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MAJOR CONTRACT WIN IN RUSSIA - 02 Nov 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 Groupâ??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 Groupâ??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 Groupâ??s expansion, both in terms of the increased geographic spread and through the quality and range of services we provide. |
| Attachment: Exxon - Russia Chevron Escravos Contracts FINAL 021107.DOC |
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For Media enquiries, please contact:
Bunny Nabil - Corporate Communications Manager
29-3, The Boulevard Mid Valley City, Lingkaran Syed Putra
Kuala Lumpur
Malaysia
T: +603 603 2284 8178
F: +603 2284 8179
Bunny-nabil@velosi.com |
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