VEEM’s marine stabilisation technology gains traction with leading European luxury super yacht builders

VEEM ASX VEE marine stabilisation technology gyrostabilisers sales traction luxury super yacht builders
VEEM reports numerous sales in the European luxury super yacht market.

Australian marine technology company VEEM (ASX: VEE) has confirmed multiple sales of its range of heavy-duty gyrostabilisers to some of Europe’s leading builders of luxury super yachts.

Four companies in the Netherlands and one in France have signed separate sales agreements for the purchase of VEEM’s high-tech gyrostabilisers, indicating that the Perth-based manufacturer has reached a “tipping point of acceptance” in the global marketplace.

VEEM’s gyrostabilisers claim to almost eliminate the rolling motion of vessels in waves, increasing on-sea time and improving personnel and passenger comfort and safety in a wide range of ocean conditions.

Between them, prestige Dutch manufacturers Feadship Royal De Vries Group, Royal Huisman and Van Der Valk Shipyard have ordered a total of six gyrostabilisers for installation into their own lines of ultra-modern yachts.

The units are scheduled for delivery to each shipyard between now and late 2019.

Talsma Shipyard, also in the Netherlands, and Couach Shipyard in France, took delivery of similar units earlier this year.

VEEM managing director Mark Miocevich said the sales orders will be a “game changer” for the company and for the global marine stabilisation market.

Successful sea trials

VEEM specialises in the manufacture of advanced and powerful stabilisers for super yachts and commercial workboats.

Featuring robust construction, easy installation and advanced software, each unit is designed to minimise vessel rolling, in small and large wave conditions.

The breakthrough sales follow successful sea trials in the Netherlands onboard a Fast Crew Supplier 5009 vessel built by Damen Shipyards Group, currently Europe’s second largest boat manufacturer producing more than 200 new vessels per year.

The trial was conducted earlier this month and utilised two VEEM VG260SD gyrostabilisers and an Ampelmann L-type motion compensating gangway to achieve a target roll reduction of between 35% and 40% as predicted.

Following the trial, Damen confirmed with VEEM its plans to install VEEM’s largest gyrostabiliser, the VG1000SD, onto its new 70-metre Fast Crew Supplier 7011 to achieve roll reduction of up to 75% in 2.5m waves.

“[The new orders] are an exciting milestone on the path to widespread global acceptance of VEEM gyrostabilisers as an essential component of ship design,” said Mr Miocevich.

“We are confident that gyrostablisers will become commonplace on new vessels in the marine industry as the advantages of the technology become widely known.”

At mid-afternoon, shares in VEEM were up 0.88% to $0.57.

Imelda Cotton has over 20 years experience as a journalist and communications professional. She has spent the bulk of her career in the resources sector, having also worked directly with oil and gas majors and as a journalist covering a vast array of ASX listed companies within the resources, energy, science and health sectors.