Acergy to buy rival Subsea 7

Oilfield services provider Acergy yesterday announced an all-share deal to buy rival Subsea 7, in a bid to create a leader in the undersea engineering segment hit by the Mexico Gulf oil spill. The offer values Subsea 7 at over $2.4bn (£1.6bn), based on the last closing price before the deal was announced. It comes amid a gradual rebound in demand for offshore oil services due to higher and more stable energy prices, but alongside regulatory uncertainty caused by the huge Gulf of Mexico oil spill.