Velosi Limited has been awarded an interim contract by Shell Petroleum
Development Company of Nigeria Ltd. ("Shell Nigeria"). Velosi has also been
awarded a two-year contract, with an option to extend a further year, with Gulf
of Suez Petroleum Company to service BP in Egypt.
Shell Nigeria awarded Velosi a six-month contract in March 2007, under the terms
of which Velosi will deliver quality control and inspection services to Shell
Nigeria. The contract commenced in April 2007 as an interim solution while Shell
Nigeria awaits approval from the Nigerian National Petroleum Corporation for a
longer-term contract, which may or may not be awarded to Velosi. The board of
Velosi expects that this approval process may be delayed due to the Nigerian
political elections that took place this month. The Board will announce any
further progress regarding the longer-term contract as appropriate.
In addition to the Shell contract, Velosi has been awarded a two-year contract,
with an option to extend a further year, with Gulf of Suez Petroleum Company, a
division of BP, for lifting equipment management and maintenance for all BP
sites in Egypt. The contract is the first time Velosi will act as a full service
provider in Egypt, providing inspection, maintenance, risk assessment, spare
parts control and training combined in one contract.
"We have significantly expanded our relationship with Shell since the beginning
of the year with the award of two contracts in Europe and in Nigeria,
demonstrating Shell's confidence in our ability to deliver cost effective
solutions on a global basis. The contract with Shell is also a valuable
extension to our client base in our growing Nigerian operations," said Dr Nabil
Abdul Jalil, Chief Executive of Velosi. "The contract in Egypt further endorses
Velosi's strategy to increase its global presence and to provide the increasing
range of services offered by the Group in new markets."
The Velosi Group, founded in 1982, provides asset integrity and HSE services to
a number of leading national and multinational oil and gas companies, including
BP, Shell, ExxonMobil and Chevron. The Velosi Group operates globally through
four principal offices in the USA, the UK, Malaysia and the UAE and has
operational or representative offices in a further 27 countries worldwide.