Redeye takes a rather cautious stance on OXE Marine following the recent share price rally. The Q2 report was overall in-line, leaving our projections largely unchanged. We recognize the operational progress made, partly by relocating its production facilities but also by signing a collaboration with Parsun and the first commercial USCG-deal. Anyhow, we believe the market has discounted a little too much at this point, and remain conservative, awaiting further commitments by USCG and Parsun.