Acergy (ACGY) posted better-than-expected second quarter
2009 results, though revenue and backlog slipped,
reflecting the tentative operating environment
stemming from commodity price and credit market
overhang.
With a still healthy backlog, significant
cash balances and no near-term refinancing
requirements, Acergy remains comfortable to
weather the challenging business environment.
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 include well-capitalized oil majors or national
oil companies.Zacks Investment Research
