Velosi Picks Up BP Contract Valued at $ 4.7 Million

Velosi has been awarded a four year technical services contract with BP in Indonesia worth US$4.7million. Velosi has also been awarded several other contracts spanning from one to three years across four continents.

BP Indonesia has awarded Velosi a four year technical services contract for integrity management and documentation for onshore and offshore assets. The award of the contract follows a competitive tender process and is worth US$4.7million. This contract follows two earlier awards by BP Indonesia for inspection services and laser scanning for as-built blueprints, both of which are currently in progress.

Truong Son JOC, a joint operating company comprising of PetroVietnam, Petronas Carigali and Talisman, has signed a manpower supply contract with Velosi Vietnam. This one year contract, worth a minimum of US$1.3 million, began on 14 June 2007.

ConocoPhillips has agreed a global master services agreement with Velosi in the USA to supply inspection/expediting services and manpower supply. The agreement began on 1 July 2007 and will run for one year.

"The announcement of these recent contract wins represents Velosi's increasingly global position as a leading supplier of asset integrity and HSE services. Investment in Oil and Gas infrastructure shows no signs of slowing and is supported by the continued strength of global oil prices. As a consequence, we believe Velosi is well positioned to continue to secure further contracts," said Dr Nabil Abdul Jalil, Chief Executive of Velosi. "Since our IPO in 2006, we have made a number of strategically important acquisitions and we continue to assess opportunities to add to the Group's geographic presence and technical expertise."