IEV Malaysia Secures Major Supply and Installation Contract

IEV Holdings Limited  announced that, on 13 December 2011, its 30% associate, IEV (Malaysia) Sdn. Bhd., has been awarded a major supply and installation contract from an established and major oil and gas operator in South East Asia .

The scope of work of this turnkey project includes the engineering, fabrication, delivery, hook-up and commissioning of a wellhead platform, procurement and installation of a new pipeline and host tie-in to existing offshore production facilities.

The Contract consists of several packages with an estimated combined value of RM262 million (82.36 million U.S. dollars). The project is scheduled to commence in December 2011 and expected to be completed by end of 2012.

The Group will be executing this project in a strategic alliance partnership with an engineering company from the USA, who is a specialist in the field of platform re-use in the Gulf of Mexico. In addition, the project will be managed by a joint project management team and local subcontractors will be mobilized for the installation, hook-up and commissioning, and host tie-in activities. IEV will be deploying the Group’s engineering capabilities from its Decommissioning Solutions (“DS”) as well as Jacket and Pipeline Installation Solutions (“JPIS”) for the execution of the project in conjunction with its strategic alliance partner.

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Offshore Energy Today Staff, December 19, 2011; Image: IEV Holdings Limited