VEEM Ltd (ASX:VEE) has sold its first VG260SD gyrostabilizer to the Spanish Friere Shipyard to be installed in a patrol vessel for the Government of Kuwait.
The announcement follows confirmation from VEEM last week that it had signed a contract to supply its largest gyrostabilizer, the VG1000SD to Damen, Europe’s second largest shipbuilder.
The VEEM Gyro VG260SD has been selected by Friere Shipyard as the roll stabilisation system for a 42 metre fisheries patrol vessel being built in Spain for the Government of Kuwait.
VEEM Managing Director Mark Miocevich said: “This is a significant sale for VEEM for a number of reasons – it is the first VG260SD to be sold globally, the first VEEM Gyro that will operate in the Middle East region, and will be the first VEEM Gyro to enter service on a government patrol vessel.
“VEEM sees itself as a role model company for the Australian Government’s drive to develop defence exporters. It is encouraging to see the Australian Government so strongly supporting this high technology manufacturing sector.”
The VEEM VG260SD gyros are suitable for offshore workboat, patrol and superyachts with an annual potential global market of AUD$1billion.
The VG260SD will be delivered to the Friere Shipyard, Spainin January 2019 for commissioning in the middle of 2019.
VEEM Ltd, a successful 50 year old Western Australian company, floated on the ASX late in 2016 with the view to commercialize a range of large gyrostabilizers. VEEM gyrostabilizers are large quietly spinning flywheels installed in the vessel hull that, by Euler’s law of physics, reduce the rolling motion of the vessel at rest or underway. VEEM produces a range of gyrostabilizers suitable for vessels from 70 to 3000 tonnes.
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