Velosi Wins Major Contract in Russia

Velosi Limited has been awarded a five-year contract with Exxon Neftegas Limited in Sakhalin Island, Russia.

Under this new contract, which was signed on September 21, 2007, but officially commenced on September 1, 2007, Velosi will provide Corrosion Control Inspection and Non-Destructive Testing services and oversight.

Velosi will open an area office in the main commercial centre of Yuzhno-Sakhalin to administer this contract and this office will act as a base from which further new business in the Russian Far East can be developed.

Commenting on these contracts Dr. Nabil Abdul Jalil, CEO of Velosi said:

"We are delighted to have secured the contract with Exxon Neftegas Ltd. This is our first contract win for Velosi Russia and a major step forward in the Group's global expansion. This contract is evidence of the Group's expansion, both in terms of the increased geographic spread and through the quality and range of services we provide."