(EnergyAsia, December 22 2011, Thursday) — Singapore-listed IEV Holdings Limited said its 30%-owned associate, IEV (Malaysia) Sdn Bhd, has been awarded a year-long RM262-million contract by an unnamed oil and gas operator in Southeast Asia to provide supply and installation services. (US$1=RM3.15).
Starting this month, IEVM will provide the engineering, fabrication, delivery, hook-up and commissioning of a wellhead platform, procurement and installation of a new pipeline and host tie-in to existing offshore production facilities.
IEV said it does not expect the contract to have any material impact on the net tangible assets or earnings for the current financial year ending December 31 2011.
It will be teaming up with a US engineering company who specialises in platform re-use in the Gulf of Mexico. A joint project management team and local subcontractors will be mobilised for the installation, hook-up and commissioning, and host tie-in activities.