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Corporate Profile

Introduction : RECAPTURING OUR INNOVATIVE SPIRIT BY CHALLENGING THE NORM

The oil and gas industry is evolving through the way energy is produced. New non-conventional production technologies have emerged, playing a major role in re-balancing the world's supply and demand for oil. This paradigm shift can be seen in the rapid progression of disruptive innovation such as hydraulic fracturing technologies for shale oil and gas production, that has changed the way the industry operates, uprooting conventional practices in the market.

At the cusp of this economic evolution, IEV Holdings Limited ("IEV") has adjusted its sails and braved the tide to challenge the norm; bringing a wave of transformation through disruptive technologies in the industry. Priding ourselves as one of the early adopters, we keep ourselves relevant in the era of new oil prices, offering innovative and advanced engineering solutions that will shape the future.

As innovation becomes a permanent fixture in the industry, we cross the chasm through the development and global commercialisation of disruptive technologies and methodologies that challenge conventional engineering practices in the pursuit of cost reduction and provision of optimum solutions to complex engineering challenges, enabling our customers to better manage the integrity and life extension of their valuable assets.

History : THE ROAD NOT TAKEN. ACHIEVING THE IMPOSSIBLE

Since its inception, IEV has been pioneering disruptive technologies in the development of the energy industry particularly in the Asia region for the past 30 years. IEV (Integrated Engineering Ventures) was formed from the vision of its founder, Christopher Nghia Do, who invented and developed the "ocean-powered" Marine Growth Control ("MGC") technology.

At a time where alternative technologies were costly, the MGC broke traditional barriers through green technology aimed at enhancing integrity of offshore structures. It is through the commercialisation of MGC that IEV's first and oldest business sector, the Offshore Engineering Sector ("OES") was formed. From there, IEV started to defy conventional methods, optioning to provide cutting-edge technologies to deliver operational efficiency, a mandate that is important for oil and gas industry players.

With innovation as a cornerstone to build our business strategies, we present opportunities for tomorrow's demand while contributing to the economics of developing countries. In 2005, our vision to maximise gas utilisation has led us to develop turnkey infrastructures to deliver mobile natural gas through "virtual pipelines" to industries without access to the conventional gas supply via fixed pipeline networks. This marked the beginning of yet another sector, the Mobile Natural Gas Sector ("MNGS") of the Group.

The development of MNGS was achieved by employing the most advanced and reliable technologies, earning some footprints in several countries in Asia including Indonesia, Vietnam and Malaysia. In implementing our strategy to further realise our vision to develop an integrated energy business, IEV also ventured into the Exploration and Production of hydrocarbons in West Java, Indonesia and in 2013, we forayed into the realms of Renewable Energy through manufacturing of rice-husk based briquettes.

The global oil price crisis that started in mid-2014 has adversely impacted many businesses and companies within the industry. IEV was no exception to the sudden change of tides and three sectors, namely the Exploration and Production, Renewable Energy and Mobile Natural Gas were affected. As the saying goes, "when the going gets tough, the tough gets going", we embarked on a turnaround strategy that focuses on strengthening and growing our core business to stay relevant and create value to not only the oil and gas industry, but also a number of other industries with our engineering services. During the year, the Group had exited the Exploration and Production and Renewable Energy Sectors.

Introducing IEV's Asset Integrity Management Solution: THE DEMOCRATISATION OF ENABLING TECHNOLOGY

In every phase of innovation from creation of a single product to a complete provision of asset integrity management service to our customers, we challenge ourselves to develop better engineering solutions to solve traditional and emerging problems. We constantly search for disruptive technologies to lessen management time and cost, whilst improving operating efficiency and safety. This is how we solidify our presence in the future.

From the pivotal role of the commercialisation of the MGC technology, OES has grown to provide four (4) categories of technologies, namely: 1) Structural Integrity Solutions, 2) Corrosion Control Solutions, 3) Advanced Inspection Solutions and 4) Subsea Engineering Solutions.

Additionally, we have also integrated individual technologies with engineering assessment capabilities to provide the following asset integrity management solutions: 1) Structural Integrity Management, 2) Pipeline Integrity Management 3) Corrosion Under Insulation (CUI) Management and 4) Infrastructure Integrity Management. With this combination, we are now able to offer the client an integrity framework to assess, inspect, evaluate and recommend solutions to add life and strength to offshore platforms, pipelines, storage tanks, jetties, just to name a few. As a result, IEV has renamed its OES sector to Asset Integrity Management Sector ("AIMS") to better reflect the current standing and business of the Group.

The Group is also working on marketing its range of services to industries beyond oil and gas such as power, petrochemical, chemical and fertilisers.

We are investing in our technology-focused engineering business and continue to undertake research and developmental activities as well as evaluate new technologies for integration into our suite of asset integrity management solutions. This focus is central to our vision in creating value through disruptive technologies.

Summary

The prolonged oil price scenario has shifted the business fundamentals in the oil and gas industry. To sustain in this new business environment, we have decided to refocus on our core engineering business and serve our clients with disruptive technologies that fulfill two important needs; value and quality. With this new strategy, we believe that IEV will sail through this challenging time and build a sustainable and viable company through the offering of disruptive technology-based asset integrity management solutions to the global market.

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