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(2) 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,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “forecast”, “project,” “will,” “should,” “seek,” and similar expressions. The forwardlooking statements reflect our current views and assumptions and are subject to risks and uncertainties. The following factors, and others which are discussed in our public filings and submissions with the U.S. Securities and Exchange Commission, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties inherent in operating internationally; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Given these factors, you should not place undue reliance on the forward-looking statements.. seabed-to-surface April 9, 2008 slide 2. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Forward-Looking Statements.
(3) . Solid results in quarter of traditionally lower activity. . Revenue increased 12% to $636 million due to high activity levels. . Gross profit increased 29% due to successful execution of projects. . Adjusted EBITDA increased 43% to $102 million; 16.0% EBITDA margin. . Net income increased 21% to $41 million. . Strong deal flow – awarded over $1 billion in new contracts. . Acergy Viking and Sapura 3000 joined the fleet. . Purchase option on Acergy Petrel exercised post quarter end. seabed-to-surface April 9, 2008 slide 3. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Overview.
(4) Financial Highlights In $ millions (except per share data). Three-Months Ended February 29, 2008 Unaudited. February 28, 2007 Unaudited. Net operating revenue. 635.9. 565.8. Adjusted EBITDA. 101.5. 71.0. Net operating income. 73.5. 49.9. Income tax provision. (28.9). (16.1). Net income. 41.1. 33.9. Net income – total group. 41.1. 38.2. Earnings per share – Fully diluted. $0.20. $0.19. Weighted-average number of common shares and common shares equivalents outstanding - Diluted. 191.0. 196.0. seabed-to-surface April 9, 2008 slide 4. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Continuing operations:.
(5) Cashflow Highlights In $ millions. Three-Months Ended February 29, 2008. Net Income attributable to equity holders. 38.1. Depreciation and amortisation. 28.0. Other non cash items from operations. (3.1). Changes in working capital. 32.2. Net cash from operating activities Proceeds from sale of assets. (41.4) 0.9. Net cash from investing activities. (40.5). Share buyback. -. Exercise of share options. 0.4. Dividends paid to shareholders. -. Net cash from financing activities. 0.4. Effect of exchange rate changes on cash. 12.0. Change in cash and cash equivalents. 67.1. seabed-to-surface April 9, 2008 slide 5. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Capital expenditure. 95.2.
(6) Balance Sheet Highlights. Property, plant and equipment Interest in associates Trade and other receivables Other accrued income and prepaid expenses Cash and cash equivalents Other assets. February 29, 2008 Unaudited. November 30, 2007(a) Audited. February 28, 2007 Unaudited. 828.7 128.7 491.4 241.2 649.8 167.5. 814.2 106.4 506.4 273.4 582.7 143.7. 702.3 91.8 344.4 142.5 728.7 136.7. Total assets. 2,507.3. 2,426.8. 2,146.4. Total equity. 874.7. 819.0. 771.9. Borrowings Trade and other payables Construction contracts – amounts due to clients Current income tax liabilities Other liabilities. 389.9 688.0 252.7 167.8 134.2. 386.6 742.1 197.6 157.3 124.2. 374.6 632.9 243.9 23.7 99.4. Total liabilities. 1,632.6. 1,607.8. 1,374.5. Total equity and liabilities. 2,507.3. 2,426.8. 2,146.4. (a) These figures have been extracted from the transition to International Financial Reporting Standards publication.. seabed-to-surface April 9, 2008 slide 6. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. In $ millions as at.
(7) Regional Business Performance Acergy Africa and Mediterranean Quarter Ended February. $M. 400. 359.5 281.8. 200. 11.2. 0 Net Operating Revenue. 2008. Net Operating Income. 2007. . High activity level during the quarter. . Good execution of projects in installation phase including EPC2B, Moho Bilondo and Mondo; while Tombua Landana and Saxi Batuque commenced installation work during the quarter. . All other major projects progressing well. . $700m PazFlor contract awarded. seabed-to-surface April 9, 2008 slide 7. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. 57.5.
(8) Regional Business Performance Acergy Northern Europe and Canada Quarter Ended February. $M. 237.8. 250. 132.5. 39.4. 50 (6.2). -50. Net Operating Revenue 2008. Net Operating Income (Loss) 2007. . Strong trunkline contribution in Q1 2007 not repeated. . Lower SURF activity due to fewer ships operating in the region. . Good SURF project performance, more than offset by zero utilisation of the Acergy Piper, lower recovery of fixed costs and other finance costs. . Important contract awards announced, including Deep Panuke, offshore Canada. seabed-to-surface April 9, 2008 slide 8. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. 150.
(9) Regional Business Performance Acergy North America and Mexico Quarter Ended February. $M. 9. 0.6. -1. 0.4. Net Operating Revenue 2008. 0.7. (0.8). Net Operating Income (Loss) 2007. . Project management and engineering support for lump sum SURF projects in Brazil. . Awarded ultra deepwater Perdido contract in the Gulf Of Mexico. seabed-to-surface April 9, 2008 slide 9. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. 4.
(10) Regional Business Performance Acergy South America $M 100. 98.3. Quarter Ended February. 60 29.8. -20. 6.7. Net Operating Revenue 2008. (3.1). Net Operating Income (Loss) 2007. . Significantly higher activity levels. . Mexilhao trunkline project continued under interim arrangements with client. . SURF contracts: PRA-1 near completion; Frade early stages. . Three ships on long term service arrangements achieved full utilisation. seabed-to-surface April 9, 2008 slide 10. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. 20.
(11) Regional Business Performance Acergy Asia and Middle East $M. Quarter Ended February. 60 44.1. 40 15.5 (2.7). 0 -20. Net Operating Revenue. 1.3. Net Operating Income (Loss). 2008. 2007. . Higher activity, including the completion of the Vincent project and good progress on Maari. . Good project performance, albeit most projects in early stages. . SapuraAcergy joint venture loss making. seabed-to-surface April 9, 2008 slide 11. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. 20.
(12) Major Project Progression Continuing Projects >$100m, between 5% and 95% complete as at February 29, 2008 excl. long-term ship charters in Brazil and the North Sea EPC2B (Nigeria) Moho Bilondo (Congo) Kizomba C - Mondo (Angola). Kizomba C - Saxi Batuque (Angola) Marathon Volund (N. Sea) PRA-1 Tie Ins (Brazil) Mexilhao (Brazil) Frade (Brazil) 0% Acergy Africa & Mediterranean seabed-to-surface April 9, 2008 slide 12. 20%. 40%. Acergy Northern Europe and Canada. 60%. 80%. 100%. Acergy South America. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Tombua Landana (Angola).
(13) Backlog Analysis In $ millions as at:. Feb.29.08. Nov. 30.07. Feb.28.07. 3,972. 3,175. 2,557. 368. 366. 470. Backlog Pre-Backlog (1). (1). Pre-backlog reflects the stated value of signed letters of intent and the expected value of escalations on frame agreements. Backlog by Award Date. Backlog by Execution Date. 80%. 2006 16% 2005 13%. 100%. 2007 40%. 2010+ 24%. 2008 48%. 60%. 8% 26%. South America. 21%. North America & Mexico. 40% 2008 31%. 2009 28%. 20%. Northern Europe & Canada. 44%. 0% Feb.29.08 seabed-to-surface April 9, 2008 slide 13. Asia & Middle East. Africa & Mediterranean. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. Backlog by Region.
(14) Summary Solid results: . Good improvement in profitability. . Strong deal flow delivering record backlog of c. $4.0bn. . Acergy Viking and Sapura 3000 joined the fleet. . Purchase option on Acergy Petrel exercised post quarter end. . Significant proportion of 2008 revenue in hand; Q1 provides a good platform for delivery of full year guidance. . $132m shares bought back demonstrating the Board’s confidence. . Continued short term fluctuations expected; fundamentals remain strong. seabed-to-surface April 9, 2008 slide 14. WorldReginfo - 35cb2259-2a93-4033-8ba9-13792d4488a8. .
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