Earnings Presentation First Quarter 2011 May 11, 2011 12:00 noon UK time
Highlights Combination between Acergy S.A. and Subsea 7 Inc. completed Merger integration progressing on track Good operational performance across the enlarged Groups project portfolio Lower margins in the quarter due to low…
Consistent strategy and priorities We remain focused on key markets with long-term, strong and sustainable growth characteristics; markets where we can differentiate ourselves, markets were we can achieve profitable growth Our key…
Income statement highlights 2011 2010 Period Three Months Ended Ended Subsea 7 S.A. Acergy S.A. Subsea 7 Inc. In millions, except Adjusted EBITDA margin, share and per Mar.31.11 Feb.28.10 Mar.31.10 share data Unaudited Unaudited…
Highlights: Net operating income bridge NSCM 179.4m Lower vessels utilisation Lower margins on projects awarded in 2010 AFGoM 78.6m (85.1m) Nigerian elections led to localised disruptions leading to some delayed mobilisations…
Operational performance Q1 2011 308m 308m 3 0 8 m ( 8m) (8m) Revenue ( 8 m) NOI Reven ue NOI Revenue NOI 725m 64m 308m 2m 191m 118m Revenue NOI Revenue NOI (8m) 4m Revenue Revenue NOI NOI 11-May-11…
Income statement overview Administrative expenses of 111 million, included 11 million of integration costs and December month Joint ventures performed well Other gains and losses were losses of 17 million due to weakening USD vs…
Cash flow and balance sheet overview Good cash generation from operating activities Capex in line with expectations: Seven Havila delivered; Seven Borealis on track Expected capex (excluding Seven Havila joint venture) for 2011 of…
2011 financial assumptions Current assumptions: Administrative expenses: c.75 million per quarter for remainder of 2011, excluding integration costs but synergies starting to materialise Integration costs: 11 million expensed in Q1…
Market overview and outlook Continued robust oil price and high levels of tendering activities underpins strong order book momentum North Sea: record levels of tendering and increasing activity; signs of an improving pricing…
Appendices 11-May-11 Page 12
Major project progression Continuing projects 100m between 5% and 95% complete as at March 31, 2011 excl. long-term ship charters and Life-of-Field day-rate contracts. Block 17/18 (Angola) ALNG (Angola) Block 18 GEL (Angola)…
Segmental analysis: Period ended Total March 31, 2011 NSMC AFGoM APME Brazil CORP Continuing Unaudited operations In millions Revenue 307.8 725.1 63.9 190.6 4.3 1,291.7 Net operating (7.5) 118.0 1.8 3.8 (21.8) 94.3…
Adjusted EBITDA The Group calculates adjusted earnings before interest, income taxation, depreciation and amortisation (Adjusted EBITDA) from continuing operations as net income from continuing operations plus finance costs, other…
Reconciliation of net income and net operating income to Adjusted EBITDA Period Ended Three Months Ended Reconciliation to net income: Mar.31.11 Feb.28.10 Total Total In millions (except percentages) Continuing Discontinued…
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