News

Velosi up on contract wins

08 September 2008 10:18:00

Shares in Velosi rose on news that the oil rig safety consultant's Saudi Arabian unit has been awarded a five year general inspection services contract with Saudi Aramco.

Under the terms of the deal, Velosi will provide inspection services for Saudi Aramco capital projects during the design, procurement and construction of industrial and non industrial facilities both onshore and offshore.

No financial details have been disclosed, but the group said there is an option for the contract to be extended for a further three years.

Elsewhere, Al Khafji Joint Operations has awarded a $2.2m, two year contract to Velosi, while PPL shipyard has awarded $2.75m deal to the group's K2 subsidary for the assembly and installation of five new build jackup derricks.

"The Middle East has for some time been a highly successful region for Velosi and these wins are significant, both in terms of revenue generation and in helping to further consolidate our position in the region," said chief executive Nabil Abdul Jalil.

"Globally, demand for Velosi's asset integrity management and HSE services remains strong, reflecting the major oil and gas companies' continued emphasis on ensuring assets are safeguarded to the highest standards," Jalil added.

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