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

By March 18, 2020General VEEM News

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.