Acergy S.A. Announces Second Quarter Results

Market Wire, July, 2006

Acergy S.A. (NASDAQ: ACGY) (OSLO: ACY), announced today unaudited results for the second quarter which ended on May 31, 2006.

Financial Highlights

Important Note: As noted in previous quarters, until the pipelay projects in Trinidad are complete, the results of this part of the Acergy North America and Mexico business are reported as discontinued operations. Prior period comparatives have been restated accordingly.

                             Three Months Ended       Six Months Ended
                            ----------------------  ----------------------
in $ millions               May.31.06   May.31.05   May.31.06   May.31.05
                            Unaudited   Unaudited   Unaudited   Unaudited
                            ----------  ----------  ----------  ----------
Net operating revenue from
 continuing operations      $    536.8  $    346.1  $    904.4  $    672.1
Gross profit                     107.4        64.2       158.4        87.4
Net operating income from
 continuing operations            78.0        43.4       105.6        54.2
Net income from continuing
 operations                       59.6        20.4        80.1        23.4
Loss from discontinued
 operations                       (4.3)       (9.6)       (0.3)       (7.2)
Gain on disposal of
 discontinued operations          18.7           -        35.1           -
Net income                  $     74.0  $     10.8  $    114.9  $     16.2


                             Three Months Ended       Six Months Ended
                            ----------------------  ----------------------
PER SHARE DATA              May.31.06   May.31.05   May.31.06   May.31.05
                            Unaudited   Unaudited   Unaudited   Unaudited
                            ----------  ----------  ----------  ----------
Earnings per share from
 continuing operations
 (Diluted)                  $     0.30  $     0.11  $     0.40  $     0.12
Earnings per share from
 discontinued operations
 (Diluted)                  $     0.07  $    (0.05) $     0.18  $    (0.04)
Net earnings per share
 (Diluted)                  $     0.37  $     0.06  $     0.58  $     0.08
Weighted-average number of
 common shares issued
 (Diluted) (millions)            197.9       194.6       197.5       194.4

Highlights

--  Good financial performance and project execution
--  Backlog quality improving and continuing to grow
--  Ongoing high level of asset utilisation
    

Post Quarter Highlights

--  Awarded $245 million Chevron Frade contract in Brazil
--  Awarded Saxi Batuque deepwater construction contract in Angola by Esso
    Exploration Angola (Block15) Limited, an Exxon Mobil affiliate
--  Chartered Skandi Acergy, new build deepwater heavy construction ship
    for the North Sea and Toisa Proteus construction and diving ship for Acergy
    Asia and Middle East
--  Exercised purchase option on Acergy Discovery
    

Tom Ehret, Chief Executive Officer, said, "I am happy to report good financial performance for the second quarter. During the period we saw solid project execution and high levels of asset utilisation as well as continued growth and improvement in the quality of our backlog. In delivering our strategy we continue to rejuvenate and expand our fleet. Our targets are being met for recruiting and developing our workforce as we continue to attract the best people in our industry. Our position in Brazil and in Asia has been further strengthened and our business in North America has been successfully restructured. The strong market conditions that we are currently experiencing are expected to continue to the end of the decade."

Updated Guidance

Given the current level of activity, we now expect net operating revenue from continuing operations for the full year 2006 to be approximately $2.1 billion. We maintain our guidance in respect of moderate growth in adjusted EBITDA(a) margin over the 14.8% delivered in 2005 for continuing business.

We are also revising our guidance for capex spend in 2006 from $280m to approximately $250m. The reduction in 2006 spend is as a result of the re-sequencing of the conversion works on the Polar Queen and a slower pace of overall expenditure in our capex programme. It should be noted however that higher commitment levels have arisen through the exercising of our option to purchase the Acergy Discovery, together with cost pressures in the ship yards. These changes do not materially affect the expected delivery of assets underpinning Acergy's growth plans, nor our margin expectations.

Operating Review

Acergy Africa and Mediterranean - During the second quarter, significant growth in revenues and earnings resulted from good project execution and very high levels of asset utilisation. The installation of the offshore loading lines on the Erha project and further progress on EPC2B brought these two major projects close to completion. The BP Greater Plutonio project is progressing according to plan and will go offshore following the planned refit of the Acergy Polaris.

With six major projects for this region now in the bid process, we have good visibility of the demand for our major construction assets until 2010.