Diesel engine manufacturer OXE Marine has received an addendum to a US$3.3 million order, taking the total order value to $5.9 million.
The order is from an American boatbuilder with the engines to be delivered based on the OXE200 platform and modified to be used for an inboard application.
The order was initially announced in June 2024 as $0.9 million with the possibility of increasing it to $3.3 million if the required contracts were granted.
OXE Marine has received an advance payment of $0.9 million on the order which is expected to contribute positively to both OXE Marine’s profitability and cash flow.
The first delivery on the combined order has taken place and will continue over a 12-month period.
As previously reported in Marine Business, OXE Marine is currently preparing to draw up a control balance sheet with the board looking to increase available equity in the parent company.
During both Q1 and Q2 2024, the company paused production for a month to achieve a balance in inventory.
