IEV Malaysia completes FPSO decommissioning contract


IEV Malaysia completes FPSO decommissioning contract

SINGAPORE  -- IEV Holdings has reported that its 49% owned associate, IEV Malaysia, has completed the decommissioning and towage of an FPSO from offshore Terengganu in Malaysia.

The Group executed the project together with EMAS-AMC, a leading global offshore service provider for the execution of the project. The scope of work included the withdrawal of the FPSO, removal of mooring chains, recovering of subsea structures and blind flanging of pipelines.

The project commenced in January 2014 and was completed in April 2014. The value of the project is approximately $15.37 mn. Barring any unforeseen circumstances, the project is expected to have a positive impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending December 31, 2014.

Mr. Christopher Do, President and CEO of IEV Holdings commented, “We are pleased with the successful completion of this maiden FPSO decommissioning project and are actively pursuing and bidding for similar work in Malaysia.”

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