On September 23 2010, Acergy S.A. and Subsea 7 Inc. submitted a notification to the UK Office of Fair Trading (OFT) regarding the parties' proposed merger. The OFT announced on December 21 2010, that it is considering undertakings from the parties in lieu of referring the proposed merger to the UK Competition Commission.

Following a review of the OFT decision, the Boards of Acergy S.A. and Subsea 7 Inc. have concluded that the anticipated date of completion should remain January 7,2011, subject to remaining closing conditions.

Both companies will continue to work with the OFT to implement the required undertakings.

Tags: Acergy, Subsea 7