Acergy, Inc. (ACGY)

Acergy (ACGY - Analyst Report) 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.