Slide 1: Earnings Presentation: First Quarter Ended February 28, 2010
Exhibit 99.2 EARNINGS PRESENTATION FIRST QUARTER ENDED FEBRUARY 28, 2010 APRIL 14, 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 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 e
Slide 4: 2010 Guidance
2010 Guidance 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
Slide 5: Medium-term fundamentals remain strong
Medium-term fundamentals remain strong 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 s
Slide 6: Well positioned to capture growth opportunities
Well positioned to capture growth opportunities 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 expe
Slide 7: Financial Highlights
Financial Highlights Three -Months Ended In $ millions, except share and per share data Feb.28, Feb.28, 2010 2009 Unaudited Unaudited Continuing operations: Revenue 575.8 503.1 (a) Adjusted EBITDA 135.2 101.8 Gross profit 147.0 114.8 Net operating income 100.8 71.3 Taxation (23.4) (22.4) Income – co
Slide 8: Regional Performance – Acergy Northern Europe and Canada
Regional Performance – continuing operations Territory 1 - Acergy Northern Europe and Canada Quarter ended Feb.28 $m 138 91 (1) 2 Revenue Net operating (loss) / income Q110 Q109 First Quarter 2010: As expected, lower activity levels during the quarter in an ongoing challenging market environment and
Slide 9: Regional Performance – Acergy Asia and Middle East
Regional Performance – continuing operations Territory 1 - Acergy Asia and Middle East Quarter ended Feb.28 $m 87 47 21 13 Revenue Net operating income Q110 Q109 First Quarter 2010: Good operational progress on Pluto and BHP Pyrenees Projects SapuraAcergy JV delivered an improved positive contributi
Slide 10: Regional Performance – Acergy Africa and Mediterranean
Regional Performance – continuing operations Territory 2 - Acergy Africa and Mediterranean Quarter ended Feb.28 $m 342 228 91 37 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
Slide 11: Regional Performance – Acergy North America and Mexico
Regional Performance – continuing operations Territory 2 - Acergy North America and Mexico Quarter ended Feb.28 $m 4 5 1 (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 activ
Slide 12: Regional Performance – Acergy South America
Regional Performance – continuing operations Territory 2 - Acergy South America Quarter ended Feb.28 $m 85 55 5 8 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 achie
Slide 13: Regional Performance – Corporate
Regional Performance – continuing operations Corporate Quarter ended Feb.28 $m Revenue Net operating (loss) / income 8 1 0 (11) 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 an
Slide 14: Cashflow Highlights
Cashflow Highlights In $ millions Three-Months Ended February 28, 2010 Unaudited Net income – total operations 57.6 Depreciation and amortisation and Impairment 34.4 Other changes in operating assets and liabilities (101.6) Other non cash items (40.6) Other changes in working capital (40.9) Net cash
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights In $ millions as at February November February 28, 2010 30, 2009 28, 2009 Unaudited Audited (1) 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
Slide 16: Appendices
* * * * * Appendices seabed-to-surface April 14, 2010 slide 16
Slide 17: Major Project Progression
Major Project Progression Continuing Projects >$100m, between 5% and 95% complete as at February 28, 2010 - 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) Gumusut (Malaysi
Slide 18: Backlog analysis
Backlog analysis – continuing operations In $ millions as at: Feb.28.10 Nov.30.09 Feb.28.09 (1) Backlog 2,469 2,848 2,432 (2) Pre-Backlog 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-ba
Slide 19: Segmental Analysis
Segmental Analysis – continuing operations For the three months Territory 1 Territory 2 ended Feb.28.10 Total – Acergy Acergy Acergy Acergy Acergy Acergy continuing NEC AME AFMED NAMEX SAM Corporate In $ millions operations Revenue 90.6 87.4 341.7 0.5 54.9 0.7 575.8 Net operating (loss) / income (1.
Slide 20: Regional Performance – discontinued operations
Regional Performance – discontinued operations Discontinued Operations Quarter ended Feb.28 $m 35 32 7 5 Revenue Net operating income Q110 Q109 Positive contribution from the Mexilhao Trunkline Project seabed-to-surface April 14, 2010 slide 20
Slide 21: 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 22: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three-Months Ended Three-Months Ended February 28, 2010 February 28, 2009 Total Total In $ millions (except percentages) Continuing Discontinued Continuing Discontinued operations operations Net income 52.6 5.0 57.6 39.1 1.9 41.0 Depreciation and amort