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General VEEM News

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

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  • 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.

VEEM MD VIRTUAL PRESENTATION RECORDING AVAILABLE

VEEM Presentation — NWR Virtual Small Cap Investor Conference, Series 1

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Presentation from VEEM Managing Director Mark Miocevich

VEEM is a precision marine technology disruptor with 50+ years’ experience & world-class WA-based manufacturing facilities. Market capitalisation of ~$60m –

  • VEEM is the leading player in the gyrostabilizer industry, having recently sold the world’s largest gyro to large European shipbuilder, Damen Shipyards.
  • It is the recognised global leader in propeller manufacturing through its features and designs
  • Traditional engineering business underpins growth, is profitable and has long-term agreements in place including a $9m order from the ASC for submarine components
  • Constantly focused on innovation and improving manufacturing processes to remain the market leader

VEEM secures $9 million order from the Australian Submarine Corporation (ASC)

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Following a long history of work for the Australian Submarine Corporation (ASC), VEEM Ltd is pleased to announce that it has just received orders for approximately $9 million from the ASC.

VEEM will be providing the ASC with certain specialised parts as part of the maintenance program for the Collins class submarines. The award of the contract is another demonstration of the recurring demand for VEEM’s traditional, highly specialised defence engineering capability.

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.”

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.

VEEM launches world’s largest gyrostabiliser and officially opens new gyrostabilizer facility

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  • Senator the Hon Linda Reynolds CSC has officially opened the new VEEM gyrostabilizer facility
  • VEEM has completed building the world’s largest, most powerful marine gyrostabilizer, VG1000SD, for a major European shipbuilder.
  • 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

Last Friday, VEEM launched the world’s most powerful gyrostabilizer, the VG1000 SD. The function was held at our new gyrostabilizer facility, which was officially opened by Australian Minister for Defence, Senator the Hon Linda Reynolds.

VEEMs new 4000m² facility has been constructed to meet the rise in demand for VEEMs gyro products, including the VG1000 SD, and will have the capacity to produce over $100 million of gyros annually.

VEEM Managing director, Mark Micovech said: “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 take-up of this disruptive technology.”

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.

Special guests, Matt Keogh, Member for Burt, Yaz Mubarakai, Member for Jandakot and Damen representative, Camiel Curfs, joined over a hundred VEEM clients, staff members and investors as Senator the Hon Linda Reynolds, Minister for defence, officially opened and dedicated the building to the former VEEM chairman, Gary Miocevich.

The VG1000 SD, weighing 20 metric tonnes, will be delivered to European shipbuilding giant, Damen and installed on the revolutionary new Fast Crew Supplier, FCS 7011, which is expected to launch later this year.

The VG1000 SD, generating 1000kN.m of torque, easily eclipses the second largest gyro product VEEM produces, the VG260, which is approximately one quarter of the size of the VG1000 SD.

Camiel Curfs, Damen representative and event attendees were given the opportunity to witness the VG1000 SD in action under induced procession.

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 has 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.”

The VG1000 SD will now be delivered to Damen to undergo extensive sea trials. 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.

A special thanks to Senator The Hon Linda Reynolds for opening the new VEEM gyro facility and to all the guests who joined us for the official launch of the VG1000 SD.

Why VEEM undertake all metal alloying in-house

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While other manufacturers traditionally use pre-alloyed metals from external suppliers, VEEM undertakes the entire metal alloying process in house.

This ensures VEEM products are the highest quality and also enables us to produce a wide range of engineering alloys that require flawless metal chemistry. Some of the other benefits associated with in-house alloying include;

Ease of manufacture
Metal alloying means we can alter the chemical composition as required to meet your engineering needs, ultimately simplifying the manufacturing process.

Complete control
Undertaking the metal alloy process in-house grants us complete control over the manufacturing process. This is important to ensure the quality of the product is maintained.

Highest quality
Through years of extensive research and development, VEEM has been able to fine-tune the chemical composition of alloys to ensure it meets all chemical and mechanical requirements of the various class societies.

Ultimate flexibility
In-house alloying enables us to make any material/alloy as necessary. Therefore, we have the opportunity and flexibility to cater to any customer requirements, no matter how difficult! We are not locked into a limited range of products supplied by an external party.

Throughout VEEM’s history, in-house alloying services have been utilised to create a range of bespoke pieces such as the Collins class submarine components, Naval Sonar components, The CERN radiation shields, bimetal pipes for the wear industry right the way through to the West Australian ANZAC Bell.

To find out more about VEEM’s history of innovation visit our history page. 

Gormley statues: Manufacturing one of Australia’s largest outdoor galleries

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In 2003, VEEM worked closely with Antony Gormley to bring to life 51 alien-like sculptures to be placed across the flat salt-encrusted expanse of Lake Ballard in Western Australia. The ‘Inside Australia’ project was the largest outdoor gallery art project in Australia at the time and still draws thousands of visitors from all over the world to the remote site.

The project was part of the 50th anniversary of the Perth International Arts festival and took over six months from design through to installation. VEEM Ltd was able to bring Gormley’s designs, which were naked representatives of the residence of Lake Ballard, to life in our local, non-ferrous foundry.

The moulding and casting process were carefully choreographed and occurred over several days. Once the patterns were carefully cut and assembled, polystyrene runners were fixed between the limbs and body to allow for the metal to run through the whole piece. To assist pouring the liquid, ‘in-gate’ risers were also attached to figures shoulders and backs.

The life size patterns were then placed face up on our foundry floor for moulding. To create the mould, we used a combination of silica and zircon casting sand, dampened with phenolic-setting resin. Each mould was left to harden for at least a day before the intricate casting process began.

To cast, the figures were lined up side by side and a temperature controlled alloy containing titanium, molybdenum and vanadium was poured throughout. After the casts were left to cool, any excess metal was cut off with a grinding disk, a process known as ‘fettling’. The last step of fabrication was the fitting of the footings, after that the figures were loaded onto a flatbed road-train and transported to Lake Ballard.

VEEM is helping build the highways and byways of Perth

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Image source: Shivam Dewan, Unsplashed

  • VEEM foundry produces around 1500 tonnes of processed sand per month during the casting process.
  • Producing large quantities of waste became a growing issue within the industry, as companies struggled to find new landfill sites in city and suburban regions.
  • VEEM developed reclaim technologies that recycle up to 70% of processed sand and worked with local road pavement companies to repurpose the remaining 30% percent.

In the past, waste was sent to landfill facilities along with general rubbish from the community and industry. However, the process was becoming no longer sustainable or affordable and our foundry struggled to find local landfill facilities that would take the sand.

Even though our waste sand was high alkali and was a neutralizer of the normally highly acidic waste dumps, it was not considered to be a suitable product for dumping due to the chemical resin content.

Today, VEEM utilizes reclamation technology to recycle 70% of the sand within the foundry. To beneficially reuse the remaining balance VEEM worked closely with the local road pavement companies to obtain environmental approval to repurpose waste sand to the road base products. This took a number of years but road pavers were keen as the sand from VEEM was free and was much closer to their plant than the local sand pits.

VEEM now provides around 600 tons of sand to help build the highways and byways of Perth and saves around $250,000 in waste disposal costs every year!

In doing this we have reduced landfill from foundry waste sand to practically zero, benefiting both the environment and saving costs for our foundry and local road base producers. A win for all I would say!

‘Wirin’ Statue – Cast by VEEM and erected in Perth’s Yagan Square

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  • In early 2018, VEEM cast one of the biggest statues of an Aboriginal figure in the country. 
  • ‘Wirin’, which is 6.1m tall was cast at VEEM in January and installed in Yagan Square in Perth, Western Australia prior to the squares launch in March. 
  • The statue is one of the largest artwork casting projects the foundry has ever seen.

The large ductile iron sculpture “Wirin”, designed by Tjyllyungoo (Lance Chadd) and sculpted with Big Spoon Art Service, left VEEM on the 23rd January 2018 and was installed in Yagan square prior to the square’s opening in early March.

The intricate manufacturing process, which spanned a number of months at VEEM, utilised the in-house alloying facilities and foundry to cast the statue in a unique metal that would oxidise over time to match the surrounding buildings.

The ductile iron metal was chosen by VEEM and the artist to provide the required strength and patina and was carefully poured using 5 tonnes of liquid metal. The statue, which started off with a silver appearance, has already begun the oxidisation process and transformation into a rustic appearance to match the building facades in Yagan square. It is expected that the patina will continue to develop further in the many years to come.

The casting process at VEEM began with the statue’s mould, requiring 38 pieces of individually made sand blocks shaped around the pattern, which formed the statue’s shape as a cavity that was subsequently filled with metal.

Daniel Lenane from VEEM said the project presented many unique challenges and required artisan skill in the forming of the mould, production of the metal and finishing processes such as grinding. “This was an extremely interesting but challenging project for the entire team at VEEM and very rewarding to see the final result become part of the Perth landscape for years to come”. Stuart Green from Big Spoon Art Service was happy with how the project worked out, commenting “Just up, Brilliant! Well done all at VEEM”. 

In the video below, the designer Tjyllyungoo talks about the installation in Yagan Square last year.

M/Y EL REY

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

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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.