Joint Venture

Velosi Limited
28 September 2006




                     VELOSI AND RINA ANNOUNCE JOINT VENTURE



The Velosi Group, a provider of quality assurance and quality control services
to a number of major national and multinational oil and gas companies, and the
RINA Group, a leading international certification body, today announced a new
joint venture.


The new 50:50 joint venture company, called RINA-V, will provide offshore
project certification to oil and gas companies, and to the offshore industry. It
will enable Velosi to offer existing and potential clients a much broader range
of consulting services by combining its skills and worldwide coverage with those
of RINA INDUSTRY, RINA's subsidiary.


Velosi currently offers a number of offshore project surveillance services.
Through, RINA a member of IACS (International Association of Classification
Societies), the new joint venture will be able to provide certification and
quality assurance services to the offshore industry covering the whole
life-cycle, from design appraisal and construction supervision to life extension
and requalification.


'This joint venture is a valuable way for Velosi to rapidly extend its services
to the major oil and gas multinational companies at a time when investment in
infrastructure remains very high,' said Dr. Nabil Jalil, CEO, Velosi. 'Through
RINA V, Velosi will be able to offer complete offshore platform certification
services to its clients in addition to its core services, while RINA can now
take advantage of Velosi's extensive personnel resources and worldwide reach.'


The Velosi Group operates globally through offices in 31 countries worldwide.
The majority of the operating and regional offices are strategically located in
close proximity to significant oil and gas production areas and/or equipment
manufacturing centres. Velosi currently offers its clients project verification,
quality enhancement, certification services and engineering support services.


'Through this partnership we will increase our operations through Velosi's
extensive worldwide coverage while contributing 145 years of experience in
certification and more than 10 years of successful offshore engineering
activities in Italy, Egypt, Congo and Kazakhstan,' said Fabio Ziliotto, CEO,
RINA INDUSTRY.


RINA-V will operate out of the UAE and service clients in Qatar, Kuwait, Oman,
UAE, Nigeria, Angola, India, Malaysia, Brunei, Indonesia and Russia and CIS
countries.



For further information

+----------------------+-----------------------+---------------------+
|Velosi                |Dr. Nabil Abdul Jalil  |[phone]  |
|                      |                       |                     |
|                      |Joe Vincent            |                     |
+----------------------+-----------------------+---------------------+
|RINA INDUSTRY         |Fabio Ziliotto         |[phone]      |
+----------------------+-----------------------+---------------------+
|RINA                  |Mario Dogliani         |[phone]      |
+----------------------+-----------------------+---------------------+
|Cardew Group          |Tim Robertson          |[phone]  |
|                      |                       |                     |
|                      |Eden Mendel            |                     |
|                      |                       |                     |
|                      |Emma Consett           |                     |
+----------------------+-----------------------+---------------------+


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. This is Velosi's first announcement since it joined the AIM
market on 21 August 2006. The placing raised £10 million (before expenses) the
net proceeds of which will be 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 Velosi Group. For more information, visit
www.velosi.com.


About RINA INDUSTRY

RINA INDUSTRY, a subsidiary of the RINA Group, provides a unique team of experts
in the petrochemical and energy sector and a complete range of services for
Quality Assurance, Quality Control, HSE, Risk Assessment and Certification
through its Energy & Process Business Unit. RINA Industry is active in each of
the typical phases of the most complex industrial processes: planning,
procurement, fabrication, commissioning, in-service, reclamation and
reconditioning. In 2005 RINA Industry contributed approximately 17% to the
overall turnover of the RINA Group which was close to 113 million Euro. For more
information, visit www.rinaindustry.it.


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