Veem delivers world’s largest gyrostabilizer to major shipbuilder

Marine propulsion and gyro stabilization company, VEEM Ltd, is pleased to announce that it has successfully constructed the largest and most powerful known gyrostabilizer in the world, for delivery to Europe’s second largest ship builder, Damen Shipyards.

At 20 metric tonnes, the VG1000SD easily eclipses the second largest gyro product VEEM produces, the VG260, which is roughly one quarter of the size of the VG1000SD.

The VG1000SD will be officially launched at a function at VEEM’s Canning Vale facilities later today, by Australian Defence Minister, Senator The Hon. Linda Reynolds. In addition to its gyrostabilizers range, VEEM has developed a significant defence business, servicing both surface and sub-surface combatants.

The VG1000SD launch follows extensive sea trials with Damen, after VEEM secured an order for the product in April 2018.

The trials involved fitting two model VG260SD 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.

The VG1000SD will be deployed on Damen’s new Fast Crew Supplier (FCS) 7011, which is currently under construction and expected to launch later this year.

Damen constructs 200 vessels annually for customers across the globe.

VEEM Managing Director Mark Miocevich said the successful delivery of the VG1000SD was the culmination of a 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,” Mr Miocevich said.

“The VG1000SD 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 in Damen as the first customer for the VG1000SD, and we anticipate that the successful delivery of the VG1000SD will substantially increase interest in the product, which will help propel long-term value for our shareholders.”

Facility Opening

In conjunction with the launch of the VG1000SD, Minister Reynolds, officially opened VEEM’s new gyrostabilizer facility.

The new facility is located adjacent to VEEM’s existing operations in Canning Vale, WA. Totalling 4000m2, it will employ between 10 to 15 workers at full operational capacity.

The facility has been established to meet an anticipated rise in demand for VEEM’s range of gyro products, including the VG1000SD, as VEEM is receiving a constant and increasing level of enquiry for information and quotations related to the products.

Mr Miocevich said the expansion to a new facility highlighted the gyro market growth opportunities available to VEEM.

“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 interest for the products,” he said.