THE chief executive of Acergy said yesterday its plan to merge with Subsea 7 had been well received by clients, shareholders and staff.
The comment from Jean Cahuzac came as Acergy announced that net operating income from continuing operations were up by more than £10million to £77.7million in the three months to the end of May compared to the same period a year ago. The company said the more stable oil price and strong tendering continued to underpin confidence in its business.
It added: “For shorter-term work, particularly in the North Sea, the pricing environment remains competitive, and is likely to continue to impact margins in 2011.”
Acergy and Subsea 7 announced plans last month to create a group worth more than £3.6billion.
Acergy is buying Subsea 7 in an all-share deal to create a leader in undersea engineering and construction for the oil and gas industry.
The international firms both have big operations at Westhill, near Aberdeen. Subsea 7 has nearly 1,000 working out of its north-east site, while Acergy has more than 500.
There are fears posts will go from the current worldwide workforce of the two companies totalling 12,000, but no significant job losses are expected at Westhill.