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IEV CLINCHED FREE SPAN CORRECTION PROJECT IN THAILAND

Nov 2014 - IEV International Limited, a wholly owned subsidiary of IEV Holdings Limited, in association with FoundOcean Limited, was awarded a free span correction contract for the Offshore Pipeline Freespan Rectification Project, Thailand.  The contract which is valued at approximately USD$748,000, is the single contract with the highest value for free span projects secured by IEV in 2014.

The free span project was awarded by EMAS Energy Services (Thailand) for the provision of 201 grout bags for the stabilization of 14 pipelines offshore Thailand.  The project which involves the installation of ROV-deployed grout bags is expected to be completed in 1Q2015.

To date, IEV has completed about 30 free span projects since the inception of free span protection service under its Pipeline Stabilisation & Protection service in the Jacket, Pipeline and Installation (“JPIS’) business division in 2010.