Acergy (ACGY) posted better-than-expected first-quarter 2010 results on the back of solid margins, strong operational performance, and good project execution skills.With a healthy backlog, significant cash balances, and no near-term refinancing requirements, Acergy should weather the challenging business environment better than many of its peers.
Our continued Outperform recommendation on Acergy ADRs also reflects the company's strong leverage to the still very favorable outlook for deepwater oilfield activities and the quality of its client base, which mostly includes well-capitalized oil majors or national oil companies.
Acergy S.A. - ADR (ACGY) : FULL ANALYST REPORT
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