SOURCE: ACERGY S.A.

October 21, 2008 02:18 ET

Acergy S.A. Press Release

LONDON--(Marketwire - October 21, 2008) - Acergy S.A. (NASDAQ: ACGY) (OSLO: ACY) today made the following announcement.

The Board of Acergy would like to inform Shareholders that it has held discussions with Subsea 7 Inc. in relation to a possible merger of the two companies. These discussions have now been terminated.

Mark Woolveridge, Chairman, said: "The Acergy Board gave this approach its fullest consideration, but decided to continue with its independent strategy. With our position as one of the leading companies in the SURF sector, our high quality fleet, operating excellence and good backlog, we remain well positioned for profitable growth. Furthermore, in a challenging period in financial markets, our strong balance sheet underpins the Board's confidence in the Group's ability to deliver value for shareholders."

Acergy S.A. is a seabed-to-surface engineering and construction contractor for the offshore oil and gas industry worldwide. We plan, design and deliver complex, integrated projects in harsh and challenging environments. We operate internationally as one group -- globally aware and locally sensitive, sharing our expertise and experience to create innovative solutions. We are more than solution providers, we are solution partners -- ready to make long-term investments in our people, assets, know-how and relationships in support of our clients.

Forward-Looking Statements: Certain statements made in this announcement 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 forward-looking 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: our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal proceedings or governmental enquiries; uncertainties inherent in operating internationally; the timely delivery of ships on order and the timely completion of ship conversion programmes; 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.

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