VELO Velosi

    RNS Number : 1681K
  Velosi Limited
  16 December 2008
   








    Velosi Limited

    New wins IN ITALY and QATAR

    Velosi Limited ("Velosi" or the "Group"), the AIM listed provider of asset integrity and HSE services to a number of major national and
multinational oil and gas companies, is pleased to announce that following Velosi's acquisition of a 60% stake in October 2008, PSC Italy
has entered into an agreement with Saipem to provide inspection and expediting services. In addition, Velosi's Qatari operation has won two
new contracts, with RasGas and Dolphin Energy. 


    Saipem, a subsidiary of the leading Italian oil and gas company ENI, has entered into an agreement with PSC Italy to provide inspection
and expediting services in China, India, Korea, Europe, and America. The agreement, effective from 1 October 2008, is for a period of 3
years and is worth an estimated Euro20 million. Saipem is one of the world's largest contractors in the oil and gas industry, employing over
30,000 people worldwide.

Velosi acquired a 60% stake in PSC Italy in October 2008 in order to expand its presence in Italy's growing oil and gas market. The
agreement with Saipem demonstrates the value of the partnership created by PSC Italy's local expertise and capability in inspection
services, combined with Velosi's broader international expertise.


    Velosi's Qatar office, established in 1996, has been successful at retaining and expanding contracts with existing clients. RasGas, a
key client for the Qatari operations, has awarded Velosi Qatar a new contract, worth USD12 million, for the provision of specialist
inspection personnel. It is an exclusive three year contract and commenced in November 2008.


    Velosi Qatar has also recently been awarded a three year contract by Dolphin Energy, a new client, following a competitive tendering
process. Commencing from September 2008, Velosi is providing Quality Control inspection services, including vendor inspection services in
Qatar and in surrounding countries. The contract can be extended for a further year.


    Dr. Nabil Abdul Jalil, CEO of Velosi said: "These recent wins demonstrate Velosi's widening global reach, and the continued strong
demand for our asset integrity and HSE services. Qatar has consistently been one of our most successful offices in the Middle East and
globally, and these latest contract wins further demonstrate our success in the region. 


    We are very pleased that our partnership with PSC Italy is proving successful so quickly, as evidenced by the award of such a
substantial and wide reaching contract. This serves to demonstrate the benefits of our strategy of combining the skills and contacts of a
local player with Velosi's broader range of services and international presence."


    - End - 


    For further information, please contact:

 Velosi                      Dr Nabil Abdul Jalil             020 7930 0777
                             Dan Ooi
 Strand Partners             James Harris                     020 7409 3494
 Charles Stanley Securities  Mark Taylor                      020 7149 6000
                             Freddy Crossley
 Cardew Group                Tim Robertson                    020 7930 0777 
                             Shan Shan Willenbrock
                             Catherine Maitland


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCMGMMZVKNGRZM

Grafico Azioni Velosi (LSE:VELO)
Storico
Da Apr 2024 a Mag 2024

Grafico Azioni Velosi (LSE:VELO)
Storico
Da Mag 2023 a Mag 2024