Acergy S.A. Announces Results for the Fourth Quarter and Full Year Ended November 30, 2006 & Recommendation to Introduce a Dividend

Market Wire, February, 2007

Acergy S.A. (NASDAQ: ACGY) (OSLO: ACY), today announced results for the fourth quarter and audited full year accounts to November 30, 2006.

Financial Highlights

                              Fourth Quarter Ended  Twelve Months Ended(a)
                              --------------------  ----------------------
In $ millions                 Nov.30.06  Nov.30.05   Nov.30.06  Nov.30.05
-------------                 ---------  ---------   ---------  ---------
Net operating revenue from
 continuing operations        $   612.8  $   463.4   $ 2,124.2  $ 1,483.3
Gross profit                      110.7       84.6       394.5      238.5
Net operating income from
 continuing operations             72.6       56.6       286.7      152.0
Income from continuing
 operations                        74.2       53.9       220.9      106.4
Income/(Loss) from
 discontinued operations           (6.2)      18.1       (19.3)       6.0
Gain on disposal of
 discontinued operations              -       27.1        35.1       27.1
Net income                    $    68.0  $    99.1   $   236.7  $   139.5

                              Fourth Quarter Ended  Twelve Months Ended(a)
                              --------------------  ----------------------
PER SHARE DATA                Nov.30.06  Nov.30.05   Nov.30.06  Nov.30.05
--------------                ---------  ---------   ---------  ---------
Earnings per share
 from continuing
 operations (Diluted)         $    0.36  $    0.27   $    1.10  $    0.54
Earnings per share
 from discontinued
 operations (Diluted)         $   (0.03) $    0.23   $    0.08  $    0.17
Net earnings per
 share (Diluted)              $    0.33  $   0.50    $    1.18  $    0.71
Weighted-average number of
 common shares and common
 share equivalents outstanding
 (Diluted) (millions)             210.0      196.3       201.1      195.5
Recommended dividend
 per share                    $    0.20          -   $    0.20          -

(a) Figures have been extracted from the audited Consolidated Financial
    Statements for 2005 and 2006

Highlights

--  High volume quarter with $612.8 million in net operating revenue from
    continuing operations

--  Solid quarterly net income of $74.2 million from continuing
    operations, in line with expectations

--  Full year adjusted EBITDA from continuing operations(b) of $358.3
    million representing a margin of 16.9%

--  $500 million of Convertible Notes issued in the quarter

--  Recommendation to introduce a dividend of $0.20 per share
    

Tom Ehret, Chief Executive Officer, said, "I am particularly satisfied with the results for the full year which are in line with our expectations and indicate that our overall project delivery has been further improved. Over the last 12 months we have added a net 1,200 new employees and we are in the process of adding five additional ships to our fleet. These additions will allow us to grow roughly in line with the market in 2007 providing a platform for further growth in the years ahead. From a corporate perspective we have improved the efficiency and flexibility of our capital structure by issuing $500 million of Convertible Notes, initiating a share buyback programme and refinancing our credit facilities.

Our growth over the last two years has been extraordinary with revenue rising from $1.1 billion in 2004 to $2.1 billion in 2006. Throughout this period we have been successful in achieving a balance between our growth and the delivery of our projects. Recognising both the considerable future prospects for our sector, and the strength of our company, the Board have resolved to recommend a dividend of $0.20 per share for payment in 2007, marking a new level of maturity for Acergy."

Operating Review

Acergy Africa and Mediterranean -- The Erha and Okume projects were satisfactorily completed and good progress made on EPC2B, which is now in its final phase. With an increased scope of work, the installation phase of Greater Plutonio began at the end of the fourth quarter with the new J-Lay system on the Acergy Polaris performing ahead of expectations during this initial phase. Good project results during the quarter compensated for the Acergy Polaris being out of action for most of the quarter for a planned major upgrade. In the third quarter of 2007 the challenging deepwater Moho Bilondo project moves into the installation phase. 2006 was a good year for Africa and the Mediterranean with record revenues, high levels of asset utilisation and timely project delivery.

Acergy Northern Europe and Canada -- All of the ships in the North Sea again saw high levels of utilisation in the fourth quarter. The Langeled contract was very successfully completed with the Acergy Piper moving on to the Ekofisk pipelay at quarter end. A divers' strike affected operations in the North Sea causing delays and extra costs to reschedule programmes. We also experienced delays on the Britannia Satellites project due to trenching difficulties and bad weather. Despite these setbacks Northern Europe and Canada has again turned in a very satisfying performance for the full year.