Velosi Increased Budget for Chevron Escravos Contract to $20 Million

Velosi has increased the budget for the Group's Chevron Escravos contract in Nigeria. The Technical Support Services Contract for the Escravos Gas to Liquid Project was initially secured from Chevron Nigeria Limited in February 2005 at a contract value not exceeding US$10 million. Via a letter of intent received from Chevron dated September 18, 2007, this contract value has now been increased to a maximum of US$20 million, while the contract completion date remains unchanged at December 31, 2009.

Under the scope of this contract Velosi provides Inspection and Technical personnel for the construction and installation of hydro and distillate processing facilities and pipelines both onshore and offshore at Escravos, situated approximately 100 kilometers south east of Lagos, Nigeria. The completed facility will convert natural gas to clean transportation fuels for markets in Europe and around the world.

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

"The increase in the Chevron budget demonstrates our increasing ability to provide consistent, high-quality services to multi-nationals worldwide. 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."