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Shtokman Development AG and Sovcomflot Signed Cooperation Agreement

Shtokman Development AG and Sovcomflot signed Cooperation Agreement on September 20, 2011 in Saint-Petersburg at the 10th Annual Conference of Sovcomflot Business Partners.

The document was signed by Alexei Zagorovskiy, Chief Executive Officer and Sergey Frank, Chairman of the Board of Sovcomflot.

The Agreement stipulates mutual consultations and exchange of information on support fleet services for the Shtokman Project, organization of environmentally safe marine transportation patterns, transportation of liquid hydrocarbons, and operation of onshore logistic bases.

“SDAG, as the operator of phase 1 of the largest Russian gas project on the Arctic shelf is interested in promoting and analysis of Sovcomflot experience, the first class operator, which provides service for offshore oil and gas fields. We consider mutual consultations with Sovcomflot to be of utmost significance, taking into account the fact that the company has been operating in the Russian, as well as in world markets, and for long has been a partner of Gazprom, our main Shareholder”, stated Alexei Zagorovskiy after signing the Agreement.

“Extension of the company role in providing services to energy projects on the Russian continental shelf is one of the directions of Sovcomflot development strategy. The Shtokman Project ranks high in our plans. I am confident that close cooperation with the Project Operator will contribute to development of optimal logistics patterns strongly sought-for during the Project realization”, pointed out Sergey Frank.

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