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. The OFT is considering the following undertakings offered by the parties: the divestiture of one pipelay vessel and potentially one diving vessel.

The OFT's announcement follows prior unconditional clearances received from the relevant authorities in the US, Norway and Australia.

The parties have yet to review the details of today's decision by the OFT and will issue a further statement in due course. The parties continue to expect to close the transaction as scheduled in January 2011, subject to remaining closing conditions.

Tags: Acergy, Subsea 7