Slide 1: Earnings Presentation Second Quarter Ended May 31, 2009
Exhibit 99.2 EARNINGS PRESENTATION SECOND QUARTER ENDED MAY 31, 2009 JULY 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: Second Quarter Highlights
Second Quarter Highlights Delivered a solid operational performance in a challenging environment: Continuing operations: Revenue of $526 million Adjusted EBITDA of $113 million Adjusted EBITDA margin of 21.5% Net income of $76 million Diluted EPS of $0.40 Encouraging progress on new large contract a
Slide 4: Short-Term Caution – Strong Fundamentals
Short-Term Caution – Strong Fundamentals SURF market: Short–term: poor visibility Some projects delayed by Operators Conventional / hook-up market in West Africa: Increased visibility with the award of EPC4A contract More projects being discussed in Nigeria In spite of challenging business environme
Slide 5: Financial Highlights
Financial Highlights In $ millions, except share and per share data Three-Months Ended Six-Months Ended May 31, May 31, May 31, May 31, 2009 2008 2009 2008 Unaudited Unaudited Unaudited Unaudited Continuing operations: Revenue 525.5 705.6 1,028.6 1,315.3 (a) Adjusted EBITDA 113. 2 163.2 215. 0 275.6
Slide 6: Cashflow Highlights
Cashflow Highlights In $ millions Three-Months Ended Six-Months Ended May 31, 2009 May 31, 2009 Net income – Total operations 76.9 117.9 Depreciation and amortisation 32.2 62.7 Impairment - - Other non cash items from operations 4.0 1.9 Changes in working capital 3.7 27.8 Net cash from operating act
Slide 7: Balance Sheet Highlights
Balance Sheet Highlights In $ millions as at May 31 , November May 31 , 2009 30, 2008 2008 Unaudited Audited Una udited Property, plant and equipment 850.2 907.6 885.1 Interest in associates and joint ventures 164.1 140.2 140.1 Trade and other receivables 319.9 354.5 447.6 Assets held for sale 240.3
Slide 8: Appendices
Appendices seabed-to-surface July 15, 2009 slide 8
Slide 9: Major Project Progression
Major Project Progression Continuing Projects >$100m, between 5% and 95% complete as at May 31, 2009 - excl. long-term ship charters Moho Bilondo (Congo) Block 15 (Angola) PazFlor (Angola) Marathon Volund (N.Sea) Deep Panuke (Canada) Pluto (Australia) Mexilhao (Brazil) 0% 20% 40% 60% 80% 100% Acergy
Slide 10: Backlog Analysis
Backlog Analysis – continuing operations In $ millions as at: May.31.09 Feb.28.09 May.31.08 (1) Backlog 2,415 2,432 3,354 (2) Pre-Backlog 99 75 241 (1) Backlog excludes amounts related to discontinued operations as of May.31.09: $77 million, Feb.28.09: $86 million, May.31.08: $295 million (2) Pre-ba
Slide 11: Segmental Analysis
Segmental Analysis – continuing operations For the three months Acergy Acergy Acergy Acergy Acergy Acergy Total – ended May.31.2009 AFMED NEC NAMEX SAM AME Corporate Continuing operations In $ millions Revenue 207.9 130.6 29.2 100.7 53.7 3.4 525.5 Net operating income / (loss) 41.1 (4.5) 8.1 10.3 14
Slide 12: Regional Performance – Africa and Mediterranean
Regional Performance – continuing operations Acergy Africa and Mediterranean Quarter Ended Six Months Ended May 31 May 31 400 375.3 800 734.8 207.9 435.9 200 400 82.7 140.2 41.1 78.1 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2009 2008 2009 2008 As expe
Slide 13: Regional Performance – Northern Europe and Canada
Regional Performance – continuing operations Acergy Northern Europe and Canada Quarter Ended Six Months Ended May 31 May 31 250 400 338.3 210.3 268.7 150 130.6 250 50 32.4 100 38.3 (4.5) (3.0) -50 Net Operating Net Operating -50 Net Operating Net Operating Revenue Income / (loss) Revenue Income / (l
Slide 14: Regional Performance – North America and Mexico
Regional Performance – continuing operations Acergy North America and Mexico Quarter Ended Six Months Ended May 31 May 31 40 40 33.5 29.2 30 30 20 20 12.7 10 8.1 5.6 10 6.3 0.9 1.5 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2009 2008 2009 2008 Good prog
Slide 15: Regional Performance – South America
Regional Performance – continuing operations Acergy South America Quarter Ended Six Months Ended May 31 May 31 120 200 186.0 100.7 151.9 75.3 150 80 100 40 50 10.3 11.2 17.8 18.7 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2009 2008 2009 2008 Good revenu
Slide 16: Regional Performance – Asia and Middle East
Regional Performance – continuing operations Acergy Asia and Middle East Quarter Ended Six Months Ended May 31 May 31 60 53.7 120 100.8 43.2 87.3 40 80 20 14.9 40 27.5 8.2 5.5 0 0 Net Operating Net Operating Net Operating Net Operating Revenue Income Revenue Income 2009 2008 2009 2008 Good progress
Slide 17: Regional Performance – Discontinued Operations
Regional Performance – discontinued operations Discontinued Operations Six Months Ended Quarter Ended May 31 May 31 75 63.0 40 36.8 49.0 50 20 16.7 25 6.4 1.0 (31.3) (44.2) 0 0 Net Operating Net Operating Net Operating Net Operating -25 -20 Revenue Income (Loss) Revenue Income (Loss) -50 -40 2009 20
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 May 31, 2009 May 31, 2008 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net operating income 81.0 1.0 82.0 137.2 (31.3) 105.9 Depreci