Acergy S.A. Announces Second Quarter Results

Acergy S.A. (NASDAQ: ACGY) (OSLO: ACY) announced today unaudited results for the second quarter which ended on May 31, 2008.

Highlights

--  Net operating revenue increased 17% to $742 million (Q2 2007: $634
    million)

--  Gross profit increased 20% to $150 million (Q2 2007: $125 million)

--  Adjusted EBITDA(a) increased 28% to $134 million (Q2 2007: $105
    million); delivering an Adjusted EBITDA margin of 18.0% (Q2 2007: 16.6%)

--  Net income from continuing operations increased 29% to $62 million (Q2
    2007: $48 million)

--  Offshore completion of major deepwater contracts, Moho Bilondo, Mondo,
    PRA-1 and Maari

--  Following significant growth in the first quarter and fewer awards in
    the second quarter backlog was $3.6 billion (Q1 2008: $4.0 billion)

--  The $300 million share buyback programme was completed, reflecting the
    Board's long-term confidence in the business and focus on total shareholder
    returns

--  Dividend for the 2007 fiscal year of $0.21 per common share was
    approved by shareholders at the AGM

--  Post quarter end the Acergy Piper commenced transit to Brazil for the
    Mexilhao Trunkline Project
    

Jean P. Cahuzac, Chief Executive Officer, said:

"We have delivered a strong financial result in a quarter of high activity. Operationally, we have successfully completed a number of complex and technically challenging deepwater projects demonstrating the quality of our assets and the technical ability of our employees to respond to the demands of the market.

Across the industry, project awards continue to be delayed. This has somewhat impacted our backlog progression, following the material increases at the end of 2007 and early 2008. These project award delays, combined with the arrival of additional tonnage, may have further impact in the coming months. However, we believe this represents only a short-term challenge for ourselves and the industry and it should not be seen as indicative of change in the medium and long-term market prospects which remain robust."

Financial Summary

                                Three Months Ended      Six Months Ended
                               --------------------   --------------------
In $ millions                  May.31.08  May.31.07   May.31.08  May.31.07
                               Unaudited  Unaudited   Unaudited  Unaudited
                               ---------  ---------   ---------  ---------
Net operating revenue              742.4      634.0     1,378.3    1,199.8
Gross profit                       150.2      124.6       273.5      220.3
Net operating income               105.9       82.7       179.4      132.6
Net income before income taxes      99.6       90.7       169.6      140.7
Income tax provision               (37.8)     (42.5)      (66.7)     (58.6)
Net income from continuing
 operations                         61.8       48.2       102.9       82.1
Net income from discontinued
 operations                            -        0.6           -        4.9
Net income – Total Group            61.8       48.8       102.9       87.0

Per share data (Diluted)
                               ---------  ---------   ---------  ---------
Earnings per share - continuing
 operations                    $    0.35  $    0.25   $    0.55  $    0.42
Earnings per share -
 discontinued operations               -          -           -  $    0.02
Net earnings per share         $    0.35  $    0.25   $    0.55  $    0.44
Weighted-average number of
 common shares outstanding
 (millions)                        207.1      191.2       188.6      193.7
                               ---------  ---------   ---------  ---------

Operating Review

Acergy Africa and Mediterranean -- Net operating revenue increased to $375.3 million (Q2 2007: $346.4 million) driven by high activity levels. Major deepwater projects; Mondo and Moho Bilondo reached physical completion during the quarter, with contract closure of Moho Bilondo anticipated in early 2009. EPC2B progressed well and nears completion, while Tombua Landana completed its first installation phase. Net operating income increased to $82.7 million (Q2 2007: $52.6 million) driven by good contributions from projects in offshore installation and the positive close out of projects which were completed during the quarter. At the end of the quarter, the Acergy Polaris completed work on EPC2B and commenced her planned dry-dock, which is expected to be completed by year end.

Acergy Northern Europe and Canada -- Net operating revenue was $211.4 million (Q2 2007: $216.2 million) with net operating income of $10.8 million (Q2 2007: $32.2 million) the reduction reflected the absence of trunkline activity in the quarter. The effects of planned dry-docks of a number of vessels, and the Acergy Piper remaining on standby were partially offset by stronger SURF, IMR and survey activity and good vessel utilisation.

Acergy North America and Mexico -- Net operating revenue was $0.9 million (Q2 2007: $0.2 million) with net operating income of $5.6 million (Q2 2007: $0.2 million) due to contributions from cross-regional projects; PRA-1 and Frade.