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- VEEM (VEE) has successfully constructed the world’s largest and most powerful known gyrostabiliser, or gyro, for delivery to Europe’s second largest shipbuilder, Damen Shipyards
- A marine gyro is a device for reducing the rolling motion of boats and ships in waves
- The launch follows extensive sea trials with Damen, after which VEEM secured an order for the product in 2018
- VEEM will also open up its new facility in Canning Vale, Western Australia
- The facility will have the capacity to produce over $100 million gyros annually
- VEEM is up 5.26 per cent on market close, selling shares for 50¢ apiece
VEEM (VEE) has successfully constructed the world’s largest and most powerful known gyrostabiliser for delivery to Europe’s second largest shipbuilder, Damen Shipyards.
A marine gyrostabiliser is a device for reducing the rolling motion of boats and ships in waves.
The gyrostabiliser (gyro) VEEM just constructed is called the VG1000 SD and has pushed its VG260 to the second-largest gyro product. VG260 is approximately one-quarter of the size of the new gyro.
VG1000 SD will be officially launched later today by Hon. Linda Reynolds in Canning Vale, Western Australia. The launch follows extensive sea trials with Damen, after which VEEM secured an order for the product in 2018.
Managing Director, Mark Miocevich said the completion of the VG1000 SD was due to 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,” Mark said.
“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,” he added.
VEEM said it was delighted to have Damen as the first customer for the new gyro product and belives the successful delivery of the product will increase interest.
Damen Shipyards operates 36 shipbuilding and repair yards, employing 12,000
people worldwide from its base in the Netherlands.
Facility Opening
In conjunction with the launch of VG1000 SD, Minister Reynolds will also open VEEM’s new gyro facility.
The facility is located near its already existing operations in Canning Vale and will have the capacity to produce over $100 million of gyros annually.
“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,” Mark told the market.
“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,” he added.
VEEM is up 5.26 per cent on market close, selling shares for 50¢ apiece.
