Velosi Secures New Substantial Contract in Nigeria

Velosi has been re-awarded a contract from Mobil Producing Nigeria, for the next three years with an option to extend for a further one year.

Under the new contract, which commences on 1 November 2007, upon expiration of the existing contract, Velosi will continue to be involved predominantly with offshore coverage of the fabrication, erection and commissioning of multiple offshore production, drilling and living quarter platforms, as well as oversight of the laying and installation of sub-sea pipelines off the coast of Nigeria.

In 2006, the Mobil Producing Nigeria contract, worth US$23.5 million, was the largest contributor to Group revenues, generating 33.5% of turnover, and, along with RasGas and Qatar petroleum, was one of the key drivers behind the increased growth of the Group's project verification division.

Commenting on the contract, Dr. Nabil Abdul Jalil, CEO of Velosi said:

"We are delighted to have secured this contract with Mobil Producing Nigeria, which further highlights our ability to win significant contracts from major oil and gas companies globally. Africa is an extremely important region for the Group's growth as companies continue to seek and exploit new oil reserves. This contract is an excellent win and will have a significant positive impact on Group revenues over the next three to four years."