IEV Holdings Limited (the “Company”, and together with its subsidiaries, “IEV” or the “Group”) announces that its wholly owned subsidiary, IEV International Limited (“IEV International”), has achieved a new record in securing a contract for the supply of its proprietary Marine Growth Preventer (“MGP”) products valued at a total of approximately USD 1.45 million (“Contract”).
The Contract is the single largest order for MGP products secured by the Group to date.
IEV will supply a total of 753 MGP products to a major oil and gas company in India, which are expected to be installed on three new wellhead platforms in August 2013.
The Marine Growth Preventer, innovated and developed by the President and CEO of IEV, has been installed on over 420 structures worldwide since 1990. To date, over 29,000 of such products have been employed to protect offshore platform structures and jetties. The “ocean-powered” MGP is a technology powered solely by natural and endless ocean forces that is engineered to keep the structures free of marine growth, a common problem on most offshore structures. Marine growth, if not cleaned periodically, could increase lateral loading and reduce the fatigue life and subsequently, the lifespan of the structure.
Barring any unforeseen circumstances, this Contract is expected to have a positive impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2013.
[mappress] Press Release, May 15, 2013