Velosi's K2 Subsidiary Cinches Derrick Installation Contracts

Velosi Ltd. reported that PPL shipyard, Singapore, has awarded a contract worth $2.75 million to Velosi's subsidiary K2, for the assembly and installation of five new build jackup derricks, with the option for the contract to be extended to cover an additional three derricks. Velosi commenced work in June 2008 and has already started the assembly of the second new build jackup, with the first five derricks due to be completed in June 2009.

In addition COSCO shipyard, Nantong, China, has awarded a $1.22 million contract to K2 for the supply of specialist equipment, manpower and technical know how to carry out the assembly and installation of the drilling package on the semi-submersible Sevan 650 drilling rig. The project commenced in July 2008 and is expected to last until December 2008.

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