London-based offshore contractor Acergy’s stock soared 11.42 percent on news the company had terminated merger talks it had held with offshore construction outfit Subsea 7 and would continue an independent course.

Acergy has shown explosive growth over the past five years and the talks with Subsea 7 came as a surprise to a market which nevertheless rewarded the moves.

Company chair Mark Woolveridge said Acergy had become a leading offshore contractor and now boasted a good backlog that bodes well for future profits.

“In a challenging period in financial markets, our strong balance sheet underpins the Boards confidence in the Groups ability to deliver value for shareholders,” Woolveridge said in a statement.

Tags: Acergy, Subsea 7