IEV Holdings says its 49%-owned associate IEV (Malaysia) has been awarded an expanded scope of work for the Advanced Inspection Solutions contract in Malaysia on September 22.
The contract, which was awarded by an oil and gas producer, is for the provision of ultrasonic scanner technology deployed by a remotely operated vehicle to inspect a subsea pipeline located at its offshore oil and gas (O&G) field in Malaysia.
The contract is estimated to have a contract value in excess of US$1.5 million ($2.1 million). IEV Holdings says work is slated to start in October 2020.
Barring any unforeseen circumstances, the expanded contract is expected to have a positive impact on the consolidated net tangible assets (NTA) and earnings per share (EPS) of the group for the current FY ending December.
Separately, IEV Holdings says the project for the Advanced Inspection Solutions contracts it secured on August 21, is no longer proceeding.
The project, which was tentatively planned to commence in October 2020 has been removed from the client’s inspection campaign for 2020, says the company.
Shares in IEV Holdings closed 0.4 cent higher, or 10.5% up, at 4.2 cents on September 25.
