Veem secures supply contract

Marine technology company VEEM has signed a contract with Netherlands-based Damen Shipyards to supply its newest stabilisation system, subject to successful sea trials.  

Veem manufactures and sells gyrostabilising technology.

Damen has been evaluating gyrostabiliser technology and its applicability to its range of marine platforms since Veem released the VG range of gyrostabilisers to the market in 2015.

The contract forms part of a technical evaluation program announced in February.

The sea trials component of the program commences in June and is expected to be completed in July.

Managing director Mark Miocevich said the contract represented a significant milestone for the company.

“For Damen to now progress their prior exhaustive evaluation to sea trials and then if successful, the purchase of the VG1000SD, speaks volumes about the technology that Veem has developed. From Veem’s perspective these trials will be seen as a verification of what we already know,” he said

Veem shares were up 2.4 per cent at 43 cents each today.