VELO Velosi

RNS Number:0369P
Velosi Limited
29 February 2008



                                                                    

                                 Velosi Limited

                               Trading statement

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 trading is in line with market expectations for the
12 months ended 31 December 2007.

Favourable market conditions over the last year, boosting the availability of
reserves for global long-term oil and gas infrastructure investments amongst the
major national and multinational oil and gas companies, has helped Velosi
continue its strategy of entering new geographic markets, growing market share
in existing markets and expanding through joint ventures and acquisitions.

During 2007, new offices were established in Angola, Ghana and Russia and for
the first time Velosi began acting as full service supplier in Egypt. In
addition to a number of smaller contract wins, significant contracts were won
with Chevron, ExxonMobil, Shell EP Europe, Confapi (the trade association for
small and medium-sized businesses in the industrial sector in Italy) and BP. The
Company has demonstrated its ability to deliver cost effective solutions on a
global basis, and during 2007 concentrated on building and developing its
relationships with key multinationals.

The Group is pleased to announce that, since the year end, the new Angolan
office has secured a new contract with Chevron. Under the terms of the contract,
Velosi will provide Construction Management and Inspection Services personnel to
Chevron's oil and gas production operations in Cabinda, Angola.

In 2007, Velosi continued to expand its service offering with the addition of an
asset integrity management service. Additionally, recent acquisitions have
continued to add to the Group's offerings and have provided the opportunity to
enter new markets. The acquisitions of Plant Design Engineers Sdn Bhd, based in
Malaysia, and Steel Test Pty Limited, based in South Africa, were both completed
in March. The acquisitions of K2 Specialist Services Pte Limited, headquartered
in Singapore but with operations across Asia Pacific, Middle East and Central
Asia, and Intec UK Limited, based in the UK with operations worldwide, were
announced in November 2007. The Group continues to evaluate appropriate
acquisition opportunities.

In the interim results for the six months ended 30 June 2007, announced on 24
September 2007, the Board of Velosi sadly reported that Richard Ogunmakin,
General Manager of Velosi Nigeria had been fatally wounded. Richard was a
significant shareholder in Velosi Nigeria and negotiations are ongoing with
Richard's estate regarding the future ownership and operation of Velosi Nigeria.
There is no certainty that the outcome of these negotiations will be favourable
to the Group. The Company is confident, however, that any reduction in the
contribution from Nigeria will be compensated for by the significant growth in
revenues from both existing and new regions, as outlined above, and that the
Group's outlook for 2008 remains unchanged.

As a result of the high number of significant contracts won in 2007, recent new
contract wins, and with synergies and returns from recent acquisitions coming
through, the Board remains very positive on the Group's trading outlook for 2008
and beyond.

Dr. Nabil Abdul Jalil, CEO, commented:
"With revenue growth across all areas of the globe, 2007 has been a year of
expansion for the Group, both through our extended service offerings and through
our acquisitions. Market conditions remain favourable and the Board is confident
on the outlook for 2008."

                                    - 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      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 36 countries worldwide.
Velosi joined the AIM market on 21 August 2006. For more information, visit
www.velosi.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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