Chalk it up to kismet.

In my piece yesterday on Transocean's (NYSE:RIG) record rate, I discussed the relative dearth of cheap stocks in the deepwater. By that, I mean service companies helping oil companies to find and produce oil many miles offshore.

Also yesterday, subsea engineering outfit Acergy SA (NASDAQ:ACGY) reported its second-quarter results. Today, shares are getting clobbered. I think we have a potential bargain here.

Issues I identified nine months ago still weigh on this company. Actually, it's really just one issue. Big contract awards in West Africa continue to be delayed. Like any contractor, Acergy's earnings are lumpy, and depend on landing the occasional megaproject. This quarter, backlog actually shrank a bit.

Of course, Acergy isn't just sitting on its hands. The company polished off African projects for Total SA (NYSE:TOT) and ExxonMobil (NYSE:XOM) during the quarter, and began work on its first deepwater assignment in the Gulf of Mexico. Acergy also continued work for Marathon Oil (NYSE:MRO) in the North Sea and Chevron (NYSE:CVX) in Brazil.

Just like last quarter, the company's profitability, measured by adjusted EBITDA margin, was impressive. Acergy's effective tax rate remains high, which makes the company look pricey if you just look at the P/E ratio. But if you look at EBITDA or operating income, Acergy trades at a discount to its peers. The company has real financial fortitude, and recently completed a $300 million share buyback while maintaining a net cash position.

I was early to sound the all-clear last quarter, but I remain convinced that Acergy is positioned to profit from the ongoing offshore explosion. Other Motley Fool CAPS players appear to agree with me, given the company's top five-star rating. See what others have to say, and make your own call, right here.

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