Acergy and Subsea 7 Inc. held discussions in relation to a possible merger of the two companies. These discussions have now been terminated.
Mark Woolveridge, Chairman, said: "The Acergy Board gave this approach its fullest consideration, but decided to continue with its independent strategy. With our position as one of the leading companies in the SURF sector, our high quality fleet, operating excellence and good backlog, we remain well positioned for profitable growth. Furthermore, in a challenging period in financial markets, our strong balance sheet underpins the Board's confidence in the Group’s ability to deliver value for shareholders."