On 11 July 2024 OXE Marine Inc received confirmation from the boat builder that it had received the required contracts to make the remainder of the order unconditional, thus increasing the previous order from USD 0.9m to USD3.3m. Now today, OXE Marine Inc signed an addendum to the contract for an additional order of USD 2.6m from the same boat builder taking the total orders received to USD 5.9m.
As stated in the press release on 10 June 2024, the engines to be delivered are based on the OXE200 platform and modified to be used for an inboard application. As announced in the Q2 2024 Interim Report, OXE Marine has received an advance payment of USD 0.9M on the order. The order 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 the following 12-month period.