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IEV AWARDED CONTRACT TO SUPPLY OF MGP TO PLATFORMS IN INDIA

INDIA, JANUARY 2012: IEV International Limited, a wholly-owned subsidiary of IEV Holdings Limited, received an award to supply its Marine Growth Prevention (“MGP”) technology for new structures located in the Krishna-Godavari basin, east coast state of Andhra Pradesh, India.  IEV will provide and install its proprietary “ocean-powered” Marine Growth Prevention (MGPs) apparatus on two jackets at the fabrication yard, prior to jacket load out in the 1Q, 2012.

Since 1995, a total of 6,662 MGPs have been applied to 84 structures in India. The unique technology makes use of waves and currents in the local ocean area to remove and permanently prevent marine growth on platforms. The products will maintain the structures free of marine growth thus eliminating the need for periodic cleaning and its associated costs. Offshore jackets will enjoy a “zero-growth” profile from inception and operate at reduced environmental loads. Consequently, the platform will have additional strength to carry higher deck loads and its valuable service life is prolonged.