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VEEM successfully completes first ‘retrofit’ of VG120 gyro

Marine propulsion and gyrostabilisation company, VEEM Ltd (ASX: VEE) (‘VEEM’ or ‘the Company’), has successfully completed its first retrospective fitting of a VEEM Gyro 120 (VG120) unit this week, on a 42.5 metre luxury super yacht in Australia.

The retrofit of motor yacht “Tango” with a VG120 gyrostabiliser took place in Brisbane, as part of a broader upgrade of the vessel, before sailing back to Sydney for full commissioning and sea trialling. MY Tango was built by Austal company, Oceanfast, in WA in 2006.

The VG120 is an advanced and powerful gyrostabiliser available for vessels with displacement between 50 tonnes and 150 tonnes or super yachts of up to around 40 metres in length. The VG120 retails for US$240,000 per unit, excluding installation works.

VEEM Managing Director, Mark Miocevich, said the Company’s brief was to significantly improve Tango’s rolling motions caused by wakes from passing vessels while the super yacht was at anchor.

“During the sea trials we carried out following the retrofit we clearly demonstrated that the VG120 achieves this goal very well. The successful commissioning of this unit and subsequent sea trials are a milestone for VEEM and further proof of our gyrostabilisers’ capabilities,” Mr Miocevich said.

“While VEEM is very actively focused on marketing its products to the new build super yacht market globally, the achievement of this successful retrofit has the potential to open up further opportunities for the Company.”

Read full ASX announcement here.