The Philippines Coast Guard has awarded a contract to OXE Marine’s exclusive distributor in the Philippines, Dynamic Power Marine and Industrial Hardware 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 will supply 80 engines to equip the high-speed vessels to support operations all over the Philippines.
The vessels will be built by DM8 Composites, a FRP boat builder in the Philippines. The total value of the award to Dynamic Power is estimated at €5.8 million based on the retail value of OXE300 engines and associated parts and accessories.
Dynamic Power will 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 € 2.9 million (including the said order of approximately €900,000), to be delivered in batch deliveries running into the first half of 2024. The order of €900,000 is estimated to be delivered during Q3 2023.
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“This is a milestone in our journey, and we are very pleased that the Philippines Coast Guard has chosen OXE outboards to bolster their fleet. Our products are a great fit in applications such as these, where high speed, range, fuel efficiency and safety is required,” said Paul Frick, CEO of OXE Marine. “Our customer, Dynamic Power has previously delivered a large project to the Philippines Bureau of Customs, which is currently in operation. They have demonstrated that they can support large fleet customers in the market and the newly awarded contract from the Philippines Coast Guard further confirms that. An award like this demonstrates the growing recognition of OXE Marine’s products in the professional user market.”
OXE Marine has previously delivered over 60 OXE diesel-powered outboards to equip 20 patrol boats built by DM8 Composites for the Philippines Bureau of Customs.
“Introducing OXE diesel outboards in the Philippines was a game changer to us, that we took very seriously,” said Nour Hariz, OXE Brand Manager from Dynamic Power. “We invested in a demo patrol boat, together with our boat builder partner, DM8 Composites, where we showcased the OXE300 engines and made the boat available for all agencies to test and have a better feeling and understanding of the engines performance.”