IEV Receives LOA for Shell’s TLP Installation in Malaysia

IEV Receives LOA for TLP Transportation in Malaysia (2)

IEV HOLDINGS LIMITED has announced that its 49% associate, IEV Malaysia, has been awarded a Letter of Award to transport and install an integrated Tension Leg Platform (“TLP”) from Sabah Shell Petroleum Company Limited (“Sabah Shell”) in the Malikai fields offshore Sabah, Malaysia (the “Project”).

A formal contract is expected to be signed between the various parties involved in the Project on a later date. The scope of work of the Project includes the transportation and installation (“TNI”) of the integrated TLP, both Hull and Topside, inclusive of pre-installation of the TLP tendon foundation piles, make-up of tendons and pre-installation of tender assist mooring system (suction anchor piles and pre-laid mooring lines) in a water depth of approximately 500 meters. The Group 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.

The Group will be deploying its engineering capabilities from its Jacket and Pipeline Installation Solutions (“JPIS”) division for the execution of the Project. President and CEO of IEV Holdings, Christopher Do, commented “IEV is pleased to have been chosen by Sabah Shell to execute this large TNI project and we look forward to the opportunity of working alongside major contractors such as MMHE, Technip and Heerema in delivering the first TLP in Malaysia”.

The Project, valued around USD 100 million, is expected to be executed over a period of 3 years. Barring any unforeseen circumstances and subject to risks associated with executing the  project, the Project is expected to have a positive impact on the net tangible assets or earnings per share of the Group for the current financial year ending 31 December 2013.

March 4, 2013