The Philippines Coast Guard has awarded a contract to OXE Marine?s exclusive distributor in the Philippines, Dynamic Power Marine and Industrial Hardware Inc. in partnership with DM8 Composites, to procure 40 high-speed vessels equipped with twin OXE300 outboards. As a result of the awarded contract, Dynamic Power shall supply 80 engines to equip the high-speed vessels to support operations all over the Philippines, contributing to the overall safety and security of Philippines waters. These vessels will be built by DM8 Composites.
The total value of the award to Dynamic Power is estimated at EUR 5.8 million based on the retail value of OXE300 engines and associated parts and accessories. Dynamic Power already has a certain number of OXE300 engines and accessories in stock and will therefore fulfill the order with a combination of engines already in stock and engines to be ordered from OXE Marine. The incremental future revenue to OXE Marine under this award, if Dynamic Power orders all required engines (excl.
engines already in stock) from OXE Marine to fulfill the award, is estimated at EUR 2.9 million (including the said order of approximately EUR 900,000), to be delivered in batch deliveries running into the first half of 2024. The order of EUR 900,000 is estimated to be delivered during Third Quarter 2023. Following the new award from the Philippines Coast Guard, it can take the number of fleet engines in operation to over 140 in the Philippines.
For OXE Marine, the award demonstrates the adoption of OXE Marine?s innovative products in maritime propulsion and reinforces its position as a trusted choice for government agencies and maritime professionals worldwide.