IEV International to Supply MGP Products to Two Contractors

IEV Holdings Limited announced that its wholly owned subsidiary, IEV International Limited, has secured two contracts in China for the supply of its proprietary Marine Growth Preventer (MGP) products valued at a total of approximately USD 1.3 million.

IEV International will supply a total of 676 MGP products to two contractors who will fabricate three new platforms for a major oil and gas company in China. The “ocean-powered” MGP is a technology powered solely by natural and endless ocean forces that 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 430 structures worldwide since 1990. To date, over 30,000 of such products have been employed to protect offshore platform structures and jetties, including 1,749 sold in 2013 so far. In China alone, over 6 ,000 MGPs have been installed on over 40 structures since 2001.

Barring any unforeseen circumstances, the Contracts are 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 31 December 2013.

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Press Release, July 1, 2013