IEV Holdings announces new oil and gas project in Malaysia for 49%-owned unit
A UNIT of Catalist-listed oilfield-services company IEV Holdings has bagged a contract for an oil-and-gas project in Malaysia, the board said on Friday.
Under the deal worth at least US$1.5 million, the 49 per cent-owned IEV (Malaysia) will provide technology to inspect a sub-sea pipeline. Work is expected to start next month.
A similar contract awarded last month to the same subsidiary has been yanked. IEV disclosed that the project was dropped from the client's inspection campaign for 2020. That project, with a value of about 3.4 million ringgit (S$1.13 million), was to have begun next month as well.
Still, the latest contract is expected to have a positive impact on IEV's consolidated net tangible assets and earnings per share for year to Dec 31, the board said. It added that the company will give updates on any material developments "as soon as practicable".
IEV shares added 0.4 Singapore cent, or 10.53 per cent to 4.2 Singapore cents on Friday, before the latest announcement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules