Velosi Wins First Contract in Norway

Velosi Limited, a provider of asset integrity and HSE services to a number of major national and multinational oil and gas companies, has been awarded a new, and strategically important, Frame Agreement Contract with BP Norge AS effective from March 2008 until the third quarter of 2010.

Under this new contract Velosi will provide Quality Assurance and Control for BP, including verification, certification and enhancement services, at Fabrication sites in Norway and the rest of Europe for the Valhall Re-Development Project located in the Norwegian sector of the North Sea, and for the Skarv Project, located in deepwater offshore Norway. Both projects will be managed from the Velosi Europe offices.

Commenting on this contract Dr. Nabil Abdul Jalil, CEO of Velosi said, "We are delighted to have secured this contract. It is a landmark deal for us as it is the first contract with BP in the region. We are hopeful that this will lead to further opportunities to work with BP and develop our presence across Scandinavia. Market conditions remain favourable and the Company continues to pursue similar contracts with major oil and gas companies throughout the world."