Acergy 2Q Net Profit $54 Million Vs $75.4 Million, On Track To Hit Fiscal Year Target

   DOW JONES NEWSWIRES 
 

Acergy Wednesday reported a 2Q net profit of $54M vs $75.4M.

 
   MAIN FACTS: 
 

-CEO Jean Cahuzac says: "We have delivered a solid quarterly performance driven by excellent project execution, additional variation orders on ongoing projects and strong Conventional activity. We remain on track to deliver our 2010 expectations".

-Revenue $580.9M vs $525.5M.

-Pretax profit $94.8M vs $85.2M.

-Backlog $2.25B vs $2.42B.

-Pre-backlog $205M vs $99M.

-The more stable oil price and strong tendering continues to underpin confidence in the business.

-However, for shorter-term work, particularly in the North Sea, the pricing environment remains competitive, and is likely to continue to impact margins in 2011.

-Activity in the Conventional market in West Africa is expected to remain strong in the short and medium term.

-A number of the major SURF contracts, delayed during 2009, are still expected to come to market award in the second half of 2010. The offshore installation phase of these new SURF projects will commence beyond 2011.

-Believes the trend will be for SURF projects to continue to increase in size and complexity which will contribute to substantial industry growth in the medium-term.

-By Stockholm Bureau, Dow Jones Newswires; [phone]; [e-mail]