Contract Extension

RNS Number : 2905N

Velosi Limited

16 February 2009

 



16 February 2009

Velosi Limited

Velosi announces further Extension of Contract with Petroleum Development Oman

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 its associate company, Velosi Oman (50% owned by Velosi), has been reawarded a quality assurance, quality control and third party inspection services contract with Petroleum Development Oman ('PDO'). 

The new contract is worth an estimated USD30 million and commences in June 2009, covering a period of four years. Velosi will provide quality assurance and quality control services throughout Oman, and third party inspection services on a global basis. This represents the third extension of Velosi Oman's contract with PDO. The contract originally commenced in December 2003, and was due to expire in May 2009.

PDO is the major oil and gas exploration and production company in Oman, accounting for more than 80% of the country's crude oil production and nearly all of its natural gas supply. PDO is owned by the Government of Oman (which has a 60% interest), the Shell Group (34%), Total (4%) and Partex (2%).

Commenting on this contract Dr. Nabil Abdul Jalil, Chief Executive Officer of Velosi said: 'We are delighted to have been reawarded this contract from Petroleum Development Oman for the third time. The Middle East is an important market, where demand for Velosi's services has been strong following the investment we have made in expanding our presence throughout the region.'

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For further information, please contact:

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

 

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