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AFX News: Velosi Limited – New Shell Contract

AFX CNF
Published: Jan 24, 2007

VELOSI SECURES EUROPEAN SHELL CONTRACT: The Velosi Group, a provider of quality assurance and quality control services to a number of major national and multinational oil and gas companies, is pleased to announce that it has been awarded the Shell EP Europe Inspection and Expediting contract for a duration of three years. In a competitive bid process Velosi has been awarded this exclusive contract, effective from 1 January 2007.

Shell Exploration and Production in the UK, Nederlandse Aardolie Maatschappij (NAM) in the Netherlands, Norske Shell in Norway and Enterprise Oil Ireland have recently combined to form one European company, Shell EP Europe. The contract will cover work stemming from all four of these Shell operations. Velosi was previously awarded a contract in May 2003 with Shell UK Exploration and Production covering work for the main Shell operating centre in Aberdeen. This contract expired on 31 December 2006, those services now being included in this new contract. “This contract is a significant expansion of the one we previously held with Shell UK,” said Dr Nabil Abdul Jalil, Chief Executive of Velosi. “It reflects well on the work we have done for Shell to date and on our ability to deliver cost effective solutions on a global basis. The continuation of our relationship with Shell in Europe is an excellent platform from which we can become involved in further opportunities with Shell globally.”

About the Velosi Group: The Velosi Group, founded in 1982, provides quality assurance and quality control services to a number of leading national and multinational oil and gas companies, including BP, Shell, ExxonMobil and Chevron. The Velosi Group operates globally through four principal offices in the USA, the UK, Malaysia and the UAE and has operational or representative offices in a further 27 countries worldwide. Velosi joined the AIM market on 21 August 2006. The placing raised AGBP10 million (before expenses), the net proceeds of which are being used to repay existing loans, provide financing for the Group’s acquisitions and planned expansion into new regions, and to provide working capital for the Group. For more information, visit www.velosi.com. This information is provided by RNS The company news service from the London Stock Exchange

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