very competitive
Impact of further delays in contract awards, beyond our current positive
sentiment towards shorter-term work in UK North Sea or Conventional
work in West Africa
2010 Guidance

seabed-to-surface
April 14, 2010
slide 5
Stronger oil price and more stable macro environment inspiring
greater confidence in industry
SURF market:
Increased tendering activity worldwide
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 beyond 2011
Pricing environment for shorter-term work, particularly in UK North Sea
and Gulf of Mexico, remains very competitive
Conventional market in West Africa:
Continues to strengthen -
anticipate more activity at good margins
Expect to remain strong in short and medium-term
Acergy’s substantial local presence a competitive strength
Medium-term fundamentals remain strong

seabed-to-surface
April 14, 2010
slide 6
Focused investment in our people and assets has served Acergy well
Successfully managed our cost base without compromising our long-
term strategy
Invested in our assets, including acquisition of Acergy Borealis
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
Well positioned to capture growth opportunities

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April 14, 2010
slide 7
Financial Highlights
Three
-Months Ended
In $ millions, except share and per share data
Feb.28, 
2010
Unaudited
Feb.28,   
2009
Unaudited
Continuing operations:
Revenue
575.8
503.1
Adjusted EBITDA
(a)
135.2
101.8
Gross profit
147.0
114.8
Net operating income
100.8
71.3
Taxation
(23.4)
(22.4)
Income –
continuing operations
52.6
39.1
Net income –
discontinued operations
5.0
1.9
Net income
57.6
41.0
Earnings per share –
diluted
Continuing operations
0.23
0.19
Discontinued operations
0.03
0.01
Net
earnings
0.26
0.20
Weighted average number of common shares and common 
share equivalents outstanding
-
diluted
184.4m
183.4m
(a)
Refer to appendix for Adjusted EBITDA definition and reconciliation to Net operating income and Net income.

seabed-to-surface
April 14, 2010
slide 8
Regional Performance –
continuing operations
Territory 1 -
Acergy Northern Europe and Canada
First Quarter 2010:
As expected, lower activity levels during the quarter in an ongoing challenging market
environment and fewer projects in installation phase
Good operational progress on DONG Siri
and Deep Panuke
Projects and completion of Maersk
Lochranza
Project
Lower utilisation of regional vessels
Commercial negotiations on Marathon Volund
Project continue
Quarter ended Feb.28
$m
91
(1)
2
138
Q110
Q109
Revenue
Net operating
(loss) / income

seabed-to-surface
April 14, 2010
slide 9
Regional Performance –
continuing operations
Territory 1 -
Acergy Asia and Middle East
21
87
13
47
Revenue
Net operating income
Q110
Q109
First Quarter 2010:
Good operational progress on Pluto and BHP Pyrenees Projects
SapuraAcergy JV delivered an improved positive contribution
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 10
Regional Performance –
continuing operations
Territory 2 -
Acergy Africa and Mediterranean
228
37
91
342
Revenue
Net operating income
Q110
Q109
First Quarter 2010:
Excellent progress on a number of major projects: Block 15, Angola LNG, EPC4A and PazFlor,
together with a good contribution from Sonamet, which remained fully consolidated during the
quarter
Good utilisation of regional vessels, including Acergy Polaris
which was in planned dry-dock
for part of Q1 2009
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 11
Regional Performance –
continuing operations
Territory 2 -
Acergy North America and Mexico
1
(4)
5
4
Revenue
Net operating (loss) /
income
Q110
Q109
First Quarter 2010:
Absence of active projects resulted in the segment’s operating cost base not being covered
by project activity
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 12
Regional Performance –
continuing operations
Territory 2 -
Acergy South America
5
55
8
85
Revenue
Net operating income
Q110
Q109
First Quarter 2010:
Anticipated lower activity levels partly offset by Roncador
Manifold Project
Four ships on long-term service arrangements achieved full utilisation
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 13
Regional Performance –
continuing operations
Corporate
1
(11)
8
0
Q110
Q109
First Quarter 2010:
Lower utilisation of corporate vessels due to dry-docks and fire on Acergy Falcon
Higher professional fees arising from legal restructuring and organisational optimisation
Partially offset by a strong contribution from Seaway Heavy Lifting and lower contribution
from NKT Flexibles
Revenue
Net operating
(loss) / income
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 14
In $ millions
Three-Months Ended
February 28, 2010
Unaudited
Net income – total operations
57.6
Depreciation and amortisation and Impairment
Other changes in operating assets and liabilities
Other non cash items
Other changes in working capital
34.4
(101.6)
(40.6)
(40.9)
Net cash used in operating activities
(91.1)
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
(151.8)
(4.0)
0.8
-
-
-
Net cash used in investing activities
(155.0)
New borrowings
Exercise of share options
Interest paid on convertible loan note
Dividends paid to shareholders
Dividends paid to minority interests
Increase in bank overdrafts
3.8
0.8
-
-
-
4.9
Net cash generated from financing activities
9.5
Effect of exchange rate changes on cash
(20.3)
Change in cash and cash equivalents 
(256.9)
Cashflow Highlights

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April 14, 2010
slide 15
Balance Sheet Highlights
In $ millions as at
February
28, 2010 
Unaudited
November
30, 2009
Audited
(1)
February
28, 2009
Unaudited
Property, plant and equipment
940.5
821.8
899.3
Interest in associates
and joint ventures
193.2
190.3
144.2
Trade and other receivables
281.4
297.9
324.5
Assets held for sale
267.6
263.6
1.1
Other accrued
income and prepaid expenses
267.0
212.8
237.0
Cash and cash equivalents
(2)
667.1
907.6
677.6
Other assets
138.0
139.1
175.6
Total assets
2,754.8
2,833.1
2,459.3
Total equity
1,084.4
1,099.2
818.4
Non-current portion of borrowings
420.4
415.8
413.0
Trade and other payables
587.7
624.1
620.9
Deferred revenue
232.4
279.8
272.2
Current tax liabilities
88.4
97.9
101.5
Liabilities directly associated with assets held for sale
174.1
174.9
-
Other liabilities
167.4
141.4
233.3
Total liabilities
1,670.4
1,733.9
1,640.9
Total equity and liabilities
2,754.8
2,833.1
2,459.3
(1)
These
figures
have
been
extracted
from
the
Audited
Consolidated
Financial
Statements
for
2009.
(2)
As
at
February
28,
2010
cash
balances
of
$667.1
million
exclude
$87.2
million
relating
to
Sonamet
which
as
at
this
date
is
classified
as
an
asset
held
for
sale.

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April 14, 2010
slide 16
Appendices
*
*
*
*
*

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April 14, 2010
slide 17
Major Project Progression
Continuing Projects >$100m, between 5% and 95% complete as at February 28, 2010
- excl. long-term ship charters
0%
20%
40%
60%
80%
100%
Gumusut (Malaysia)
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
SapuraAcergy JV

seabed-to-surface
April 14, 2010
slide 18
Backlog by Service Capability
SURF
58%
Backlog analysis –
continuing operations
Backlog by Award Date
2008
36%
2009
48%
2010
1%
<2007
15%
Backlog by Execution Date
2011
32%
2012+
16%
2010
52%
In $ millions as at:
Feb.28.10
Nov.30.09
Feb.28.09
Backlog
(1)
2,469
2,848
2,432
Pre-Backlog
(2)
309
249
75
(1)
Backlog excludes amounts related to discontinued operations as of Feb.28.10: $25 million, Nov.30.09: $43 million, Feb.28.09: $86 million
(2)
Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements
IMR/
Survey
4%
Conventional
38%
Backlog by Segment
NEC
13%
SAM
20%
AFMED
64%
AME
3%

seabed-to-surface
April 14, 2010
slide 19
Segmental Analysis –
continuing operations
Territory 1
Territory 2
For the three months
ended Feb.28.10
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
90.6
87.4
341.7
0.5
54.9
0.7
575.8
Net operating (loss) / income
(1.4)
20.7
91.0
(3.7)
5.1
(10.9)
100.8
   Investment income
2.4
   Other gains and losses
(19.6)
   Finance costs
(7.6)
Net income before taxation from continuing operations 
76.0
 
 
 
 
 
 
 
Territory 1
Territory 2
For the three months
ended Feb.28.09
In $ millions
Acergy
NEC
Acergy
AME
Acergy
AFMED
Acergy
NAMEX
Acergy
SAM
Acergy
Corporate
Total –
continuing
operations
Revenue
138.1
47.1
228.0
4.3
85.3
0.3
503.1
Net operating income 
1.5
12.6
37.0
4.6
7.5
8.1
71.3
    Investment income
1.8
    Other gains and losses
(1.9)
    Finance costs
(9.7)
Net income before taxation from continuing operations
61.5

seabed-to-surface
April 14, 2010
slide 20
Positive contribution from the Mexilhao
Trunkline
Project
Regional Performance –
discontinued operations
Discontinued Operations
7
35
5
32
Revenue
Net operating income
Q110
Q109
Quarter ended Feb.28
$m

seabed-to-surface
April 14, 2010
slide 21
(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
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

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April 14, 2010
slide 22
Reconciliation of Net Income to Adjusted EBITDA
Three-Months Ended
February 28, 2010
Three-Months Ended
February 28, 2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net income
52.6
5.0
57.6
39.1
1.9
41.0
Depreciation and amortisation
30.6
-
30.6
30.5
-
30.5
Impairments
3.8
-
3.8
-
-
-
Investment income
(2.4)
-
(2.4)
(1.8)
-
(1.8)
Other gains and losses
19.6
-
19.6
1.9
2.5
4.4
Finance costs
7.6
-
7.6
9.7
-
9.7
Taxation
23.4
1.7
25.1
22.4
1.0
23.4
Adjusted EBITDA
135.2
6.7
141.9
101.8
5.4
107.2
Revenue 
575.8
35.4
611.2
503.1
32.3
535.4
Adjusted EBITDA %
23.5%
18.9%
23.2%
20.2%
16.7%
20.0%
Three-Months Ended
February 28, 2010
Three-Months Ended
February 28, 2009
In $ millions (except percentages)
Continuing
Discontinued
Total
operations
Continuing
Discontinued
Total
operations
Net operating income
100.8
6.7
107.5
71.3
5.4
76.7
Depreciation and amortisation
30.6
-
30.6
30.5
-
30.5
Impairments
3.8
-
3.8
-
-
-
Adjusted EBITDA
135.2
6.7
141.9
101.8
5.4
107.2
Revenue 
575.8
35.4
611.2
503.1
32.3
535.4
Adjusted EBITDA %
23.5%
18.9%
23.2%
20.2%
16.7%
20.0%
Reconciliation of Net Operating Income to
Adjusted EBITDA