Established In 1986, IEV provides innovative and advanced engineering products and services for the offshore and onshore oil and gas industry. IEV was listed on the catalist Board of SGX in 2011 and is headquartered in Kuala Lumpur, Malaysia.
IEV Holdings Limited (the "Company" or "IEV") and together with its subsidiaries (the "Group") run a global business with a large network of distributors and foreign subsidiaries in Singapore, Malaysia, Indonesia, Vietnam, Hong Kong and India. Prior to the oil price crisis in 2014, IEV had also been involved in exploration and production in Indonesia and mobile natural gas distribution in Indonesia, Vietnam and Malaysia.
In light of the oil price situation, IEV had in 2017 started taking concrete steps to discontinue, divest, and impair parts of its business that were adversely affected by low oil prices, specifically in its Exploration and Production and rice husk based Renewable Energy sectors. Following the extraordinary general meeting held on 14 November 2018 whereby shareholders approved the disposal of Pt IeV gas, the group has also exited the Mobile Natural Gas Sector ("MNGS").
As part of the turnaround plan in the post oil price crisis era, IEV has taken the decision to re-focus on its core innovative engineering competencies, the root of the company, and commercialise a suite of disruptive technologies in the Asset Integrity Management Sector ("AIM") across upstream and downstream markets. IEV offers both individual and integrated technologies and solutions to assess, inspect, repair and maintain fixed assets both onshore and offshore structures such as offshore oil and gas platforms, FPSO, pipelines, jetties, refineries and petrochemical plants. The technologies offered by IEV are either proprietary, co-developed or originated from technology providers who partner with IEV to launch their unique technologies through IEV's extensive global distribution network under long term strategic alliance agreements.
Over the years, IEV has launched many successful engineering solutions to support the entire life cycle of oil and gas facilities, from design and installation of new platforms to repair and maintenance and the eventual decommissioning of ageing assets.
Currently, the AIMS covers the following divisions; Structural Integrity Solutions, Advanced Inspection Solutions, Corrosion Control Solutions and Subsea engineering Solutions technologies. IEV is currently exploring partnerships to expand AIMS suite of to cover not only steel assets but also concrete infrastructures in the coming years. Notwithstanding the AIMS lies the main focus of the Company for the upcoming years, IEV is also actively pursuing decommissioning related activities, from decommissioning studies to turnkey decommissioning contracts throughout Asia.
Moving forward, IEV looks at targeting the asset Integrity Management business in the global brownfield market. We continue to invest in our technology-focused engineering business and continue to undertake research and developmental activities as well as evaluate new disruptive technologies for integration into our aIMS. this focus is central to our vision in creating value through disruptive technologies.