The shutdown is scheduled to take place during the third quarter of next year, the company said.
Kentz posted revenue of $643.4 million for the year ended December 2008.
The Sakhalin-1 project is an oil and gas development on the northeast shelf of Sakhalin Island. Exxon Neftegas Ltd is the operator of the project.
Kentz shares closed at 202.5 pence on Thursday on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore)