Velosi Wins Contracts in Nigeria, Egypt

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.

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