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IEV unit bags five new contracts worth US$2.9m

CATALIST-listed IEV Holdings' wholly owned subsidiary, IEV International, has landed five new contracts valued at US$2.9 million under its marine growth control (MGC) business unit to supply its proprietary marine growth preventer (MGP) products.

The MGC business unit is a division within the group's integrated engineering solutions under the offshore engineering sector.

From Q2 2016, IEV International will supply and install a total of 808 MGP products to 13 offshore platforms in Asia and Northern Africa.

The "ocean-powered" MGP is engineered to keep the structures free of marine growth, boosting their structural capacity and prolonging their lifespan.

MGP has been installed on over 470 offshore platforms and jetties worldwide since 1990.

The contracts are 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 Dec 31 this year.