• Strategic Marine has incorporated the VEEM gyro into its latest fast crew transfer vessel design and is marketing this as a unique selling point for their product which delivers superior economics for offshore energy operators.
• VEEM has signed an agreement with Strategic Marine for the exclusive use of small and medium size VEEM gyros for fast crew transfer vessels in the Southeast Asian region and specific windfarm crew vessels in Europe.
• Strategic Marine will place orders immediately for 12 gyrostabilizers to be delivered over the next three years with a value in excess of USD 5.6 million (AUD 8.2 million).
• The agreement gives Strategic Marine exclusive use of the specified VEEM gyrostabilizers in their own new build vessels as well as retrofits and on-selling to other operators.
• Strategic Marine has the option to extend the exclusivity for a further year in certain circumstances.

SINGAPORE, 26 June 2023 – Strategic Marine has signed an Exclusivity Agreement with VEEM Limited (ASX: VEE) (‘VEEM’) to supply its VG70, VG100 and VG140 marine gyrostabilizers 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 gyrostabilizers and will immediately order 12 VEEM gyrostabilizers 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.

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.

VEEM Managing Director Mark Miocevich said: “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. 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.”

Strategic Marine Chief Executive Officer, Chan Eng Yew said: “We believe that the VEEM gyro provides a significant performance advantage to our fast crew boats. Strategic is committed to the fast crew boat market as we have demonstrated through our expansion of facilities and orders of engines. We see the introduction of our fourth generation FCB with the VEEM gyro, as a game changer that will be embraced by offshore energy operators in Southeast Asia and elsewhere around the world.”