Tuesday, July 16, 2024
HomeNewsLeisure marineConfirmation of increase in order value

Confirmation of increase in order value

OXE Marine has received confirmation of a US$3.3 million order.

The order was previously announced as worth US$0.9m from a US boat builder with an option to increase the total order to US$3.3m.

The additional amount of the order was subject to required contracts being received by the boat builder to make the remainder of the order unconditional – increasing the previous order to US$3.3m.

The engines to be delivered are based on the OXE200 platform and modified to be used for an inboard application.

As previously announced, OXE Marine is going to receive an advance payment of US$0.9 million.

The order is expected to contribute positively to both OXE Marine’s profitability and cash flow.

Deliveries are planned to start in Q3 2024 and over the following 12-month period.

“This order shows the progress that OXE Marine is making in the US market with its marine solutions and the ability to have the engines assembled in the US,” said Jeremy Davis, CCO, executive vice president of OXE Marine Inc.

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