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IEV awarded contract for provision of subsea advanced inspection solutions

Published by
World Pipelines,


The Board of Directors (the Board or Directors) of IEV Holdings Limited (the Company, and together with its subsidiaries, the Group) has announced that the Group through its 49% associate, IEV (Malaysia) Sdn. Bhd. (IEV Malaysia), has been awarded an Advanced Inspection Solutions contract (the Contract) in Malaysia.

The Contract awarded on 24 April 2020 by an oil and gas producer is for the provision of ultrasonic scanner technology deployed by a remotely operated vehicle to inspect a subsea pipeline located at its offshore field in Malaysia. The contract is estimated to have a contract value in excess of US$1.5 million (approximately MYR6.47 million). Equipment and personnel preparation and mobilisation have commenced, and offshore work is planned to be undertaken within the next few months.

Barring any unforeseen circumstances, the Contract is expected to have a positive impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ended 31 December 2020.

Save for their 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 an interest, direct or indirect, in the Contract.

Shareholders and potential investors are reminded to exercise caution while dealing in the shares of the Company. In the event that shareholders and potential investors are in doubt when dealing in the shares of the Company, they should consult their stockbrokers, bank managers, solicitors, accountants or other profession advisers.

The Company will provide updates on any material developments as soon as practicable.

Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/05052020/iev-awarded-contract-for-provision-of-subsea-advanced-inspection-solutions/

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