VEEM opens new gyro facility

Marine technology company VEEM has today launched a new gyrostabiliser and a facility with the capacity to produce more than $100 million worth of gyros a year to cater for an anticipated uptick in demand.

In a statement, VEEM said the facility had been established to meet the rise in demand for its gyro products range.

Gyrostabilisers are usually located in the engine room and reduce the rolling motion of a vessel in waves.

The new facility is adjacent to VEEM’s operations in Canningvale.

VEEM managing director Mark Miocevich said the new facility would allow the company to ramp-up the commercialisation phase of its gyro products.

“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.”

Along with the new facility, VEEM also launched a new 20 metric tonne gyrostabiliser, VG1000 SD, to be delivered to Netherlands-based Damen Shipyards.

The VG1000 SD will be installed into Damen’s Fast Crew Supplier, FCS 7011, which is under construction and expected to launch later this year.

Mr Miocevich said the completion of the VG1000 SD was the culmination of significant research and development investment in the product.

“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 super yachts, defence and civil vessels, and has further commercial applications including windfarm services, oilfield services, crew transfer and ferries,” he said.

“We are delighted to have such an internationally esteemed shipbuilder as Damen as the first customer of the VG1000 SD, and we anticipate that the successful delivery of the VG1000 SD will substantially increase interest in the product, which will help propel long-term value for our shareholders.”

VEEM shares were up 5 cents to 50 cents each when the market closed today.