Subsea 7 — Earnings Release 2010

Dec 2, 2010

Acergy S.A. Trading Update

London, England - December 02, 2010 - Acergy S.A.

(NASDAQ-GS: ACGY; Oslo Stock Exchange: ACY) ("the

Company") issues this Trading Update ahead of its

results for the fourth quarter and full year ended

November 30, 2010, which are expected to be announced

on February 23, 2011.

2010 Trading Update

Guidance for fiscal year 2010 remains unchanged. The

Company expects to achieve:

- revenue from continuing operations for 2010 to be

in line with fiscal year 2009

- an Adjusted EBITDA margin for continuing operations

which is slightly ahead of the 2009 result.

The effective rate of tax for the underlying business

is anticipated to be in line with the 35% guidance

previously provided.

Cash balances at fiscal year end are expected to be

approximately $490 million after capital expenditure

of approximately $500 million and paid dividends to

shareholders of $42 million.

Depreciation and amortisation costs are anticipated

to be approximately $120 million.

Acergy is expected to end the 2010 fiscal year with a

backlog for continuing operations of approximately

$3.5 billion, based on prevailing exchange rates,

including approximately $1.7 billion for execution in

Proposed Combination of Acergy S.A. and Subsea 7 Inc.

Following shareholder approval at the Acergy and

Subsea 7 Inc's respective Combination EGMs,

completion is currently anticipated in January 2011,

subject to customary closing conditions.

In light of the timing of completion, the Company

will not be providing guidance for fiscal year 2011

at this time. The Company intends to present its next

update to the market on February 23, 2011 when it

will present its results for the fourth quarter and

full year ended November 30, 2010.

Commenting on today's statement, Jean Cahuzac, Chief

Executive Officer, said:

"Acergy has delivered a strong operational and

financial performance throughout the year, despite

some challenging short-term market conditions,

supporting our confidence in achieving our 2010

expectations.

We expect further large projects will come to market

award within the coming months and we anticipate

building quality backlog and executing strongly.

As previously commented, we foresee a high level of

activity for 2011 but we could see some impact on our

overall margins due to the delays in project awards

over the last two years and the continuing

competitive market prevailing in the North Sea."

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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

karen.menzel@acergy-group.com

www.acergy-group.com

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