Corporate Profile
Innovation is the cornerstone of the development of IEV's business strategies
IEV HOLDINGS LIMITED
IEV Holdings Limited and its subsidiaries and associates ("IEV") currently operate in the Offshore Engineering Sector and Petroleum Sector throughout the Asian region. The Group offers both specialist engineering technologies and turnkey services to construct, repair, maintain and remove offshore oil & gas production facilities. In the Petroleum Sector, the Group is also involved in the exploration and production ("E&P") of hydrocarbons and distribution of natural gas via mobile natural gas ("MNG") supply chains to customers without gas pipeline access.
25 YEARS IN THE OIL & GAS INDUSTRY
IEV celebrated its 25th anniversary in 2012. Its history started with the invention of the "ocean-powered" marine growth control ("MGC") technology by its founder and current President & CEO, Christopher Do. In the next 25 years, the Group established its headquarters and manufacturing base in Malaysia, and its business grew from a single product line into a provider of offshore engineering and turnkey solutions to the oil and gas industry through its regional network across Asia.
In 2005, the Group launched its first business in the Petroleum Sector and developed two MNG supply chains in Indonesia and Vietnam. In 2012, the Group moved a step closer to becoming an integrated energy provider with the first award of a cooperation agreement ("KSO") by PERTAMINA to carry out E&P activities in West Java, Indonesia.
In the last 25 years IEV's business grew from a single product line into a comprehensive range of offshore engineering and turnkey solutions
OFFSHORE ENGINEERING SECTOR
IEV provides a range of highly specialised technologies under its Integrated Engineering Solutions ("IES") Division to address the engineering challenges of installing and operating subsea facilities of upstream assets. Such solutions support the installation of offshore platforms and pipelines, enhance and maintain their structural integrity, and decommission of ageing structures. The core competencies of the Group are in the fields of marine growth control, cold cutting, pile grouting, free span correction, concrete mattress and sleepers, installation aids, and decommissioning studies.
Concurrently, as a main contractor, IEV offers solutions that address the "end-of-life" engineering needs through its "3-Re" value proposition, Rejuvenate, Remove and Reuse. These niche turnkey services help to extend life of ageing structures, decommission of assets that are no longer in service, and supply refurbished structures for marginal field development to reduce both project time and cost. The Group is also capable of managing large transportation and installation contracts for both shallow and deep water facilities.
Currently, IEV operates the Offshore Engineering businesses in three main operating centres in Malaysia, Indonesia and Vietnam. The Group also established a network of agents to distribute its products and services in India, China, Australia, America, Africa and the Middle East.
The Pahuaran KSO is a significant step for IEV in implementing its strategic objective to operate as an integrated energy provider
PETROLEUM SECTOR
The Group's entry to E&P through the Pabuaran KSO in Indonesia with PERTAMINA is a significant step in implementing its strategic objective to operate as an integrated energy provider. The Group plans to produce natural gas from stranded gas wells and monetise it through Compressed Natural Gas ("CNG") or small scale Liquefied Natural Gas ("LNG") supply chains to supply energy to all sectors of the economy and help local governments implement their fuel switching programs and reduce fuel subsidies. IEV's strategy in this area focuses on the utilisation of natural gas to replace oil as the primary source of fuel and the supply of mobile natural gas will help to accelerate the domestic distribution of natural gas, especially in areas where there is a shortage of pipeline network.
IEV currently operates a 4.5 million standard cubic feet per day ("mmscfd") CNG supply chain in West Java and is the founder and major investor in CNG Vietnam Joint Stock Company, a public listed company on the Ho Chi Minh Stock Exchange, which operates a 7.5 mmscfd CNG supply chain in Phu My I Industrial Estate, South Vietnam. Both of these plants supply CNG to industrial customers within a 200km radius without pipeline access who are using CNG to replace more expensive fuels such as Liquefied Petroleum Gas or Marine Fuel Oil.
IEV's entry into Renewable Energy Sector through biomass will enable the Group to convert agricultural waste into affordable energy
TODAY & BEYOND
IEV is going through a rapid growth curve in the past two years, transforming itself from a specialist engineering technology provider to a niche turnkey contractor in the Offshore Engineering Sector. While continuing to offer engineering technologies through IES, the Group is also building its capabilities in Engineering, Procurement, Construction, Installation and Commissioning ("EPCIC") services to implement its 3-Re value proposition and continue on its focus on the "end-of-life" market segment. Platform reuse is now a proven concept in Asia and its application should be accelerated for marginal field developments. Many ageing facilities which are no longer useful will require decommissioning and the Group is well positioned to benefit from this new market segment.
IEV is establishing its Centre of Excellence in the Petroleum Sector in Indonesia, where it will merge the E&P and MNG business to optimise the deployment of funds and assets. Piped gas has become very expensive in Indonesia in recent years and the price of natural gas continues to increase as LNG is being imported to meet gas demand in Java, Indonesia. As a result, the price of CNG has also increased significantly in recent years. The Group will continue to look for strategic gas fields where its MNG supply chain can bring stranded gas to end users to save energy costs. IEV will also continue to negotiate and secure gas supply agreements from operators of onshore gas wells to further develop its MNG business.
In 2013, IEV is set to launch its Renewable Energy Sector through its first investment into a biomass plant in Vietnam, where it plans to produce high quality pellets from rice husk and supply them to international customers for power generation and industrial use. Biomass will complement petroleum energy and enable the Group to deliver energy to new markets and tap into the huge biomass potential from agricultural waste in Asia.
Fuelled by the three pillars of growth, Offshore Engineering, Petroleum and Renewable Energy, and the Group's experience and unique capabilities in implementing blueocean strategies across Asia, IEV expects to continue on its expansion efforts sustainably. As a regional energy company, the Group strives to make valuable contribution to the oil and gas industry, support local government commitment to go green and reduce fuel subsidies by developing and operating natural gas and renewable energy supply chains.