Offshore staff

YUZHNO-SAKHALINSK, Russia --The shareholders of Sakhalin Energy, operator of the Sakhalin II project, have signed a sale and purchase agreement with Gazprom.

Following a share transfer arrangement, Gazprom now holds 50% plus one share of Sakhalin Energy. The other shareholders are Shell (27.5%), Mitsui (12.5%), and Mitsubishi (10%).

Gazprom's expertise "will be of great benefit in completing the remaining program of work [at Sakhalin II] and in maximizing the long-term value of the venture," says Sakhalin Energy CEO Ian Craig.

4/19/2007