SINGAPORE - XMH Holdings, a Singapore-listed provider of diesel engine, propulsion and power generating solutions, has clinched new contracts worth about US$3.6 million ($4.5 million).
One contract is for XMH to provide more than 24 units of Mitsubishi marine engines. The group said it expects to secure contracts to provide another 10 units within the next two months.
"This contract win marks a significant milestone in the group's efforts to secure a foothold in the Vietnamese market as the group's previous efforts over the past year have shown little encouragement," XMH said in a statement on Monday.
XMH chairman and chief executive Elvin Tan added: "This breakthrough reduces any over-reliance the group has on the Indonesian market, traditionally where our main business have been conducted, as it has slowed down significantly in recent times."
The second contract requires XMH to provide a low speed main engine of around 4000kw as well as accessories, for use in a Pertamina tanker.
XMH said this contract was "significant" as it understands Pertamina is "looking to embark on more locally-built tankers".
"With our low speed main engines a new market segment for us, we will look to try and secure more contracts moving forward," it said.
XMH shares opened unchanged on Monday at 31.5 cents.