Singapore-based IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group) revealed Tuesday that its 49 percent owned associate, IEV (Malaysia) Sdn. Bhd. (IEV Malaysia) has been awarded a contract for the decommissioning and towage (the Project) of a floating production, storage and offloading (FPSO) vessel from offshore Terengganu in Malaysia, by a Malaysian based Oil and Gas exploration and production services company. The value of the Project is approximately $15.2 million (MYR 50 million).
The Project is scheduled to commence in January 2014 and is expected to be completed within two months. Barring any unforeseen circumstances, the Project is expected to have a positive impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending Dec. 31.
The Group will be executing the Project together with EMAS-AMC Pte Ltd, a leading global offshore service provider equipped with a fleet of young and advanced DP subsea construction and installation vessels, to support the offshore decommissioning phase of the Project. IEV will be deploying its engineering capabilities from its Decommissioning Solutions (DS) for the execution of the Project.
Christopher Do, president and CEO of IEV Holdings Limited commented, “This is indeed the first decommissioning project of a floating structure for the Group. This complements our track record of participating in the removal of more than 15 fixed offshore platforms since 1997. We will continue to solidify our unique position in the decommissioning market in Asia and our capabilities in performing the decommissioning of both fixed and floating oil and gas facilities, an important emerging business segment in the region, where more than 700 platforms are more than 25 years old.”
Save for their shareholdings in the Company, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Project. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the Project.
Shareholders and potential investors are advised to exercise caution when dealing with the shares of the Company in relation to this announcement.
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