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PT IEV INDONESIA, SUBSIDIARY OF IEV HOLDINGS LIMITED AWARDED CUTTING PROJECT

INDONESIA, JANUARY 2012: PT IEV INDONESIA (“PT IEV”), a subsidiary of IEV Holdings Limited, received an award by PT Sempec Indonesia in January 2012 to provide Diamond Wire Cutting Services for the removal of a platform offshore North Madura Island, Indonesia. PT IEV will mobilise a crew of seven specialists to operate 24 hours and three Diamond Wire Cutting systems to perform the cold cutting of multi-string conductors and jacket piles.  The project is expected to be completed in 1H, 2012.

Since 1997, IEV has successfully supplied specialised cutting services for the removal of 15 structures in Asia Pacific waters.