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IEV AWARDED SECOND MGP PROJECT IN A MONTH FOR 5 NEW STRUCTURES IN INDIA

INDIA, JANUARY 2012: IEV International Limited (“IEV International”), a wholly-owned subsidiary of IEV Holdings Limited (“IEV”), received the second award this month to supply its Marine Growth Prevention (“MGP”) technology to new structures located offshore India. In this award from McDermott Middle East Inc., IEV International will provide and install its proprietary “ocean-powered” Marine Growth Prevention systems on the five (5) new jackets offshore Mumbai.

To date, over 6,000 MGPs have been applied to over 80 structures in India since 1995. The hostile conditions of the Indian Ocean enable this unique technology to make use of waves and currents to remove and permanently prevent marine growth on platforms. The MGPs will maintain 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 and increased reserved strength. Consequently, platforms will have additional strength to carry higher deck loads and their valuable service life is prolonged.