Subsea 7 — M&A Activity 2010

Jun 21, 2010

Acergy and Subsea 7 Agree to Combine

Creating a global leader in seabed-to-surface

engineering and construction

June 21, 2010 - Acergy S.A. ("Acergy") (NASDAQ-GS:

ACGY; Oslo Stock Exchange: ACY) and Subsea 7 Inc.

("Subsea 7") (Oslo Stock Exchange: SUB) today

announced that their Boards of Directors have agreed

to combine the two companies. The transaction will

create a combined entity with:

- A market value of $5.4 billion and a global

organisation of 12,000 people

- The capability and resources to address the

worldwide growth in size and complexity of subsea

projects

- Enhanced local presence in all major offshore oil

and gas regions

- The full spectrum of subsea services - SURF,

Conventional and Life-of-Field, a high-end

diversified fleet and extensive fabrication and

onshore facilities

- Expected annual synergies of at least $100 million

- A backlog of $5.3 billion with a complementary mix

by contract type and geographical region as at May

31, 2010

Combination structure and terms

- The combination is based on an agreed ratio between

the equity value of Acergy and Subsea 7 of 54:46

(Acergy:Subsea 7)

- Subsea 7's shareholders to receive 1.065 Acergy

common shares for every Subsea 7 common share

- The Board will have a majority of independent

directors and be chaired by Subsea 7's current

Chairman, Kristian Siem

- The new entity, to be named Subsea 7, will be led

by a highly experienced executive management team

comprising: Chief Executive Officer, Jean Cahuzac;

Chief Operating Officer, John Evans; and Chief

Financial Officer, Simon Crowe

- Completion is anticipated towards the end of this

year or the first quarter of 2011, subject to

shareholder approval, regulatory approvals and other

customary completion conditions

- The Board of Directors of both companies have

unanimously agreed to recommend the combination to

their respective shareholders

Full information contained in attached file or

available on www.newsweb.no.

Contact:

Karen Menzel

Acergy S.A.

+44 (0)20 8210 5568

karen.menzel@acergy-group.com

www.acergy-group.com

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