IEV Closes Out Work on Topside, Jacket for D21 Project Off Eastern Malaysia

Singapore's IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group) referred Wednesday to the Announcements of Dec. 19, 2011, Jan. 12, 2012, June 18, 2012, Jan. 7, 2013 as well as subsequent updates on the Contract as provided in the Company’s periodic financial results announcements on SGXNET. The Company wishes to announce that the Group has received the notice of final acceptance of the refurbished platform project (otherwise also known as the D21 project) dated Jan. 30 (the Notice). The Notice signifies the close out of the refurbished platform project pursuant to the Contract. Accordingly, the Company has completed the supply, delivery, installation and commissioning of the four-legged jacket and topside of the D21 project off eastern Malaysia. The first oil from the platform of D21 project was achieved Dec. 31, 2012.

President and CEO, Mr Christopher Do, commented, “This fast track project was the first of its kind in Malaysia and certainly a major undertaking for IEV’s Offshore Engineering Sector. Although it was a challenging project, we have strived to complete what we have embarked on, which was to ensure the first oil target was achieved within twelve months from the Letter of Award and the successful completion of the project. IEV has acquired valuable experience from this maiden project and will continue to offer this proven concept of field development to reduce both time-to-market and costs to operators in the region”.

Save for their respective 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.

Investors 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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