Acergy S.A. Announces Third Quarter Results

Market Wire, October, 2007

Acergy S.A. (NASDAQ: ACGY) (OSLO: ACY), announced today unaudited results for the third quarter which ended on August 31, 2007.

Financial Highlights

                                 Three Months Ended     Nine Months Ended
                                --------------------- ---------------------
                                Aug.31.07  Aug.31.06  Aug.31.07  Aug.31.06
In $ millions                   Unaudited  Unaudited  Unaudited  Unaudited
                                ---------- ---------  ---------- ---------
Net operating revenue from
 continuing operations               709.2     607.0     1,909.1   1,511.4
Gross profit                         161.8     130.0       373.1     296.8
Net operating income from
 continuing operations               125.0     108.5       263.0     214.1
Net income from continuing
 operations                           79.9      66.6       167.5     146.7
Net income / (loss) from
 discontinued operations                 -     (12.8)        4.9     (13.1)
Gain on disposal of
 discontinued operations                 -         -           -      35.1
Net income                            79.9      53.8       172.4     168.7
                                ---------- ---------  ---------- ---------


                                Three Months Ended      Nine Months Ended
                               --------------------    --------------------
                               Aug.31.07   Aug.31.06   Aug.31.07  Aug.31.06
PER SHARE DATA (Diluted)       Unaudited   Unaudited   Unaudited  Unaudited
                               ----------  ---------   ---------  ---------
Earnings per share from
 continuing operations         $     0.39  $    0.34   $    0.82  $    0.74
Earnings per share from
 discontinued operations                -  $   (0.07)  $    0.02  $    0.11
Net earnings per share         $     0.39  $    0.27   $    0.84  $    0.85
Weighted-average number of
 common shares issued
 (millions)                         212.1      198.3       213.6      197.9
                               ----------  ---------   ---------  ---------

Highlights

--  A strong quarter with high activity levels and good execution of
    continuing complex operations
--  Greater Plutonio achieved significant progress during the quarter
--  The Polar Queen joined the fleet and mobilised immediately to West
    Africa
--  Sapura Acergy joint venture was awarded $175 million Kikeh pipeline
    deepwater installation contract in Malaysia
    

Post Quarter Highlights

--  First oil on Greater Plutonio achieved on the southern production
    system
    

Tom Ehret, Chief Executive Officer, said, "In another quarter of high activity levels, with quarterly revenue exceeding $700 million for the first time, significant progress was achieved on a number of major projects. Delivery of first oil on Greater Plutonio was a significant milestone on the largest project that we have undertaken. We expect mechanical completion of this project by year end. The Polar Queen, a key deepwater enabling asset, joined the fleet in August and is now fully committed on projects in West Africa and South America until the first quarter of 2009. The level of awards in the quarter was low with long awaited contract awards in West Africa still outstanding. However, we are confident that we will see material backlog growth by the time we report the full year results."

Operating Review

Acergy Africa and Mediterranean -- A very active quarter in West Africa with revenue up 30% on the same quarter in 2006. On the Greater Plutonio project, significant progress was made during the quarter, resulting in a strong financial contribution. The tie-in programme continued towards the hand over of the southern production system for first oil after quarter end. Installation work on the Moho Bilondo project in the Congo continued with the Polar Queen mobilising to work on this project. Commercial activity continues to be intense with a number of the long awaited major contracts now expected to move closer to award.

Acergy Northern Europe and Canada -- The high level of activity continued throughout the quarter with revenue broadly in line with the same quarter in 2006. The main project activity included work under the CNR Frame Agreement, the Njord Gas export line and the Starling project. The Acergy Piper successfully completed the Tyrihans project ahead of schedule. The technically demanding Tampen Hot-Tap and H7 bypass projects completed during the quarter. All assets deployed in Northern Europe worked at full capacity throughout the quarter.

Acergy North America and Mexico -- Project management and engineering support for projects in Brazil continued throughout the quarter. Targeted tendering continues for deepwater projects in the Gulf of Mexico.

Acergy South America -- The growth in Acergy South America is demonstrated with revenue increasing to $63 million compared to $20 million for the same quarter in 2006. SURF projects now represent 60% of regional backlog. The PRA-1 contract passed a major milestone with the installation of the three manifolds. The build up of the Acergy infrastructure in Brazil continues ahead of the offshore phases of Frade and Mexilhao projects in 2008. The three ships on long term charter to Petrobras achieved 97% utilisation in the quarter.