- Unmanned aerial vehicle (UAV) parts manufacturer, Orbital (OEC) secures a $3.5 million contract with one of its existing Singapore customers
- The work is an extension of a previously executed memorandum of understanding, which saw the company design and develop multi-fuel UAV engines
- Under the second phase contract, the company will conduct further engineering work and deliver three additional prototype engine systems during FY23
- The companies have also laid out a timeline to produce quality engine systems in FY24, subject to the success of the second phase of work
- Shares in the company last traded at 20 cents each on July 25
Unmanned aerial vehicle (UAV) parts manufacturer, Orbital (OEC) has secured a $3.5 million contract with one of its existing Singapore customers.
The work is an extension of a previously executed memorandum of understanding, which saw the company design and develop multi-fuel UAV engines.
Under the second phase contract, the company will conduct further engineering work and deliver three additional prototype engine systems during FY23.
The companies have also laid out a timeline to produce quality engine systems in FY24, subject to the success of the second phase of work.
CEO and Managing Director Todd Alder said he is excited to establish Orbital in a new geographic region.
“This contract demonstrates the material progress we have achieved with our prestigious Singapore customer and our broader customer diversification strategy,” he said.
“We look forward to delivering this phase of the program over the next 12 months and taking the next step towards production.”
Shares in the company last traded at 20 cents each on July 25.