Acergy S.A. (Acergy) reported a y-o-y decline in its top-line in 2Q 09 primarily impacted by lower exploration and production (E&P;) activity levels in the Africa & Mediterranean (AFMED) region. An unfavorable project portfolio mix also impacted margins. Going forward, we expect global E&P;activity to remain suppressed in the medium term, until stability in the global economy is restored. Although our current target price no longer supports a HOLD rating…

Acergy S.A. (Acergy) has announced the receipt of a US$190 mn contract from MOBIL Producing Nigeria Unlimited (MPN) in Nigeria, reflecting Acergy's strong position in the West Africa region. We remain concerned regarding the current uncertain global economic environment, which will suppress global oil and gas exploration and production spending. Hence we maintain our HOLD rating for Acergy's ADR (1 ADR = 1 Norwegian stock) over our 6-12 investment horizon....

Acergy S.A. (Acergy) reported a y-o-y decline in its 1Q 09 top-line, in-line with our expectations. However, operating performance surpassed our expectations driven by improved project execution. Going forward, although we remain concerned about the impact of the turbulent economic environment on Exploration and Production (E&P;) activity, given Acergy’s steady order backlog position and better-than-expected operating performance in 1Q 09, we maintain our…