Subsea 7 S.a. · OSL:SUBC
Subsea 7 — Acergy — Q4 2008 Earnings Presentation
18 slides from Subsea 7's earnings presentation, Feb 19, 2009
Slide 1: Earnings Presentation Fourth Quarter & Full Year Ended November 30, 2008
Exhibit 99.2 EARNINGS PRESENTATION FOURTH QUARTER & FULL YEAR ENDED NOVEMBER 30, 2008 FEBRUARY 18, 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 Acergy Piper held for sale at November 30, 2008, the results of the Trunkline segment are reported as discontinued operations Strong operational and financial performance for the year: Net operating revenue for continuing operations increased to $2.5bn Adjusted EBITDA for continuing operati
Slide 4: Regional Business Performance: Acergy Africa and Mediterranean
Regional Business Performance Acergy Africa and Mediterranean Quarter Ended Twelve Months Ended November 30 November 30 500 434.1 1,500 1,398.4 1,175.9 1,000 250 207.7 109.1 500 183.7 229.2 22.8 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2008 2007 2008
Slide 5: Regional Business Performance: Acergy Northern Europe and Canada
Regional Business Performance Acergy Northern Europe and Canada Quarter Ended Twelve Months Ended November 30 November 30 300 900 843.1 696.6 226.1 200 600 149.5 100 65.4 300 192.0 121.5 13.4 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2008 2007 2008 200
Slide 6: Regional Business Performance: Acergy North America and Mexico
Regional Business Performance Acergy North America and Mexico Quarter Ended Twelve Months Ended 10 November 30 15 November 30 10.5 10 5 3.9 4.4 5 3.2 1.8 (5.2) 1.1 (1.3) 0 0 Net Operating Net Operating Net Operating Net Operating -5 Revenue Income (Loss) Revenue Income (Loss) -5 -10 2008 2007 2008 2
Slide 7: Regional Business Performance: Acergy South America
Regional Business Performance Acergy South America Quarter Ended Twelve Months Ended November 30 November 30 100 90.9 400 320.1 62.2 300 202.0 50 200 100 7.4 2.9 22.6 (1.3) 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) 2008 2007 2008 2007 Str
Slide 8: Regional Business Performance: Acergy Asia and Middle East
Regional Business Performance Acergy Asia and Middle East Quarter Ended Twelve Months Ended November 30 November 30 60 200 180.8 45.0 42.2 150 40 102.4 100 20 50 14.4 2.1 (10.1) (28.7) 0 0 Net Operating Net Operating Net Operating Net Operating -50 -20 Revenue Income (Loss) Revenue Income (Loss) 200
Slide 9: Regional Business Performance: Discontinued Operations
Regional Business Performance Discontinued Operations Quarter Ended Twelve Months Ended November 30 November 30 125 300 281.8 274.0 104.7 100 250 200 75 62.2 150 50 100 25 50 3.5 (22.5) (26.6) 1.3 0 0 -25 Net Operating Net Operating -50 Net Operating Net Operating Revenue Income (Loss) Revenue Incom
Slide 10: Major Project Progression
Major Project Progression Continuing Projects >$100m, between 5% and 95% complete as at November 30, 2008 - excl. long-term ship charters in Brazil and the North Sea Moho Bilondo (Congo) Tombua Landana (Angola) Block 15 (Angola) Marathon Volund (N.Sea) Deep Panuke (Canada) Frade (Brazil) Mexilhao (B
Slide 11: Backlog Analysis – continuing operations
Backlog Analysis – continuing operations In $ millions as at: Nov.30.08 Aug.31.08 Nov.30.07 (1) Backlog 2,511 3,038 2,832 (2) Pre-Backlog 149 176 366 (1) Backlog excludes amounts related to discontinued operations of Nov.30.08: $114 million, Aug.31.08: $243 million, Nov.30.07 $343 million. (2) Pre-b
Slide 12: Financial Highlights
Financial Highlights In $ millions Three-Months Ended Twelve-Months Ended November November November November 30, 2008 30, 2007 30, 2008 30, 2007 Unaudited Unaudited Audited Audited Continuing operations: Revenue 567.9 692.1 2,522.4 2,406.3 (a) Adjusted EBITDA 135.1 150.0 573.0 437.9 Net operating i
Slide 13: Cashflow Highlights
Cashflow Highlights In $ millions Three-Months Ended Twelve-Months Ended November 30, 2008 November 30, 2008 Net Income 91.4 307.2 Depreciation and amortisation 32.6 118.4 Impairment (11.5) (11.5) Other non cash items from operations 27.1 11.2 Changes in working capital 131.7 67.8 Net cash from oper
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights In $ millions as at November 30, November 30, 2008 2007 Audited Audited Property, plant and equipment 907.6 814.2 Interest in associates 140.2 106.4 Trade and other receivables 354.5 485.1 Other accrued income and prepaid expenses 279.3 294.7 Cash and cash equivalents 573.0
Slide 15: Summary
Summary Strong operational and financial performance for the year More challenging and volatile short-term market and reduced near-term visibility Medium and long-term fundamentals remain robust Acergy well positioned to capitalise on future market growth seabed-to-surface February 18, 2009 slide 15
Slide 16: Appendix – Adjusted EBITDA
Appendix – Adjusted EBITDA (a) a) Adjusted AdjustedEBITDA: 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,
Slide 17: Reconciliation of Net Operating Income to Adjusted EBITDA
Reconciliation of Net Operating Income from Continuing and Discontinued Operations to Adjusted EBITDA from Continuing and Discontinued Operations Three-Months Ended Three-Months Ended November 30, 2008 November 30, 2007 Total Total In $ millions (except percentages) Continuing Discontinued Continuin
Slide 18: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income from Continuing and Discontinued Operations to Adjusted EBITDA from Continuing and Discontinued Operations Three-Months Ended Three-Months Ended November 30, 2008 November 30, 2007 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Disconti