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Magma Design Automation CEO Discusses Q4 2010 Results - Earnings Call Transcript

John Reed

Thanks Andy. Good morning and welcome to our call. Before, I turn it back over to Andy for our financial results and AJ to go through our operating results; I want to update our progress against strategic initiatives. As reported last quarter, our core team of executives is in place and our personnel efforts are now focusing on filling positions in project management engineering and supply chain to further strengthen our project execution.

Our vessel divestiture program is essentially complete and any further divestitures will be on a case-by-case basis as the character of our project transitions towards deep water. With respect to project execution we have taken remedial steps to stem the losses we have soared [ph] in the third quarter on our PEMEX Line 59 and 58 projects, and those efforts have been successful with no further deterioration noted. In addition our strong effort on another projects particularly in The Gulf of Mexico and Asia-Pacific resulted in our best quarter of EBITDA performance.

To improve business acquisition; we have added some senior personnel with broad experience in pipelay installation and a good customer contact base to enhance our targeting of projects and increase our WAM percentages. Looking forward, we have segregated our dollar bid volume statistics into bids in house and outstanding and bids expected in next 90 days to give a clear picture of the future market situation.

Bids in house and outstanding have increased from $1.7 billion in November last year to $2.6 billion in January this year. Bids expected in the next 90 days stand at $3.9 billion indicating a growing bid volume to come. The most active region continues to be Asia-Pacific followed by the Middle East.

Turning to The Gulf of Mexico; activity continues to remain low although some permits have been approved. However in our North American subsea and offshore construction segments, we have delivered positive operating results, thanks to high utilization of some of our MSVs primarily on work not driven by buffer [ph] meeting. We continue to believe the upturn in the Gulf will be slow but increasing over the course of 2011.

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