Tuesday, December 09, 2008

Acergy SA -- Betting on an Energy Turnaround

Acergy (ACGY-$5.72), a Norwegian-based seabed-to-surface engineering and construction contractor for the offshore oil and gas industry, expects to end the 2008 fiscal year with a backlog of approximately $2.6 billion, down from $3.3 billion at the end of the third-quarter, resulting from delays in signings of new projects in Nigeria and other offshore global locations due to falling energy prices. Albeit the company has a strong balance sheet, the uncertainty and timing of new project deals will require Acergy to cut back on cash outflows in 2009….. read more….

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

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