Re Contract

Velosi Limited
02 November 2007




                                                                 2 November 2007


  VELOSI ANNOUNCES FIRST MAJOR CONTRACT WIN IN RUSSIA AND INCREASE IN 
                      CHEVRON CONTRACT, NIGERIA



Velosi Limited ('Velosi' or the 'Group'), a provider of asset integrity and HSE
services to a number of major national and multinational oil and gas companies,
is pleased to announce that it has been awarded a five year contract with Exxon
Neftegas Limited in Sakhalin Island, Russia.


Under this new contract, which was signed on 21 September 2007 but officially
commenced on 1 September 2007, Velosi will provide Corrosion Control Inspection
and Non-Destructive Testing services and oversight.


Velosi will open an area office in the main commercial centre of Yuzhno-Sakhalin
to administer this contract and this office will act as a base from which
further new business in the Russian Far East can be developed.


Velosi is also pleased to announce that there has been an increase in the budget
for the Group's Chevron Escravos contract in Nigeria. The Technical Support
Services Contract for the Escravos Gas to Liquid Project was initially secured
from Chevron Nigeria Limited in February 2005 at a contract value not exceeding
US$10 million. Via a letter of intent received from Chevron dated 18 September
2007, this contract value has now been increased to a maximum of US$20 million,
while the contract completion date remains unchanged at 31 December 2009.


Under the scope of this contract Velosi provides Inspection and Technical
personnel for the construction and installation of hydro and distillate
processing facilities and pipelines both onshore and offshore at Escravos,
situated approximately 100 kilometres south east of Lagos, Nigeria. The
completed facility will convert natural gas to clean transportation fuels for
markets in Europe and around the world.


Commenting on these contracts Dr. Nabil Abdul Jalil, CEO of Velosi said:

'We are delighted to have secured the contract with Exxon Neftegas Ltd. This is
our first contract win for Velosi Russia and a major step forward in the Group's
global expansion. The increase in the Chevron budget demonstrates our increasing
ability to provide consistent, high-quality services to multi-nationals
worldwide. Both these contracts are evidence of the Group's expansion, both in
terms of the increased geographic spread and through the quality and range of
services we provide.'



                                    - END -


For further information

Velosi                           Dr Nabil Abdul Jalil         020 7930 0777
                                 Joe Vincent

Strand Partners                  James Harris                 020 7409 3494
                                 Warren Pearce

Charles Stanley Securities       Mark Taylor                  020 7149 6000
                                 Freddy Crossley

Cardew Group                     Tim Robertson                020 7930 0777
                                 Emma Consett



Notes to editors:


About the Velosi Group

The Velosi Group, founded in 1982, provides asset integrity and HSE 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. For more information, visit
www.velosi.com.




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