IEV Holdings announces new oil and gas project in Malaysia for 49%-owned unit

Annabeth Leow

Published Fri, Sep 25, 2020 · 10:38 AM

A UNIT of Catalist-listed oilfield-services company IEV Holdings has bagged a contract for an oil-and-gas project in Malaysia, the board said on Friday.

Under the deal worth at least US$1.5 million, the 49 per cent-owned IEV (Malaysia) will provide technology to inspect a sub-sea pipeline. Work is expected to start next month.

A similar contract awarded last month to the same subsidiary has been yanked. IEV disclosed that the project was dropped from the client's inspection campaign for 2020. That project, with a value of about 3.4 million ringgit (S$1.13 million), was to have begun next month as well.

Still, the latest contract is expected to have a positive impact on IEV's consolidated net tangible assets and earnings per share for year to Dec 31, the board said. It added that the company will give updates on any material developments "as soon as practicable".

IEV shares added 0.4 Singapore cent, or 10.53 per cent to 4.2 Singapore cents on Friday, before the latest announcement.