Velosi Limited has announced that its Saudi Arabian unit has been awarded a major five year General Inspection Services Contract with Saudi Aramco effective from July 2008 until the second quarter of 2013.
Velosi's Saudi Arabian unit was set up as recently as late 2007, making this a break through contract win in a new region for the Company. In addition, the contract represents a significant increase in the scope of work with Aramco, one of the world's leading producers and exporters of crude oil, and producers of natural gas.
Under the new Saudi Aramco contract Velosi will provide inspection services (Quality Management Systems Services) for Saudi Aramco capital projects during the design, procurement and construction of industrial and non industrial facilities both onshore and offshore. The work will include field inspection and testing, reviewing of quality submittals, and design packages, providing inspection at supply vendors, conducting QMS audits and providing quality reports. There is also an option for the contract to be extended for a further three years.
Additionally, Al Khafji Joint Operations ("KJO"), a joint venture between Aramco Gulf Operations and Kuwait Gulf Oil Company, has awarded a $2.2 million, two year contract to Velosi effective from April 2008. The project is an asset intergrity service which covers Reliability and Maintenance Effectiveness Implementation and is based in Saudi Arabia.
Abu Dhabi Gas Liquefaction Company Ltd ("ADGAS") has agreed a Static Equipment Inspection and Task Planning contract with Velosi's asset integrity unit. The Abu Dhabi based contract is valued in excess of $500,000, and will last 18 months, effective from May 2008.
Dr. Nabil Abdul Jalil, CEO of Velosi, said, "Globally, demand for Velosi's asset integrity management and HSE services remains strong, reflecting the major oil and gas companies' continued emphasis on ensuring assets are safeguarded to the highest standards. We look forward to making further announcements on the Group's progress."
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