VELO Velosi

 

TIDMVELO 
 
RNS Number : 4939P 
Velosi Limited 
26 March 2009 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Velosi Limited 
 
 
NEW $20m Contract WIN FOR K2 DIVISION 
 
 
 
 
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 65% owned subsidiary, K2 
International Limited ("K2"), has been awarded a three year contract with 
Samsung Heavy Industries Co Ltd ("SHI"). The contract is estimated to be worth 
in excess of USD20 million over three years. 
 
 
SHI is one of the world's leading shipbuilders, constructing vessels with 
leading-edge technology including drill ships, ultra-large container ships, LNG 
cariers and FPSOs. 
 
 
Under the SHI contract, Velosi will provide specialist services for the assembly 
and installation of at least 20 derricks. The project will require highly 
trained rope access derrick builders to work on steel erection, the installation 
of electrical, mechanical and hydraulic equipment, and structural surveying and 
alignment as required. The contract commenced at SHI's shipyard on Geoje Island, 
South Korea, on 13 March 2009. 
 
 
K2, which Velosi acquired in October 2007, provides a range of Inspection, 
Testing, Integrity Management and Engineering services to the Oil & Gas industry 
throughout Asia and Australasia, the Middle East and Central Asia. The 
acquisition increased Velosi's presence in these regions, in addition to 
expanding Velosi's expertise in rope access services; K2's Rope Access Training 
School is one of the largest in the world. 
 
 
Commenting on this contract win Dr. Nabil Abdul Jalil, CEO of Velosi said: "K2 
has been an extremely valuable addition to the Group, and we have seen strong 
demand for its specialist skills, in particular, due to the cost savings 
delivered by its rope access expertise as compared with traditional scaffolding 
techniques. This contract together with our current order book continues to 
underpin our confidence of a positive outcome for the current year." 
 
 
 
 
 
 
 
 
- End - 
 
 
For further information, please contact: 
 
 
+------------------+--------------------+------------------------------+ 
| Velosi           | Dr Nabil Abdul     | 020 7930 0777                | 
|                  | Jalil              |                              | 
|                  | Dan Ooi            |                              | 
+------------------+--------------------+------------------------------+ 
| Strand Partners  | James Harris       | 020 7409 3494                | 
|                  |                    |                              | 
+------------------+--------------------+------------------------------+ 
| Charles Stanley  | Mark Taylor        | 020 7149 6000                | 
| Securities       | Freddy Crossley    |                              | 
+------------------+--------------------+------------------------------+ 
| Cardew Group     | Tim Robertson      | 020 7930 0777                | 
|                  | Shan Shan          |                              | 
|                  | Willenbrock        |                              | 
|                  | Catherine Maitland |                              | 
+------------------+--------------------+------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 CNTBRGDXDGDGGCU 
 

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