IEV Holdings Limited (the “Company”, and together with its subsidiaries, “IEV” or the “Group”) wishes to announce that, on 16 December 2012, its 49% owned associate, IEV (Malaysia) Sdn. Bhd. (“IEV Malaysia”) received a Letter of Award (“LOA”) for a major transportation and installation project (the “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 “Contract”), 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.
The Project is scheduled to commence in January 2013 and is expected to be completed in 3 years. Barring any unforeseen circumstances, the Project is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the current financial year ending 31 December 2012.
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. IEV will be deploying the Group’s engineering capabilities from its Jacket and Pipeline Installation Solutions (“JPIS”) division for the execution of the Project.
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 Project. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the Project.
As the specific terms of the Contract is subject to further negotiations, shareholders and potential investors are advised to exercise caution when dealing with the shares of the company in relation to this announcement.
[mappress] Press Release, December 19, 2012