VEEM (ASX:VEE) - Non Executive Chairman, Brad Miocevich
Non Executive Chairman, Brad Miocevich
Source: Veem
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  • Perth-based marine technology company VEEM (VEE) has met its sales target for the half-year, selling $3.6 million worth of gyrostabilisers
  • VEEM is a designer and manufacturer of high-technology marine propulsion and stabilization systems
  • Its product, the Gyrostabiliser (Gyro), significantly reduces the rolling motion of vessels in waves
  • The company has sold eight VEEM gyrostabilisers over the past six months to December 31, 2020
  • VEEM shares are up 2.99 per cent, trading at 86.0 cents per share

Perth based marine technology company VEEM (VEE) has met its sales target for the half-year, selling $3.6 million worth of gyrostabilisers.  

VEEM is a designer and manufacturer of high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries.

Its market-leading product, the gyrostabiliser, significantly reduces the rolling motion of vessels in waves, increasing on-sea time and improving safety and efficiency in a wide range of ocean conditions.

The company sold eight VEEM gyrostabilisers over the past six months to December 31, 2020.

VEEM’s order book currently stands at $3.9 million, with a strong level of leads and quotes.

The company has continued to see growth in its gyrostabilisers since 2018, with sales during the half-year including Gyros for superyachts, offshore supply vessels and charter vessels, including retrofit sales for an offshore supply vessel in the Gulf of Mexico and a local West Australian charter vessel.

In 2020, signed a three-year frame agreement with Damen Shipyards for the supply of Gyros, which agrees Damen will offer VEEM Gyros as an option for its FCS vessels.

Damen sells 175 vessels per year, including 20 FCS vessels, providing a major platform for increasing sales of VEEM gyrostabilisers.

“We are very pleased to see the sales of VEEM gyrostabilisers continue to increase strongly and to have delivered on our guidance provided to the market for the first half of FY21,” said VEEM Managing Director Mark Miocevich.

“Given our level of inquiries, orders in hand, the Damen frame agreement and increased capacity in our Gyro facility we expect this sales trend to continue.”

VEEM shares are up 2.99 per cent, trading at 86.0 cents per share at 4:15 pm AEDT.

VEE by the numbers
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