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VEEM launches WORLD’S LARGEST GYROSTABILIZER and officially opens new gyrostabilizer facility

By March 12, 2020Uncategorized
  • 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.