DOW JONES NEWSWIRES
Acergy said Thursday that guidance for fiscal year 2010 remains
unchanged.
MAIN FACTS:
-Sees FY revenue from continuing operations in line with fiscal
year 2009 and an adjusted Ebitda margin for continuing operations
which is slightly ahead of the 2009 result.
-The effective rate of tax for the underlying business is
anticipated to be in line with the 35% guidance previously
provided.
-Cash balances at fiscal year end are expected to be
approximately $490 million after capital expenditure of
approximately $500M and paid dividends to shareholders of $42M.
-Depreciation and amortisation costs are anticipated to be
approximately $120M.
-Acergy is expected to end the 2010 fiscal year with a backlog
for continuing operations of approximately $3.5B, based on
prevailing exchange rates, including approximately $1.7B for
execution in 2011.
-Following shareholder approval at the Acergy and Subsea 7's
respective Combination EGMs, completion is currently anticipated in
January 2011, subject to customary closing conditions.
-In light of the timing of completion, the company will not be
providing guidance for fiscal year 2011 at this time. The company
intends to present its next update to the market on February 23,
2011 when it will present its results for 4Q and FY ended November
30, 2010.
-Jean Cahuzac, CEO, says "Acergy has delivered a strong
operational and financial performance throughout the year, despite
some challenging short-term market conditions, supporting our
confidence in achieving our 2010 expectations."
-"We expect further large projects will come to market award
within the coming months and we anticipate building quality backlog
and executing strongly."
-"As previously commented, 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."
-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090;
djnews.stockholm@dowjones.com