Acergy and Subsea 7 Receive Anti-Trust Clearance

Rob Almeida
Total Views: 2
September 29, 2010

Two of the world’s most respected subsea oil field construction companies, Subsea 7 and Acergy will be formally merging next year.  This merger will end the bitter head-hunting and bidding wars that have ensued over the past few years between these two companies.

Their main deepwater competitors include Technip and Aker Solutions, both operating state-of-the-art subsea construction vessels such as the ultradeepwater-proven Deep Blue and the luxuriously appointed Boa Sub C, respectively.

London, England – September 28, 2010 – Acergy S.A. (NASDAQ-GS: ACGY; Oslo Stock

Exchange: ACY) today announced that anti-trust clearance has been granted from the relevant

US and Norwegian authorities.

On August 9, 2010 Acergy S.A. and Subsea 7 Inc. submitted their respective applications to the

US Federal Trade Commission and the Anti-trust Division of the US Department of Justice. On

September 8, 2010, the waiting period in connection with the application was terminated, at

which point the Combination was cleared by the relevant US authorities.

On September 6, 2010, Acergy S.A. and Subsea 7 Inc. submitted a notification to the Norwegian

Competition Authority. On September 28, 2010 unconditional clearance was issued.

Completion is currently anticipated for January 2011 subject to shareholder approvals and

other customary completion conditions, as outlined in the prospectus dated September 21,

2010.

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Acergy S.A. is a seabed-to-surface engineering and construction contractor to the offshore oil and gas industry worldwide.

We provide integrated services, and we plan, design and deliver complex projects in harsh and challenging environments.

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Contact:
Karen Menzel
Acergy S.A.

+44 (0)20 8210 5568

[email protected]

www.acergy-group.com

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