Acergy S.A. , announced today results for the third quarter which ended on August 31, 2010.
Highlights
– Revenue from continuing operations was $495 million (Q3 2009: $558 million)
– Adjusted EBITDA1 from continuing operations was $124 million (Q3 2009: $110 million) corresponding to an Adjusted EBITDA margin2 of 24.9% (Q3 2009: 19.7%)
– Income from continuing operations was $59 million (Q3 2009: $65 million)
– Cash and cash equivalents position of $548 million (May 31, 2010: $631 million)
– New major contract awards:
– Awarded $1.3 billion CLOV SURF contract, offshore Angola
– Awarded $220 million four year contract for the Acergy Condor, offshore Brazil
– As part of the ongoing fleet development programme, Acergy acquired three vessels; the Polar Queen and the Antares during the quarter and the Pertinacia post quarter end
– On June 21, 2010 the Boards of Acergy S.A. and Subsea 7 Inc. announced that they had agreed to combine the two companies. In September, unconditional clearance was granted by the US and Norwegian authorities.
Jean Cahuzac, Chief Executive Officer, said:
“We have delivered a strong operational and financial performance in the third quarter further supporting our confidence in achieving our 2010 revenue expectations. We now believe that the 2010 Adjusted EBITDA margin for continuing operations will be slightly ahead of the 2009 result. We expect further large projects will come to market award within the coming months and we continue to maintain a disciplined approach to costs, risk and pricing, while building quality backlog and executing strongly. As anticipated, we foresee a high level of activity for 2011 but we could see some impact on our overall margins due to the delays in project awards over the last two years and the continuing competitive market prevailing in the North Sea. The proposed combination with Subsea 7 is on track, subject to shareholders approval and other customary closing conditions.”
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Source:Acergy, October 13, 2010;