Offshore engineering services provider IEV signs MOA with South Korea's EXT Co Ltd

CATALIST-LISTED IEV Holdings has signed a memorandum of agreement (MOA) with South Korean company EXT Co Ltd through its direct wholly owned subsidiary IEV Group Sdn Bhd, the group announced on Tuesday.

Under the terms of the MOA signed on Monday, the two companies will cooperate to commercialise and market EXT's proprietary geotechnical engineering technologies in Malaysia, Indonesia and India.

EXT provides architectural services in the consumer discretionary sector, while IEV offers offshore engineering services.

They will jointly conduct a feasibility study to explore introducing EXT technology into the selected regional markets, and establish a joint venture or other business arrangement if the projects prove commercially feasible.

The term of the MOA is nine months, and may be extended upon mutual agreement by the parties.

"This MOA is central to our strategy to commercialise disruptive technologies through our global distribution network and diversify our engineering business beyond the oil and gas and marine industry," said IEV Group president and chief executive Christopher Do.

He added that EXT's proven foundation engineering technologies will complement IEV's existing services under its foundation engineering solutions business division.

The MOA is not expected to have any material impact on the consolidated earnings per share or net tangible asset per share of the group for the financial year ending Dec 31, 2018.

Shares of IEV last traded at S$0.027 as at 2.44pm on Tuesday.