High-technology marine propulsion and stabilisation systems manufacturer VEEM Limited (ASX: VEE) has executed an agreement with Strategic Marine for the exclusive use of VEEM gyrostabilisers.
Under the agreement, VEEM will supply its VG70, VG100 and VG140 marine gyrostabilisers to Strategic Marine on an exclusive basis for use on crew transfer vessels within Southeast Asia and on specific wind farm crew vessels in Europe.
Strategic intend to install the gyros on their own vessels but may also on-sell the gyros to third parties for retrofits or new-builds within the exclusivity boundaries.
Strategic Marine will exclusively use VEEM gyrostabilisers and will immediately order 12 VEEM gyrostabilisers for scheduled delivery over the next three years and will promote the use of VEEM gyros on its vessels.
Strategic has previously purchased two gyros and has an existing live order with VEEM for one gyro bringing their total orders on hand to 13 gyros. Strategic Marine has an option to extend the exclusivity for a further year provided it has met all its obligations plus purchased a further three units.
Headquartered in Singapore, Strategic Marine is a dynamic shipbuilding company with an international book of business and is renowned for producing quality, high performance commercial vessels for markets across the globe.
VEEM and Strategic Marine have been working together for over a year on the incorporation of the VEEM gyro into their latest fourth-generation fast crew boat (FCB). Strategic Marine launched the new vessel to the offshore energy industry, with the VEEM gyro as a key feature, in Singapore in March 2023. Strategic Marine is marketing the gyro as a unique selling point for their product which delivers superior economics and vessel capabilities for operators.
In March 2023 Strategic Marine demonstrated its confidence in the offshore vessel market and its product offering when it reported that it had ordered 100 Cat C32 engines with options for 50 more.
VEEM is proud to be partnering with Strategic Marine in the Southeast Asian crew transfer vessel market as well as the European Offshore Wind market,” VEEM Managing Director Mark Miocevich said.
“We have worked closely with Strategic Marine in the incorporation of the VEEM gyro into their fourth-generation fast crew boat platform and share their excitement over the potential of this vessel.
“With Strategic Marine’s clear commitment to the market and to VEEM’s product through the placing of orders, VEEM is very pleased to commit to exclusivity and work with Strategic for the next three years.”
