IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group), a Singapore-based integrated engineering solutions firm, reported Friday that its wholly owned subsidiary, IEV International Limited (IEV International), has secured a contract in India for the supply of its proprietary Marine Growth Preventer (MGP) products valued at a total of approximately $1.3 million (Contract).
Pursuant to the Contract, IEV International will supply a total of 338 MGP products to five new offshore platforms and one existing offshore platform for a major oil and gas company in India. The “ocean-powered” MGP is a technology that is powered solely by natural and endless ocean forces and is engineered to keep the structures free of marine growth, thus increasing the structural capacity and prolonging the lifespan of protected structures.
The Marine Growth Preventer, an invention of IEV, has been installed on over 450 structures worldwide since 1990. To date, over 32,000 MGP products have been employed to protect offshore platform structures and jetties. In India alone, more than 8,000 MGPs have been installed on over 117 structures since 1995.
Barring any unforeseen circumstances, the Contract 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.
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 Contract. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the Contract.
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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