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Subsea 7 Acergy Deal gets Anti-Trust Approval

30 September 2010

Subsea 7 has announced that anti-trust clearance has been granted from the relevant US and Norwegian authorities for its proposed merger with Acergy.

On August 9, 2010, Subsea 7 and Acergy submitted their applications to the US Federal Trade Commission, Bureau of Competition and the Anti-Trust Division of the US Department of Justice.

On September 8, 2010, the waiting period in connection with the application was terminated, at which point the Combination was cleared by the US authorities.

On September 6, 2010, Subsea 7 and Acergy submitted a notification to the Norwegian Competition Authority. On September 28, 2010, unconditional clearance was issued.

Completion is currently anticipated for January 2011 subject to shareholder approvals and other customary completion conditions.