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VEEM Gyro

VEEM meets Gyro sales target for half year

By | VEEM ASX Announcements, VEEM Gyro | No Comments
  • 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

By | VEEM ASX Announcements, VEEM Gyro | No Comments
  • 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 Viking PowerPlay Vessel completes a circumnavigation of Australia

By | VEEM Gyro | No Comments

Earlier this year our VEEM Power Play Vessel (Viking 64′) completed a circumnavigation of Australia.

This journey truly tested the capabilities of the VEEM VG120 gyrostabilizer which worked non-stop for 7658 nautical miles around Australia, to get the boat from Perth to Sydney and back. The most extensive leg of the trip was a 4 day non-stop journey across the Great Australian Bight, where the VG120 ran the entire time ensuring the crew of the Viking a smooth ride (free from motion sickness) while enjoying the wildlife!

Upon return, our VEEM Viking Captain, Craig Thomas, commended the outstanding performance of the VG120 gyrostabilizer: “Throughout the journey we were all amazed at how the VEEM Gyro made the trip so much safer, easier and more enjoyable, from sleeping, eating, cooking, just generally moving around on the vessel.

“There was a number of times as we headed around the North of Australia that wind and tide were not coming from the same direction when we anchored for the night. The waves were coming from one direction while the tide held the vessel side on to the breeze – without a gyro this is a passenger’s worst nightmare as the rocking motion is just like drifting with no anchor down. Usually, everything goes everywhere, but not with the gyro working away in the background. It was like being in a marina.”

“For most of our journey, we were cruising around 8 knots, when we were not demonstrating the performance of the VG120 and smoothness of the VEEM Interceptor propellers at over 40 knots!. At one point we did fire up to full RPM and achieved 47.6 knots. This was boosted by the following tide at the time but nevertheless still impressive!”

Have a closer look at the journey in the video below.

Find out more about our smallest VEEM Gyro Stabilizer, the VG120, 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.

Gyros vs Fins (automobiles vs horse and buggy)

By | VEEM Gyro | No Comments

A stabilized vessel can be achieved through a number of systems, two such systems being Gyroscopic stabilizers and fin stabilizers (fixed or retractable).

Both are stabilizing mechanisms, but installing a gyro brings with it a host of benefits. Gyros offer reduced drag and higher hull efficiency –and on most yacht installations, selecting a gyro over zero speed fins will result in higher speed, increased range and fuel savings.

Gyros work at all speeds and all weather

Gyros operate across the entire speed range, providing stabilized comfort for your whole journey. Even the best fin systems only work at rest and then at from about 12 knots upwards, leaving you with about half of the speed range to 20 knots where you have almost no stabilization! Then from around 20 knots upwards, the through-water drag of a fin system burns excessive fuel and ultimately limits the top speed of the vessel. In short, carrying the extra weight of a gyro has far less impact on a boat than dragging fins.

VEEM Gyros, being heavy duty in design and having a patented control algorithm, operates in all sea conditions.

Gyros are Safe for Swimmers

Many Captains will not run zero speed fins when guests are swimming in the vicinity of the yacht for safety reasons. This is understandable and responsible, however this compromise between the comfort of those onboard and swimmers is not required with a gyro installation as there are no appendages in the water.

Reduced Drag, Higher Hull Efficiency

On most yacht installations, selecting a gyro over zero speed fins will result in Higher Speed, Increased Range, and Fuel Savings. The trade-off is between the increase in mass between a fin installation and a gyro. The increased mass does represent a hull drag cost, however when compared to the drag of inefficient low aspect ratio zero speed fins (especially if they are actually working), a significant net reduction in drag is achieved.

No Risk of Grounding Damage

We have all experienced or heard stories of stabilizing fins being damaged by collision with floating debris, or grounding. This usually results in time consuming and expensive dry-docking for repair or replacement. This is simply not possible with a gyro stabilizer located inside the hull.

No Fouling with Nets or Cables

The risk of fouling fishing nets, long lines, buoy anchors, or cables is removed completely with a gyro stabilizer located inside the hull.

No Equipment Outside of the Engine Room

By locating the gyro stabilizer(s) in the engine room, noise levels are reduced as compared to fins (most important at night), and there is no requirement for technical personnel to enter the owner’s spaces for operational or maintenance tasks related to fins.

No Dry-Docking for Maintenance, Ever

Dry-docking is a hectic and crammed period, with many systems requiring attention. A VEEM Gyro can be fully maintained (including major over-haul) within the vessel. So, take a few lines off the docking list by selecting a gyro over fins.

Simple Installation –No Need to Run Cables and Piping Through Frame Penetrations

Enough said. Having the gyro delivered as a fully self-contained item of equipment saves a vast amount of time, effort and money coordinating frame penetrations, cable runs and piping runs through the hull.

The VEEM Gyro Power Play Tour: Australia

By | VEEM Gyro | No Comments
VEEM Gyro Tour Australia

VEEM Gyro Tour Australia

July – September 2019

The VEEM Gyro Power Play Vessel is making its way across the north of Australia, travelling from Perth through to Sydney, crossing over some of the roughest passages the Australian coast has to offer.

Stopping at major ports, the VEEM Power Play vessel is available for sea trials and demonstrations of the powerful VG120SD unit onboard. You can secure your spot on board or else follow the journey on our LinkedIn page.

The VEEM Gyro Power Play Viking Open Sport Convertible is traveling around the north of Australia from July – September. If you want to attend a demonstration of the VG120SD on board, get in touch with us by using the contact form below.

Available Sea Trial Dates

Geraldton July 12th – 13th
Exmouth July 14th – 15th
Broome July 21st – 28th
Darwin August 15th – 16th
Cairns August 28th – 29th
Brisbane September 16th – 17th
Sydney September 30th
M/Y EL REY

VEEM confirms sale of VG145SD to M/Y EL REY in San Diego

By | General VEEM News, VEEM Gyro | No Comments

VEEM have confirmed the recent sale of a VG145SD Gyro model to be retrofitted on a 34m Motor Yacht in San Diego in the USA.

The VEEM Gyro 145SD is 20% more powerful in stabilizing effect than the VG120SD, but is contained within exactly the same envelope size and weight making the stabilizing torque density of this product a real game changer for motor yachts around 30m (100’) in length. As a single unit installation, it is suitable for vessels with displacement between 60 – 145 tonnes. Multiple units can be installed for larger vessels.

Learn More about the VG145SD.

This latest sale in the USA adds to the previously reported sale for a large sport fishing boat project currently in build at Jim Smith Tournament Boats in Stuart, Florida and a VG120 unit sale for an 80′ Sportfish boat in Dubai.

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.