Slide 1: Earnings Presentation Q4 & Full Year 2009
Exhibit 99.2 EARNINGS PRESENTATION FOURTH QUARTER & FULL YEAR ENDED NOVEMBER 30, 2009 FEBRUARY 17, 2010 3:00 PM UK TIME seabed-to-surface
Slide 2: Forward-Looking Statements
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 us
Slide 3: Highlights
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
Slide 4: 2009 – positioned for profitable growth
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 Cont
Slide 5: Acergy Borealis – post hull launch
Acergy Borealis – post hull launch seabed-to-surface February 17, 2010 slide 5
Slide 6: Acergy Borealis – final design
Acergy Borealis – final design 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
Slide 7: Medium-term fundamentals remain strong
Medium-term fundamentals remain strong 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 t
Slide 8: Building our future
Building our future $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 e
Slide 9: Financial Highlights
Financial Highlights Three-Months Ended Nov.30, Nov.30, In $ millions, except share and per share data 2009 2008 Unaudited Unaudited Continuing operations: Revenue 621.9 567.9 (a) Adjusted EBITDA 163.3 135.1 Net operating income 113.5 102.7 Taxation (40.4) (45.8) Income – continuing operations 78.7
Slide 10: Regional Performance – Northern Europe and Canada
Regional Performance – continuing operations Territory 1 - Acergy Northern Europe and Canada Year ended Nov.30 Quarter ended Nov.30 $m 843 649 226 164 192 65 67 36 Revenue Net operating income Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: As expected, lower activity levels du
Slide 11: Regional Performance – Asia and Middle East
Regional Performance – continuing operations Territory 1 - Acergy Asia and Middle East Year ended Nov.30 Quarter ended Nov.30 $m 62 206 181 45 38 14 10 2 Revenue Net operating income Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: Good operational progress on projects, includin
Slide 12: Regional Performance – Africa and Mediterranean
Regional Performance – continuing operations Territory 2 - Acergy Africa and Mediterranean Year ended Nov.30 Quarter ended Nov.30 $m 320 1,176 208 1,000 171 184 65 23 Revenue Net operating income Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: Good progress on a number of major
Slide 13: Regional Performance – North America and Mexico
Regional Performance – continuing operations Territory 2 - Acergy North America and Mexico Year ended Nov.30 Quarter ended Nov.30 $m 58 11 9 26 4 4 11 2 Revenue Net operating income Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: Good contribution from ultra-deep Perdido Projec
Slide 14: Regional Performance – South America
Regional Performance – continuing operations Territory 2 - Acergy South America Year ended Nov.30 Quarter ended Nov.30 $m 91 289 320 64 38 13 7 23 Revenue Net operating income Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: Anticipated lower activity levels partly offset by goo
Slide 15: Regional Performance – Corporate
Regional Performance – continuing operations Corporate Year ended Nov.30 Quarter ended Nov.30 $m 38 Revenue Net operating (loss) / income 8 (2) 3 2 (4) 1 (21) Revenue Net operating income FY09 FY08 Q409 Q408 Fourth Quarter 2009: Revenue reflected personnel services and related costs charged to the S
Slide 16: Financial Highlights – Twelve Months
Financial Highlights Twelve-Months Ended Nov.30, Nov.30, In $ millions, except share and per share data 2009 2008 Audited Audited Continuing operations: Revenue 2,208.8 2,522.4 (a) Adjusted EBITDA 488.3 573.0 Net operating income 342.7 460.8 Taxation (102.8) (162.6) Income – continuing operations 25
Slide 17: Cashflow Highlights
Cashflow Highlights 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 fr
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights In $ millions as at November November 30, 2009 30, 2008 Audited (1) Audited (1) 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 pr
Slide 19: Appendices
Appendices seabed-to-surface February 17, 2010 slide 19
Slide 20: Major Project Progression
Major Project Progression Continuing Projects >$100m, between 5% and 95% complete as at November 30, 2009 - excl. long-term ship charters Moho Bilondo (Congo) Block 15 (Angola) EPC4A (Nigeria) PazFlor (Angola) ALNG (Angola) Block 17/18 (Angola) Deep Panuke (Canada) Pluto (Australia) Mexilhao (Brazil
Slide 21: Backlog Analysis
Backlog Analysis – continuing operations In $ millions as at: Nov.30.09 Aug.31.09 Nov.30.08 (1) Backlog 2,848 2,628 2,511 (2) Pre-Backlog 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-b
Slide 22: Segmental Analysis – Three Months
Segmental Analysis – continuing operations For the three months Acergy Acergy Acergy Acergy Acergy Acergy Total – ended Nov.30.09 NEC AME AFMED NAMEX SAM Corporate continuing operations In $ millions 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 (
Slide 23: Segmental Analysis – Twelve Months
Segmental Analysis – continuing operations For the twelve months Acergy Acergy Acergy Acergy Acergy Acergy Total – ended Nov.30.09 NEC AME AFMED NAMEX SAM Corporate continuing operations In $ millions 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
Slide 24: Regional Performance – discontinued operations
Regional Performance – discontinued operations Discontinued Operations Year ended Nov.30 Quarter ended Nov.30 $m 282 105 115 30 16 (23) 5 4 Revenue Net operating Revenue Net operating income income/(loss) FY09 FY08 Q409 Q408 Positive contribution for the quarter from the Mexilhao Trunkline Project P
Slide 25: Adjusted EBITDA
Adjusted EBITDA (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 amo
Slide 26: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three-Months Ended Three-Months Ended November 30, 2009 November 30, 2008 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net income 78.7 2.4 81.1 89.9 1.5 91.4 Depreciation and amort
Slide 27: Reconciliation of Net Operating Income to Adjusted EBITDA
Reconciliation of Net Operating Income to Adjusted EBITDA Three-Months Ended Three-Months Ended November 30, 2009 November 30, 2008 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net operating income 113.5 4.6 118.1 102.7 3.5 106.