OFFLOADING (?FPSO?) DECOMMISSIONING AND TOWAGE IN MALAYSIA

Singapore, 14 January 2014 ? IEV Holdings Limited (the ?Company?, and together with its

subsidiaries, ?IEV? or the ?Group?), wishes to announce that its 49% owned associate, IEV

(Malaysia) Sdn. Bhd. (?IEV Malaysia?) has been awarded a contract for the decommissioning

and towage (the ?Project?) of a FPSO from offshore Terengganu in Malaysia, by a Malaysianbased

Oil and Gas exploration and production services company. The value of the Project is

approximately RM 50 million.

The Project is scheduled to commence in January 2014 and is expected to be completed

within two months. Barring any unforeseen circumstances, the Project is expected to have a

positive impact on the net tangible assets per share and earnings per share of the Group for

the current financial year ending 31 December 2014.

The Group will be executing the Project together with EMAS-AMC Pte Ltd, a leading global

offshore service provider equipped with a fleet of young and advanced DP subsea

construction and installation vessels, to support the offshore decommissioning phase of the

Project. IEV will be deploying its engineering capabilities from its Decommissioning Solutions

(?DS?) for the execution of the Project.

Mr. Christopher Do, President and CEO of IEV Holdings Limited commented, ?This is indeed

the first decommissioning project of a floating structure for the Group. This complements our

track record of participating in the removal of more than 15 fixed offshore platforms since

1997. We will continue to solidify our unique position in the decommissioning market in Asia

and our capabilities in performing the decommissioning of both fixed and floating oil and

gas facilities, an important emerging business segment in the region, where more than 700

platforms are more than 25 years old.?

Save for their shareholdings in the Company, none of the Directors or controlling shareholders

of the Company has any interest, direct or indirect, in the Project. The Directors are also not

aware of any substantial shareholders that have any interest, direct or indirect, in the Project.

Shareholders and potential investors are advised to exercise caution when dealing with the