Subsea 7 S.a. · OSL:SUBC
Subsea 7 — Acergy — Q1 2009 Earnings Presentation
19 slides from Subsea 7's earnings presentation, Apr 16, 2009
Slide 1: Earnings Presentation First Quarter Ended February 28, 2009
Exhibit 99.2 EARNINGS PRESENTATION FIRST QUARTER ENDED FEBRUARY 28, 2009 APRIL 15, 2009 3:00 PM UK TIME seabed-to-surface
Slide 2: Forward-Looking Statements
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,
Slide 3: Overview
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
Slide 4: Market environment
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
Slide 5: Major Project Progression
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 Moho Bilondo (Congo) Block 15 (Angola) PazFlor (Angola) Marathon Volund (N.Sea) Deep Panuke (Canada) Frade (Brazil) Pluto (Australia)
Slide 6: Backlog Analysis – continuing operations
Backlog Analysis – continuing operations In $ millions as at: Feb.28.09 Nov.30.08 Feb.29.08 (1) Backlog 2,432 2,511 3,647 (2) Pre-Backlog 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 st
Slide 7: Financial Highlights
Financial Highlights In $ millions, except share and per share data Three-Months Ended February February 28, 2009 29, 2008 Unaudited Unaudited Continuing operations: Revenue 503.1 609.7 (a) Adjusted EBITDA 101.8 112.4 Net operating income 71.3 86.4 Taxation (22.4) (33.4) Net income – continuing oper
Slide 8: Cashflow Highlights
Cashflow Highlights 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 (56.5) Proceeds from sale of a
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights In $ millions as at February November February 28, 2009 30, 2008 29, 2008 Unaudited Audited 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 incom
Slide 10: Summary
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 our
Slide 11: Appendices
Appendices seabed-to-surface April 15, 2009 slide 11
Slide 12: Regional Performance – Acergy Africa and Mediterranean
Regional Performance – continuing operations Acergy Africa and Mediterranean Quarter Ended February 400 359.5 228.0 200 57.5 37.0 0 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 ope
Slide 13: Regional Performance – Acergy Northern Europe and Canada
Regional Performance – continuing operations Acergy Northern Europe and Canada Quarter Ended February 200 138.1 128.0 100 1.5 5.9 0 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
Slide 14: Regional Performance – Acergy North America and Mexico
Regional Performance – continuing operations Acergy North America and Mexico Quarter Ended 10 February 5 4.3 4.6 0.6 0.7 0 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
Slide 15: Regional Performance – Acergy South America
Regional Performance – continuing operations Acergy South America Quarter Ended February 100 85.3 76.6 50 7.5 7.5 0 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 Acer
Slide 16: Regional Performance – Acergy Asia and Middle East
Regional Performance – continuing operations Acergy Asia and Middle East Quarter Ended February 60 47.1 44.1 40 20 12.6 (2.7) 0 Revenue Net Operating -20 Income / (Loss) 2009 2008 Good progress on projects, including Van Gogh, which is now offshore and Pluto which passed 5% profit recognition thresh
Slide 17: Regional Performance – discontinued operations
Regional Performance – discontinued operations Discontinued Operations Quarter Ended February 75 50 32.3 26.2 25 5.4 (12.9) 0 Revenue Net Operating -25 Income / (Loss) 2009 2008 Positive contribution from the Mexilhao Trunkline Project Ibama environmental licence exclusion for most of first quarter;
Slide 18: 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 19: Reconciliation of Net Operating Income to Adjusted EBITDA
Reconciliation of Net Operating Income to Adjusted EBITDA Three-Months Ended Three-Months Ended February 28, 2009 February 29, 2008 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net operating income 71.3 5.4 76.7 86.4 (12.9) 73.5