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VEEM ASX Announcements

VEEM meets Gyro sales target for half year

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  • VEEM sold $3.6 million of VEEM Gyros in the half year to 31 December 2020 as forecast
  • Gyro sales growth in the first half of FY21 continued to follow the strong upward trend since 2018
  • VEEM’s order book currently stands at $3.9 million with a strong level of leads and quotes out
  • VEEM has a three-year agreement with Damen Shipyards for the supply of VEEM Gyros
  • Sea trials of the VG1000SD VEEM Gyro by Naviera Integral are expected to commence in the Gulf of Mexico in February 2021

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to announce sales of eight VEEM gyrostabilizers (“VEEM Gyros”) in the six months to 31 December 2020, recording revenue of $3.6 million.

The Company has continued to see rapid growth in sales of its VEEM Gyros since 2018, with sales during the half- year including Gyros for superyachts, offshore supply vessels and charter vessels. Of note were the retrofit sales to Damen for an offshore supply vessel in the Gulf of Mexico and a local West Australian charter vessel.

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The VG1000SD sold to Damen ships during the half-year, the second VG1000SD ever built, was built and shipped 15 weeks after order demonstrating the capacity of VEEM’s new gyro facility and the improvement in efficiencies and margins available as more VEEM Gyros are produced and processes improved. Naviera Integral, the end- customer for the VG1000SD, expects sea trials of the VEEM Gyro on board their Damen FCS workboat to commence in the Gulf of Mexico in February 2021.

During the half-year, VEEM signed a three-year frame agreement with Damen Shipyards for the supply of Gyros. Under the agreement Damen will offer VEEM Gyros as an option for its FCS vessels. Damen sells 175 vessels per year, including 20 FCS vessels, providing a major platform for increasing sales of VEEM Gyros. Refer to the ASX release of 30 October 2020 for more information on the agreement with Damen.

VEEM Managing Director Mark Miocevich said: “We are very pleased to see the sales of VEEM Gyros continue to increase strongly and to have delivered on our guidance provided to the market for the first half of FY21. Given our level of inquiries, orders in hand, the Damen frame agreement and increased capacity in our Gyro facility we expect this sales trend to continue.”

Read the full ASX announcement here.

VEEM Signs Agreement With Leading European Boatbuilder, Damen Shipyards

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  • VEEM has signed a three-year agreement with Damen Shipyards for the supply of VEEM Gyros
  • Damen and VEEM will continue to collaborate on the integration of VEEM Gyros into Damen’s highly standardized Fast Crew Supplier Vessel Platform (FCS)
  • Damen will offer VEEM Gyros as an option on FCS vessels
  • One of the Europe’s largest boatbuilders, Damen sells 175 vessels per year, including 20 FCS vessels, providing a major platform for increasing sales of VEEM Gyros
  • Damen’s FCS hull is used as the platform for offshore crew change, cargo supply, emergency response and patrol vessels
  • The ability for a Damen customer to add a VEEM Gyro to a vessel is expected to increase the customer’s commercial return due to the ability of the VEEM Gyro to significantly increase the number of operating days per annum and enhance safety and efficiency through reducing the rolling motion of vessels in waves
  • Pricing and terms of supply agreed in advance so VEEM can fit into Damen’s short-lead time supply model
  • VEEM will commit to holding base inventory levels based on Damen’s production forecasts to ensure Damen can meet demand from its customers on its short-lead time supply model
  • Damen’s adoption of the VEEM Gyro technology into their vessel offering is a major step for VEEM in terms of acceptance in the large commercial market and follows Damen’s initial two orders for VG1000SD VEEM Gyros in 2019 and 2020 which were for FCS vessels.

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to announce it has executed a landmark supply frame agreement with large European boatbuilder, Damen Shipyards, who will offer VEEM’s range of gyrostabilizers (“VEEM Gyros”) as an option to customers on its FCS range of vessels.

“We have found through rigorous testing that VEEM Gyros are very complementary technology to our designs in terms of safety, comfort and performance. Now we have the frame agreement with VEEM, Damen will commence offering VEEM Gyros to customers as an option on our FCS range.

“Damen will continue to work with VEEM to incorporate the VEEM Gyros into additional Damen platforms and vessels in the near term.”

Mr David Stibbe, Corporate Manager, Damen Shipyards

VEEM and Damen have signed a three year supply frame agreement which sets the terms and conditions, including pricing, under which Damen will order VEEM Gyros. This enables Damen to order quickly and efficiently when a decision is made, rather than have an extended negotiation around price and terms. Damen offers short lead times on its new ship builds as a unique selling point, hence this agreement is important in enabling VEEM Gyros to fit into the Damen supply chain.

Damen’s Fast Crew Supplier Vessel (FCS) design utilises Damen’s “Sea Axe” hull shape to provide a standardised platform that provides a balance between comfort, speed, operability, efficiency and flexibility. The FCS platform is then tailored to meet clients specific requirements including transportation of crew and cargo, emergency response and recovery and security. Damen builds in the order of 20 FCS vessels a year for many varied customers and industries.

Damen will now offer VEEM Gyros as a standard option to Customers on their range of FCS Platform vessels. VEEM will commit to holding base inventory levels based on Damen’s production forecasts to ensure Damen can meet demand from its customers on its short-lead time model.

VEEM’s first order from Damen came after extensive sea trials that involved fitting two model VG260SD VEEM Gyros to a 50-metre test vessel in the Netherlands, which were evaluated by Damen management and current and potential purchasers of Damen ships. Following these trials, VEEM secured the first VG1000SD order from Damen in 2019 for installation into Damen’s revolutionary new Fast Crew Supplier, FCS 7011, which is aimed for servicing the global offshore energy market offering a safer and more efficient crew change solution. Construction of the first VG1000SD was completed in March 2020.

VEEM secured its second VG1000SD order from Damen in July 2020, with a VG1000SD to be installed into a high- speed Damen Fast Crew Supplier FCS 5009. The second VG1000SD has been completed and shipped to Damen’s customer, Naviera Integral, an offshore oil field supply contractor in the Gulf of Mexico.

This major milestone for VEEM is significant for industry-wide acceptance, as Damen Shipyards is seen as an innovative industry leader, and its adoption of VEEM gyros is expected to drive further awareness and acceptance, particularly in the commercial market.

The Company believes the agreement to be material even absent of contracted orders as Damen has inferred that it expects reasonable uptake from its customers across this class of vessels and therefore requires pricing and terms of supply to meet this expected demand.

VEEM Managing Director Mark Miocevich said: “This agreement with one of Europe’s largest boatbuilders is a significant milestone in our Company’s history, which spans more than 50 years. For Damen to offer VEEM Gyros as an option on their FCS range of vessels is a validation of the technical performance and quality of our disruptive, high-technology marine stabilization product.”

Read the full ASX Announcement here.

VEEM’s Gyro orders accelerate by $4.1 million in first six weeks of FY21

By | General VEEM News, VEEM ASX Announcements, VEEM Gyro | No Comments
  • Demand for VEEM’s highly disruptive marine gyrostabilizers has continued to accelerate with further new orders of US$2.0 million (A$2.8m*) bringing the current forward order book to US$4.2 million (A$5.9m*)
  • The acceleration of gyro sales has been significant and rapid, with VEEM receiving new orders for six units worth A$4.1 million* in the first six weeks of FY21 compared to total sales of A$4.8 million for the full FY20
  • New orders include a third VG1000SD gyrostabilizer, for an experienced local owner which will be installed in an existing 54m Damen Expedition and Yacht Support vessel based on the design of the Damen FCS5009
  • In further validation of VEEM’s position in the superyacht market, it has also received orders from new prestige Dutch and Italian shipbuilding customers
  • Major Dutch builder, Heesen, has ordered multiple gyrostabilizers and Italian luxury yacht builder, Canados, has also placed an order for delivery before the end of 2020

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to advise it has now received further orders for five gyrostabilizers totaling US$2.0 million (A$2.8 million*) taking the total forward order book for its patented gyrostabilizer range to US$4.2 million (A$5.9 million*).

The new orders include a third new VG1000SD for an experienced Australian owner which will be installed in an existing 54m Damen Expedition and Yacht Support vessel based on the design of the Damen FCS5009. This is the second order VEEM has received for a VG1000SD to be installed on board a Damen FCS 5009 derivative vessel. The FCS 5009 is a high-speed, axe-bow design vessel with a very slender hull shape for speed and fuel efficiency. The vessel has a 240m2 deck area and is well equipped for fast, safe and comfortable movement of crew and cargo. There are many of these vessels in operation around the world.

Innovative Dutch superyacht builder, Heesen, has also placed orders for multiple gyrostabilizers. Heesen is renowned for producing some of the finest, high-tech and high-quality superyachts in the world from 45 to 80m. Heesen currently has 12 yachts under construction, including Project Cosmos, which will be the largest and fastest aluminum yacht in the world.

VEEM has also welcomed Italian luxury yacht builder, Canados, as a customer for its revolutionary gyrostabilizers. Canados builds luxury, semi-custom composite yachts from 23 to 36 meters in length. Canados will fit a VG145SD into its Oceanic 140’ (42.7m) Fast Expedition Yacht.

VEEM Managing Director Mark Miocevich said: “These new orders for a further five gyros validate our decision late last year to expand the gyro facility at VEEM’s Canning Vale premises, providing the capability to scale up and meet customer demand. Spectacularly, we have already received orders for $4.1 million of gyros during the first six weeks of this financial year bringing our total order book to $5.9 million. This is a significant acceleration of orders compared to our total gyro sales of $4.8 million for FY 2020.

“It is very pleasing to welcome two highly reputable luxury yacht builders as new customers as well as a further order of VEEM’s VG1000SD for installation on a Damen FCS 5009 derivative vessel. Given the number of enquiries and quotes for VEEM’s gyros, we expect that orders will continue to flow.”

Read the full ASX Announcement here.

Damen Shipyards orders second VG1000

By | VEEM ASX Announcements, VEEM Gyro | No Comments
  • VEEM receives order for second VG1000SD gyrostabilizer from Damen Shipyards, a major European shipbuilder delivering more than 175 vessels worldwide each year
  • Vessel end-user is Naviera Integral, an offshore oil field supply contractor, marking the first sale of VEEM’s gyrostabilizers into this market
  • Rapid receipt of second VG1000SD order demonstrates growing market acceptance that VEEM’s highly- disruptive technology can deliver significant physical and financial benefits
  •  VG1000SD retail price is US$1.35 million; delivery is expected to occur late in CY 2020
  • Gyro sales for FY to 30 June 2020 were $4.8 million – orders in hand of $3.4 million* to be delivered before

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to advise it has received an order from Damen Shipyards (“Damen”) for a second VEEM VG1000SD gyrostabilizer, following its first sale to Damen earlier this year.

VEEM’s patented VG1000SD weighs 20 tonnes and is the most powerful marine gyrostabilizer in the world, providing significant roll reduction at all speeds (including stationary) to vessels between 60 and 75m and larger using multiple units. This disruptive technology provides commercial marine service providers with the opportunity to operate both more efficiently and for significant additional chargeable days per annum previously lost to bad weather.

The new VG1000SD will be installed in a Damen Fast Crew Supplier FCS 5009. The FCS 5009 is a high-speed, axe- bow design vessel with a very slender hull shape for speed and fuel efficiency. The vessel has a 240m2 deck area and is well equipped for fast, safe and comfortable transfer of crew and cargo. Additionally, the vessel is capable of emergency towage and crane handling functionality and can be fitted with all equipment necessary for rescue and safety standby operations. There are many of these vessels in operation around the world.

Naviera Integral, an offshore oil field supply contractor, is the end-user of the Damen vessel, marking the first sale of VEEM’s gyrostabilizers into the commercial offshore supply vessel market.

Construction of the second VG1000SD is already in progress and delivery to Damen is expected to occur in late 2020. The VG1000SD, developed by VEEM, is the world’s largest, most powerful marine gyrostabilizer with a retail price of US$1.35 million.

This is the second order from Damen following the first VEEM patented VG1000SD completed earlier in 2020 for installation into Damen’s revolutionary new Fast Crew Supplier, FCS 7011 (refer to VEEM’s ASX release of 6 March 2020). Damen Shipyards is a major European shipbuilder delivering more than 175 vessels worldwide each year.

VEEM is also pleased to report that revenue from sales of gyrostabilizers for the year to 30 June 2020 was $4.8 million despite one gyro due for delivery on 30 June 2020 not being dispatched until July. Enquiries for gyrostabilizers have been strong and the current order book, including the Damen VG1000SD above, is $3.4 million*, all for delivery before 31 December 2020. As laid out in the chart below, gyro sales show a continued significant increase over the past six half-year periods.

VEEM Managing Director Mark Miocevich said: “Receiving a second order from Damen, one of Europe’s major shipbuilders, speaks volumes for the technical merits of the VEEM gyrostabilizers to deliver significant physical and financial benefits to commercial offshore marine operators.

“The significant roll reduction delivered by VEEM’s patented VG1000SD gyrostabilizer, coupled with the Damen high-speed design, provides the end customer with maximum speed and efficiency and increased operating days per year, leading to greater returns.

“It is personally very pleasing to see enquiries, orders and sales increasing, given the significant amount of time and capital VEEM has spent developing the concept into a robust, highly disruptive piece of equipment that we believe is now well on the way to becoming standard on all large vessels.”

Read the full ASX announcement here.

VEEM awarded $9 million submarine component order

By | VEEM ASX Announcements | No Comments
  • VEEM has secured a $9 million order from the Australian Submarine Corporation (ASC) for certain specialised components of the Collins Class maintenance program.
  • The award of the contract demonstrates the recurring nature of the demand for VEEM’s traditional, highly specialised defence engineering capability.
  • Work will commence immediately with deliveries commencing July 2020.

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), is pleased to announce that it has received orders for approximately $9 million from the Australian Submarine Corporation (ASC) for certain specialised parts as part of the maintenance program for the Collins class submarines.

Work will commence immediately at VEEM’s specialised engineering facility in Canning Vale, Western Australia, with deliveries expected to occur over 15 months from July 2020.

This order follows a long history of work successfully completed by VEEM for the ASC and highlights the Company’s ability to consistently deliver highly-specialised engineering that meets the stringent standards required for defence contracts.

VEEM Managing Director, Mr Mark Miocevich, commented: “The new contract with ASC is further demonstration of our reputation for precision engineering to the exacting defence standards. This work will positively impact our profitability in the current and next financial years.

“While marine gyrostabilization is VEEM’s disruptive product range with huge growth potential, this $9 million contract demonstrates again the capacity of our traditional business to contribute growing recurring profits and will underpin our business during these uncertain times.”

Read the full ASX announcement here.

VEEM completes world’s largest gyrostabiliser for major European shipbuilder

By | VEEM ASX Announcements, VEEM Gyro | No Comments
  • VEEM has completed building the world’s largest, most powerful marine gyrostabilizer
  • The VG1000 SD will be shipped shortly to major European shipbuilder, Damen Shipyards, which constructs more than 175 vessels annually for customers across the globe
  • New gyro facility opened in Western Australia to meet increasing demand

Marine propulsion and gyro stabilization company, VEEM Ltd (ASX: VEE) (‘VEEM’ or ‘the Company’), is pleased to announce that it has successfully constructed the world’s largest and most powerful known gyrostabilizer for delivery to Europe’s second largest ship builder, Damen Shipyards (“Damen”).

At 20 metric tonnes, the VG1000 SD easily eclipses the second largest gyro product VEEM produces, the VG260, which is approximately one quarter of the size of the VG1000 SD.

The VG1000 SD will be officially launched at a function at VEEM’s Canning Vale facilities later today by Australian Minister for Defence, The Hon. Linda Reynolds. In addition to its gyrostabilizer range (which has significant defence applications), VEEM has developed a substantial defence business, servicing both surface and sub-surface combatants.

The VG1000 SD launch follows extensive sea trials with Damen, after which VEEM secured an order for the product in 2018 (see ASX release 18 July 2018).

The trials involved fitting two model VG260 SD VEEM gyrostabilizers to a 50-metre test vessel in the Netherlands, which was subsequently evaluated by Damen management and current and potential purchasers of Damen ships.

The VG1000 SD will be installed into Damen’s revolutionary new Fast Crew Supplier, FCS 7011, which is currently under construction and expected to launch later this year.

VEEM Managing Director Mark Miocevich said: “The successful completion of the VG1000 SD is the culmination of significant research and development investment into the product.

“I would like to congratulate the entire talented VEEM team, who after years of hard work have delivered a gyro product which is unrivalled anywhere in the world in terms of scale and quality.

“The VG1000 SD has a broad potential market, with the product best suited to vessels 60 metres to 90 metres in length, which encompasses luxury and superyachts, defence and civil vessels, and has further commercial applications including windfarm services, oilfield services, crew transfer and ferries.

“We are delighted to have such an internationally esteemed shipbuilder as Damen as the first customer for the VG1000 SD, and we anticipate that the successful delivery of the VG1000 SD will substantially increase interest in the product, which will help propel long- term value for our shareholders.”

Facility Opening

In conjunction with the launch of the VG1000 SD, Minister Reynolds will later today officially open VEEM’s new gyrostabilizer facility.

The new facility is located adjacent to VEEM’s existing operations in Canning Vale, WA. Totalling 4000m , the facility will have the capacity to produce over $100 million of gyros annually.

The facility has been established to meet an anticipated rise in demand for VEEM’s range of gyro products, including the VG1000 SD, as VEEM is receiving increasing levels of orders, enquiries for information and quotations related to the products.

“The new facility allows us to significantly ramp up the commercialisation phase of our gyro products, enhancing our ability to capitalise on the rise in customer takeup of this disruptive technology” Mr Miocevich said.

“On the back of this and our other operations, we are on track for an enhanced result in the second half of the 2020 fiscal year and beyond.”

About Damen Shipyards

Damen Shipyards Group operates 36 shipbuilding and repair yards, employing 12,000 people worldwide from its base in the Netherlands. Damen has built more than 6,500 vesselsin more than 100 countries and delivers more than 175 vessels annually to customers worldwide. Based on its unique, standardised ship-design concept Damen is able to guarantee consistent quality.

Damen is active across the entire spectrum of maritime industries. From harbours and terminals to offshore support, from dredging to renewable energy and from superyachts to defence and security.

The VEEM VG1000 SD will be installed into Damen’s revolutionary new Fast Crew Supplier, FCS 7011, which is aimed for servicing the global offshore energy market offering a safer and more efficient crew change solution.

The FCS 7011 brings together four new-to-market motion reduction products from different suppliers in its innovative hull shape to perfect synergy, thereby creating unrivalled passenger comfort in environments with up to 3 meters significant wave height.

Read the full ASX announcement here.

VEEM sells first VG1000SD to Damen Ships

By | VEEM ASX Announcements, VEEM Gyro | No Comments

Marine propulsion and gyro stabilisation company, VEEM Ltd (ASX: VEE) (‘VEEM’ or ‘the Company’), advises that subsequent to successful trials with Damen Ships in the Netherlands, VEEM has received an order to supply the first of its largest gyro stabilizer, the VG1000SD.

The VG1000SD unit produces 1000 Knm of torque which has the ability to stabilize a vessel of nearly 700 tonnes.

Damen plan to install the VG1000SD in a newly released new high-speed crew transport vessel, the FCS7011, which is under construction at present.

The FCS7011 uses a combination of VEEM gyro stabilizers and the latest Ampelmann L-type gangway system which creates a step change for marine access solutions.

Production of the VG1000SD has commenced and the final assembly will take place in VEEM’s newly leased purpose build gyro assembly hall due for completion in July 2019.

VEEM Chairman, Mr Brad Miocevich said: “This new assembly hall will have built in capability to fully test load all models of the VEEM gyro range to ensure the highest quality and reliability can be delivered to our customers.”

The VG1000SD going into production is the final model planned for production in the VEEM gyro range. There are four models currently manufactured by VEEM. The VG120SD, VG145SD, VG260SD and the new VG1000SD. The current phase of the VEEM Gyro design project is nearing completion and all attention now moves to the manufacture and sales of the existing models.

VEEM has further strengthened its Sales and Management Team with a key appointment of a Global Business Development Manager.

Sales of VEEM’s new ship gyrostabilisers will be assisted by the appointment of Dr Steven Vidakovic as Global Business Development Manager – Gyrostabilisers. Steven has more than 30 years of engineering, project management and sales experience, having most recently served as Global Sales Director for Naiad Dynamics, an international supplier of marine fin stabiliser and ride control systems until the end of 2016.

He previously led the management of several projects at the world’s largest research-based pharmaceutical company, Pfizer Inc., while taking on the role of Associate Director for its Worldwide Pharmaceutical Sciences Global Supply Chain division. Dr Vidakovic holds a B.E. in Aeronautics and has completed a PhD in Aerodynamics/Fluid Mechanics from The University of Adelaide. He also holds a Masters of Business Administration.

Dr Vidakovic, will be based in Australia, and has taken up his position with VEEM.

VEEM Managing Director, Mr Mark Miocevich said: “this key appointment underpins the future sales growth of our unique gyrostabiliser products as well as assisting with the acceleration of sales of our patented VEEM Interceptor propellers and VEEM’s Conquest propellers, adding his substantial global sales experience to grow the VEEM network”.

About VEEM

VEEM Limited (ASX:VEE) is a manufacturer of high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries. VEEM’s market leading Gyrostabilizers reduce the rolling motion of vessels in waves, increasing on-sea time and improving personnel safety in a wide range of ocean conditions. VEEM is also a successful producer of propellers, fin systems and specialised components. Proudly headquartered in Perth, Western Australia, VEEM operates from a 10,500sqm purpose-built fabrication and manufacturing facility, including Australia’s largest non-ferrous foundry. We employ 180 staff in Australia, including graduates and apprentices, and maintain a highly skilled research and development team in-house. Celebrating our 50th anniversary in business in 2018, VEEM was listed on the Australian stock exchange in 2016.

Read the full ASX announcement here.

VEEM celebrates 50th anniversary with positive 2019 outlook across all divisions

By | VEEM ASX Announcements, VEEM Gyro | No Comments

VEEM Limited (ASX:VEE), world leading manufacturer of high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, celebrated 50 years in business at its annual general meeting in Perth today.

VEEM Managing Director Mark Miocevich said reaching the half century milestone is a testament to the versatility and commitment to manufacturing excellence the company had consistently demonstrated over five decades.

VEEM was founded by Voyka (Charlie) and Elizabeth Miocevich in 1968 in Perth, Western Australia to carry out dynamic balancing and driveshaft services.

The sudden passing of Charlie in 1976 saw Elizabeth step into the spotlight until their three sons – Gary, Mark and Brad – were ready to take over management of the business in 1982.

A major milestone for VEEM Ltd was the successful listing of the Company on the Australian Stock Exchange (ASX) in October 2016.

Since then, VEEM has grown steadily, generating more than $40 million in revenue in 2017-18, with 180 staff employed at its purpose-built manufacturing and fabrication facility in Canning Vale.

Mark Miocevich said his father Charlie would be proud to see the business become an international leader in the challenging and highly-competitive marine propulsion and stabilisation industry.

“It’s an emotional day for Elizabeth, Brad and myself as we remember Charlie and his enduring legacy,” Mark said. “Today we also remember our older brother Gary who sadly passed away in 2015.”

Gary Miocevich was the Chairman of VEEM, and was also instrumental in establishing the Perth Motorplex, the home of Drag Racing in Western Australia. Mark and younger brother Brad both share the family passion for motor sports.

Mark said VEEM’s anniversary year had been one of growth across all divisions. He said the company is particularly excited by the acceptance the world’s leading boat builders had shown for VEEM’s patented Gyrostabilizer technology*.

In 2018, VEEM Gyrostabilizers were installed in superyachts by prestige Dutch boat builders Feadship Royal De Vries, Royal Huisman, Van Der Valk Shipyard and Talsma Shipyard, as well as by France’s Couach Shipyards and Westport Shipyards of Washington State, USA. Damen Shipbuilding Group also installed Gyrostabilizers in its offshore workboats.

Mark said the team at VEEM is particularly proud to have cast the 6.5 tonne ANZAC Bell, installed at the Perth Bell Tower at Elizabeth Quay. The largest bell in the Southern Hemisphere and the heaviest of its kind ever cast in Australia, the ANZAC Bell commemorates 100 years since the end of the First World War.

“VEEM is seeking to establish a new specialist gyro and defence manufacturing facility near its current headquarters in Canning Vale to accommodate the increased demand expected for its products. 2019 is shaping up to be an important year for VEEM, as we continue to increase sales of propeller and stabilisation systems and realise the potential of our world leading Gyrostabilizer technology “, Mark said.

“With a healthy forward order book, our focus is on expanding VEEM’s international service offering and broadening our success across identified growth markets, particularly in workboat, superyacht and defence industries.

“VEEM’s underlying traditional business in propulsion, ride control and defence will provide growth in earnings, with gyrostabiliser sales showing further potential with increasing market penetration.”

*The VEEM VG260SD Gyrostabilizer won a special mention in the prestigious 2018 DAME Design Awards, the most significant international marine equipment award presented by METSTRADE (The #1 Marine Technology Show), promoting progession and innovation within the marine industry. Assessing entries for overall design, build quality, functionality, and use of materials, the DAME Awards judging panel said the VG260SD is “beautifully engineered” to work as a single installation for ships up to 250-tonne.

*VEEM Ltd celebrated their 50th anniversary by being recognized by the Financial Review’s “Most Innovative Companies” list for 2018. Published annually by The Australian Financial Review, the prestigious list is based on a rigorous assessment process by a panel of industry expert judges. VEEM was nominated for the world-leading series of Gyro Stabilizers and ranked 49th on the list, from over 1,000 nominated organisations across Australia and New Zealand. The assessment measures a top innovation implemented in the past twelve months. Specifically, the judges look at how valuable the problem is that the innovation is solving, the quality and uniqueness of the solution, and the level of impact that the innovation has had.

About VEEM

VEEM Limited is a manufacturer of high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries. VEEM’s market-leading Gyrostabilizers reduce the rolling motion of vessels in waves, increasing on-sea time and improving personnel safety in a wide range of ocean conditions. VEEM is also a successful producer of propellers, fin systems and specialised components. Proudly headquartered in Perth, Western Australia, VEEM operates from a 10,500sqm purpose-built fabrication and manufacturing facility, including Australia’s largest non-ferrous foundry. We employ 180 staff in Australia, including graduates and apprentices, and maintain a highly-skilled research and development team in-house. Celebrating our 50th anniversary in business in 2018, VEEM was listed on the Australian stock exchange in 2016.

Read the full ASX announcement here.

127m Sportsfisher

VEEM Gyrostabilizers selected by world’s leading super yacht builders

By | VEEM ASX Announcements, VEEM Gyro | No Comments
  • Breakthrough sales of VEEM Gyrostabilizers for luxury super yacht market
  • 4 leading Dutch boat builders secure VEEM Gyrostabilizers for latest ultra-modern vessels
  • Couach Shipyards, one of France’s oldest Shipbuilders (founded 1897)
  • Van Der Valk are purchasing their 3rd VEEM Gyrostabilizer

VEEM Ltd (ASX:VEE) (‘VEEM’ or ‘the Company’) has confirmed orders for its market leading gyrostabilisers from some of the most prestigious super yacht builders in Europe – Dutch prestige super yacht builders Feadship Royal De Vries, Royal Huisman ,Van Der Valk Shipyard and Talsma Shipyard, together with French superyacht builder Couach Shipyards.

The confirmed sales are:

  • 2 x VG145SD Gyrostabilizers for Feadship Royal De Vries, delivery late 2018.
  • 1 x VG260SD Gyrostabilizer and 1 x VG120SD Gyrostabilizer for Royal Huisman, delivery late 2019. (Final T & C’s are currently being negotiated)
  • 2 x VG145 Gyrostabilizers for Van Der Valk – Delivery late 2018.
  • 1 x VG145 Gyrostabilizer for Talsma Shipyard, delivered April 2018
  • 1 x VG145 Gyrostabilizer for Couach Shipyard, delivered April 2018

VEEM Gyrostabilizers can almost eliminate the rolling motion of vessels in waves, increasing on-sea time and improving personnel and passenger comfort and safety in a wide range of ocean conditions.

VEEM Managing Director Mark Miocevich said “to have boat builders of the calibre of Feadship Royal De Vries, Royal Huisman, Van Der Valk Shipyards and Talsma Shipyard, together with French superyacht builder Couach Shipyards place orders for VEEM Gyrostabilizers is a game changer for the global marine stabilisation market”.

“Over the next decade we expect gyrostabilisers to become standard on most new vessels,” Mr Miocevich said.

The breakthrough sales follow recent confirmation by Damen Shipyards Group, one of the world’s largest shipbuilders, that sea trials utilising VEEM Gyrostabilizers on board a Damen Fast Crew Supplier vessel were successful.

Damen Business Development Manager David Stibbe said “testing of the VEEM VG260SD Gyrostabilizers on board a Damen Fast Crew Supplier 5009 fitted with two VEEM VG260SD Gyrostabilizers and equipped with an Ampelmann L-type crew transfer gangway achieved the target roll reduction of 35-40% as predicted, combined with the faultless performance of the Ampelmann crew transfer system.”

Mr Stibbe further stated “Damen plans to install VEEM’s largest gyrostabiliser, the VG1000SD, in its new 70- metre FCS 7011 to achieve roll reduction of up to 75% in 2.5m waves.”

Damen, Europe’s second largest shipbuilder with more than 200 new vessels annually, is expected to confirm orders for VEEM Gyrostabilizers in the coming weeks.

Pricing for each of the VEEM Gyrostabilizer range can be viewed on the Company’s website.

About VEEM

VEEM Limited (ASX:VEE) is a manufacturer of high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries. VEEM’s market leading Gyrostabilizers reduce the rolling motion of vessels in waves, increasing on-sea time and improving personnel safety in a wide range of ocean conditions. VEEM is also a successful producer of propellers, fin systems and specialised components. Proudly headquartered in Perth, Western Australia, VEEM operates from a 10,500sqm purpose-built fabrication and manufacturing facility, including Australia’s largest non- ferrous foundry. We employ 180 staff in Australia, including graduates and apprentices, and maintain a highly skilled research and development team in-house. Celebrating our 50th anniversary in business in 2018, VEEM was listed on the Australian stock exchange in 2016.

Read the full ASX announcement here.

VEEM Ltd secures industry partner agreement with Aurora Labs

By | Media, VEEM ASX Announcements | No Comments

VEEM Ltd (ASX:VEE) and Aurora Labs Limited (ASX:A3D) have signed a non-binding term sheet to investigate the potential of Aurora’s 3D printing and large format technology to deliver cost and efficiency savings for the manufacture of VEEM’s specialist technology, including its propellers, fin systems and world-leading gyrostabilisers.

Aurora Labs is an Australian technology and innovation company specialising in the development of 3D metal printers, powders and digital parts. Aurora is currently testing revolutionary industrial grade, high speed, large format 3D metal printers that can be used for large-scale industrial manufacturing on a cost-effective basis.

VEEM Ltd is a manufacturer of high technology Marine Propulsion & Stabilization Systems. VEEM Managing Director Mark Miocevich said “there is huge potential in the use of 3D printing technology to manufacture a range of complex components used in VEEM products, medium and large format 3D printing, especially using metal alloys, is notoriously challenging,” Mr Miocevich said. “Reliability and endurance are critical for high- intensity applications.

“Aurora’s Large Format Printer, if proved, could provide real cost and productivity improvements for VEEM.” The agreement between VEEM and Aurora Labs is based on a 4-stage process:

  • VEEM reviewing and critically analysing Aurora Products and their potential capabilities (Stage 1);
  • Aurora assisting VEEM to assess the potential value to VEEM of utilising Aurora Products in VEEM’s operations (Stage 2);
  • The parties identifying and evaluating potential opportunities to secure government research and development (R&D) incentives, grants or funding for projects related to the Venture Program (Stage 3);
  • VEEM being provided with the opportunity of making an equity investment in Aurora (Stage 4).

Aurora Labs Managing Director David Budge said “VEEM is at the forefront of technology development and innovation, making them an ideal industry partner for Aurora.”

VEEM products are supplied to some of the world’s leading shipbuilders and marine suppliers including ASC, Austal, Rolls Royce and Volvo. VEEM propellers and fin systems are in use on recreational, commercial and defence platforms globally.

In May 2018, the VEEM Gyrostabilizer VG260SD was selected by Friere Shipyard (Spain) as the roll stabilisation system for a 42m fishery patrol vessel for the Government of Kuwait. In June, Europe’s second largest shipbuilder, Damen, conducted sea trials using VEEM Gyrostabilizers off Rotterdam, Holland. Results of the sea trials are due to be announced soon.

Aurora Labs has developed the most advanced process we have evaluated and represents a significant step forward in large and rapid 3D printing.”

Mr Miocevich noted that the finite nature of natural resources and the full cost of energy are precipitating a move away from traditional reductive manufacturing.

“Additive manufacturing through 3D printing is developing rapidly around the world,” Mr Miocevich said.

“From being an expensive option for small components, recent technical developments in 3D printing point the way toward larger sizes and far more rapid production rates.”

“VEEM is excited to be able to partner with Aurora Labs to bring the future of additive manufacturing into the present, VEEM sees itself as a role model company for the Australian Government’s drive to develop high-end manufacturing exports,” Mr Miocevich said. “This agreement with Aurora, another great Australian technology innovator, is a great step forward for both companies.”

To learn more about Aurora Labs, please visit www.auroralabs3d.com.

Read the full ASX announcement here.