IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group), a Singapore-listed integrated engineering solutions provider to the offshore oil and gas industry, disclosed Wednesday that its 49 percent owned associate, IEV (Malaysia) Sdn. Bhd. (IEV Malaysia) has completed the decommissioning and towage (the Project) of a FPSO (floating production storage and offloading) vessel from offshore Terengganu in Malaysia.
The Group executed the Project together with EMAS-AMC Pte Ltd, a leading global offshore service provider for the execution of the Project. The scope of work included the withdrawal of the FPSO, removal of mooring chains, recovering of subsea structures and blind flanging of pipelines.
The Project commenced in January 2014 and was completed in April 2014. The value of the Project is approximately $15.32 million (MYR 50 million). 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.
Christopher Do, president and CEO of IEV Holdings Limited commented, “We are pleased with the successful completion of this maiden FPSO decommissioning project and are actively pursuing and bidding for similar work in Malaysia.”
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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