Think of VEEM Marine (ASX: VEE) as the team doing their best behind the scenes to make your experience better when lockdown ends and you finally board your yacht.
Picture yourself: mimosa in hand, out on the ocean, enjoying the sun.
Keeping that mimosa firmly in your hand and not spilled all over the deck is VEEM’s VG520/1000SD gyrostabiliser. The tech serves to significantly reduce the rolling motion of vessels in waves, increasing safety and efficiency, but most importantly, not spilling a drop of that well deserved cocktail.
The Company has developed the world’s most powerful in-service marine gyrostabiliser which was recently installed and commissioned on a 60m Damen YS 5009 exploration vessel. The boat, operating in Australian waters put VEEM’s tech to the test on recent sea trials off the coast of Fremantle, Western Australia during which roll motion data was recorded. The results were mimosa worthy with the Captain, Bradeden Carruthers saying: “I was very surprised with how well it worked and how instantly it worked. From being on the vessel for 3 years, this has made a major improvement to the vessel.”
Headquartered in Perth, Western Australia, VEEM is a designer and manufacturer of high tech marine propulsion systems for global luxury motor yachts (yes, yes!), fast ferries, commercial workboats and defence vessels.
Commenting on the success of the recent sea trials, Managing Director of VEEM, Mark Miocevich said: “The UMBRA sea trials mark the second successful commissioning and sea trials of our VG520/1000SD units with the Damen FCS 7011 scheduled for later in the year, Getting this product out to market and proven in such short order is a major testament to the entire team at VEEM Marine.”
“We are currently going through an exciting period of growth at VEEM Marine with the development of our next and largest unit, the VG750SD. Targeted at larger superyachts and commercial vessels, iot will build on the success of the VG520/1000SD. Having the biggest global in-service fleet of gyrostabilisers in the large vessel range, VEEM is continually evolving its products to improve performance and reliability.”
Yep, he said superyacht.
With a 34% lift in revenue to $59.5 million, and a 36% increase in EBITDA to $10.2 million for the 2021 financial year, VEEM’s tech speaks for itself and, with a potential market size of USD $14.6 billion for retrofit and new build gyrostabilisers, things are looking promising.
Mimosa anyone?
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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