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VEEM ASX Announcements

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

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VEEM Limited (ASX:VEE), world leadingmanufacturer 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 was the successful listing of the company on the Australian Stock Exchange 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 superyachtsby 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, USA. Damen Shipbuilding Group also installed Gyrostabilizersin 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.

Mark said 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 Gyrostabilizer sales showing further potential with increasing market penetration.”



*The VEEM VG260SD Gyrostabilizerwon a special mention in the prestigious 2018 DAME Design Awards, the most significant international marine equipment award promoting progression and innovation in 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. The DAME Design Awards are presented at METSTRADE, the world’s largest B2B marine technology show.


VEEM was also recognised in the Australian Financial Review’s “Most Innovative Companies” list for 2018. The prestigious list is based on a rigorous assessment by a panel of industry expert judges. VEEM was ranked 49 on the list from over 1,000 nominated organisations across Australia and New Zealand for its world-leading series of Gyrostabilizers. The assessment measures a top innovation implemented in the previous twelve months. Specifically, the judges look at how valuable the problem is the innovation is solving, the quality and uniqueness of the solution, and the level of impact of the innovation.

VEEM Gyrostabilizers selected by world’s leading Superyacht Builders

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  • 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.

VEEM Ltd Secures Industry Partner agreement with AURORA LABS to gain early access to large scale 3D metal printing.

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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.


For more information please contact:

Anton Errington-Wood Marketing Manager
P: +61 8 9455 9355
E: antonew@veem.com.au