Offshore engineering outfit Acergy has reported that it more than doubled its year-on-year net income for the 12 months that ended with November 2008, and the company said its $30 million quarterly loss of year ago is now a $90 million gain.

Acergy posted $307.2 million net profit for the 12 month period on revenues that rose over $100 million year-on-year to $2.52 billion but were down 17 percent in the quarter to $568 million.

The results came despite nine offshore construction vessels facing dry-dock downtime in the year, an unprecented number.

But, reports that the promising African business wasn't as strong as forecast hit the company share price, and Acergy was down six percent by lunchtime in Oslo.

The Norway-based company said activity had been up most in the North Sea and Canadian offshore provinces and down most in the Mediterranean and African oilfields. The company said it was in discussions with West African clients to address the ups and downs of recent months.

Meanwhile, “The macro drivers for our business are global growth,” the board asserted Wednesday.

“Recent global economic conditions have created a more challenging short-term market and reduced near-term visibility, but the medium and long-term fundamentals of our business remain robust.”

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