Acergy S.A. Announces First Quarter Results

Market Wire, April, 2006

Acergy S.A. (NASDAQ: ACGY) (Oslo Stock Exchange: ACY), announced today unaudited results for the first quarter which ended on February 28, 2006.

Financial Highlights

Important Note: As noted in previous quarters, until the sale of the remaining Acergy North America and Mexico shallow water assets is complete, the results of this part of the business are reported as discontinued operations. Prior period comparatives have been restated accordingly.

                                                       Three Months Ended
                                                      ---------------------
in $ millions                                         Feb.28.06   Feb.28.05
                                                      Unaudited   Unaudited
                                                      ---------   ---------
Net operating revenue from continuing operations      $   367.6   $   326.0

Gross profit                                               50.9        23.2

Net operating income from continuing operations            27.6        10.8

Net income from continuing operations                      20.4         3.0

Income from discontinued operations                         4.1         2.4

Gain on disposal of discontinued operations                16.4           -

Net income                                            $    40.9   $     5.4



PER SHARE DATA                                         Three Months Ended
                                                      ---------------------
                                                      Feb.28.06   Feb.28.05
                                                      Unaudited   Unaudited
                                                      ---------   ---------
Earnings per share from continuing operations         $    0.10   $    0.02

Earnings per share from discontinued operations       $    0.11   $    0.01

Net earnings per share                                $    0.21   $    0.03

Weighted-average number of common shares issued           192.1       190.6
(Basic) (millions)

Highlights

--  Robust operational performance delivered in good market conditions
--  $460 million addition to backlog in first quarter from continuing
    operations
--  Sale of DLB801 completed with an after tax gain on sale of $16.4
    million

Post Quarter Highlights

--  Holding company name changed from Stolt Offshore S.A. to Acergy S.A.
    on April 10, 2006
    --  Acergy Condor $140 million contract extension from Petrobras
--  Letter of Intent from Petrobras for $145 million PRA1 tie-in project
--  Awarded Mondo deepwater construction project in Angola by Esso
    Exploration Angola (Block 15) Limited, an ExxonMobil affiliate

Tom Ehret, Chief Executive Officer, said, "In a robust first quarter we delivered improved earnings over the same quarter last year. Most of the assets in West Africa and the North Sea saw high activity levels. In addition, the growth in backlog during the period is encouraging, with bidding activity for West Africa, the North Sea and Asia being particularly strong. Our focus for 2006 is on good project execution, the introduction of a Total Quality culture and the management of our capital expenditure programme, to both rejuvenate and grow our asset base."

Operating Review

Acergy Africa and Mediterranean -- The first quarter saw revenue growth over the same quarter last year with a high level of utilisation of the Acergy Polaris and Acergy Orion on the Exxon Erha and EPC2B contracts in Nigeria; however a thruster problem on the Acergy Polaris reduced overall productivity. The Total Amenam II contract is now substantially complete. Bidding activity for SURF projects in West Africa remains high with a number of large bids in progress and others expected in the near term. We expect that the greater part of these tenders will reach the award stage in early 2007.

Acergy Northern Europe and Canada -- The North Sea market continued to see greater activity than in previous years and a strong spot market, with order intake in the first quarter continuing at a high level. Favourable settlements for the 2005 portion of the Langeled project helped to deliver a profit for the region in what is traditionally a seasonally low quarter. The Acergy Piper, previously known as the LB200, has now started work on the second phase of the Statoil Langeled pipeline and the $85 million Letter of Intent for the Statoil Tyrihans pipelay project, scheduled for 2007, provides valuable follow on work. The level of bidding for future work in the North Sea remains strong.

Acergy North America and Mexico -- Development of the SURF capability in this region remains our key focus. This region is now seeing a marked increase in the number of projects coming to tender for deepwater developments in the Gulf of Mexico. The engineering and project management team in Houston are now working jointly with the Acergy South America team on a number of projects.

The sale of the DLB801 was completed in the first quarter, resulting in an after tax gain on sale of $16.4 million reported in discontinued operations. As previously reported, ongoing delays to the Trinidad campaign led to the requirement for a third party ship to be taken on hire to complete these projects, which are not now expected to be finished until the third quarter of 2006.