IEV Malaysia Receives LOA for Deepwater Installation Project
IEV Malaysia has received a Letter of Award (“LOA”) for a major transportation and installation project by an established oil and gas operator (“O&G Operator”) for a deepwater facility in the South East Asian region.
“As the LOA is subject to a formal contract to be signed between the various parties involved in the project , the Company will continue to update its shareholders with further details of the Project and Contract where appropriate and when such specific terms of the Contract have been agreed upon and finalised,” IEV said in a press release.
The Project is scheduled to start in January 2013 and is expected to be completed in 3 years. IEV Malaysia will be executing the Project in cooperation with Heerema Marine Contractors (“HMC”) of the Netherlands, a world renowned marine contractor in installing complex offshore infrastructures in shallow water, deepwater and ultra deepwater. IEV will be deploying the Group’s engineering capabilities from its Jacket and Pipeline Installation Solutions (“JPIS”) division for the execution of the Project.
December 19, 2012