(EnergyAsia, October 18 2011, Tuesday) — IEV, a provider of integrated offshore engineering and clean energy solutions, is targeting to raise S$8.7 million in a public share offering on the Singapore Exchange. (US$1=S$1.26).

The company said its offer of 37 million at S$0.30 each will close on October 21. After expenses, it expects to raise S$8.7 million to fund its offshore engineering and natural gas activities, product design and development work, and general corporate and working capital requirements.

IEV said that the S$0.30 per share gives it an estimated price earnings ratio of 5.7 times based on the company’s historical net earnings per share of 5.3 cents for the year ended December 31 2010 and pre-placement share capital of 135 million shares.

IEV said it intends to recommend and distribute at least 10.0% of the group’s net profit attributable to shareholders as dividends for FY2011, subject to conditions.

Collins Stewart Pte Ltd is the sponsor and placement agent for the share offering.

The company was founded in 1986 by President and CEO, Christopher Do, when he invented the “ocean-powered” marine growth control (MGC) technology, a simple and effective green technology to control marine growth on offshore platforms.

IEV describes itself as “a single solution provider” who can cater to many aspects of the life cycle of offshore oil and gas facilities.

Mr Do said:, “IEV is able to provide solutions at various stages of the entire life-cycle of offshore assets, from the installation of new offshore production facilities to the maintenance and repair of existing assets, as well as the decommissioning of ageing assets.  This ability allows us to provide valuable solutions to cater for different engineering needs of offshore oil and gas operators as well as major offshore and subsea contractors in Asia Pacific. ”

In 2005, the company ventured into the mobile natural gas sector and has since been involved in the development and deployment of compressed natural gas (CNG) supply chains to provide energy to industrial consumers in Indonesia and Vietnam who have no access to piped gas.  The company also offers technical expertise to commercialise customers’ flare gas and stranded gas by providing natural gas solutions, as well as sources for stranded gas reserves in Indonesia.

IEV holds a 20.5% interest in CNG Vietnam which is believed to be the primary supplier of mobile CNG in Vietnam.