VEEM

What VEEM does

VEEM Ltd (ASX: VEE) is a Perth-headquartered precision engineering company founded in 1968 that designs and manufactures high-technology marine propulsion, stabilization, and defence components. Its three product pillars are VEEM Marine Gyrostabilizers (patented vacuum-chamber flywheel systems offering up to 85% roll reduction, ranging from VG52 to VG1000 models for vessels of 60 to 3,500 tonnes), VEEM Marine Propellers (including Star, VEEM Extreme, and the exclusive SHARROW by VEEM line manufactured on a 6-axis CNC machine capable of 4.5m diameter units), and defence components (Collins Class submarine ball valves under Flowserve license, Hunter Class prototype propellers, and Virginia-class submarine supply chain participation via AUKUS). The company operates Australia's largest non-ferrous foundry and a 10,500m2 Canning Vale manufacturing facility.

VEEM monetizes primarily through direct hardware sales across defence, commercial marine, and industrial channels, supplemented by engineering services and technology licensing royalties. Defence revenue is anchored by a six-year $65M ASC contract for Collins Class submarine components through 2031 and supported by relationships with Austal, Northrop Grumman, and HII for AUKUS-related work. Marine commercial sales flow through direct enterprise engagement with shipbuilders (Damen, Strategic Marine, Viking) and a global dealer network including Marine Service Asia, with more than 40% of revenue from exports. Customers include Australian Border Force, NRMA, Manly Fast Ferry, Rottnest Express, and DeepOcean. Pricing is quote-based for most contracts, with the VG120 gyrostabilizer publicly listed at US$240,000 per unit ex-installation. Recent financial performance shows 1HFY26 revenue of $23.4M AUD and a $24.8M non-cash impairment on gyrostabilizers during the transition to the Mark III platform, with the company supported by $9.1M cash following a $13.1M capital raise.

Name

VEEM

Legal name

VEEM Ltd

Website

https://veem.com.au

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

51–100 employees

Short description

VEEM Ltd is an Australian precision engineering company (founded 1968, ASX:VEE) that designs and manufactures marine gyrostabilizers, propellers, and defence components for submarines, frigates, commercial vessels, and superyachts globally.

Ownership category

akta.pro rank

Product category

Marine Propulsion and Stabilization Equipment

NAICS

Ship Building and Repairing (336611), Ship and Boat Building (3366), Aerospace Product and Parts Manufacturing (33641)

SIC

Ship & Boat Building & Repairing (3730), Special Industry Machinery, Nec (3559)

akta.pro primary industry

Propellers & Waterjets (IMAJAHAE)

akta.pro secondary industries

Propulsion MRO, Spares & Field Service (Overhauls, retrofits, upgrades) (IMAJAHAN), Retrofits & Modernization (Scrubbers, Ballast Water, Alternative Fuels, Energy-Saving Devices) (IMAJAFAH)

Keywords

• Marine gyrostabilizers
• Marine propulsion systems
• Precision engineering services
• Non-ferrous foundry
• Defence manufacturing

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Defence Contracts: Long-term defence supply contracts including the six-year $65 million contract with ASC for Collins Class submarine components, Hunter Class frigate work, and Virginia-class submarine supply chain participation through AUKUS framework.
2. Marine Propulsion Products: Sale of VEEM propellers, VEEM Extreme propulsion systems, and interceptor propellers to commercial vessels, ferries, superyachts, and patrol boats globally.
3. Gyrostabilizer Sales and Service: Sale and servicing of VEEM Gyro products (VG120, VG145, VG260, VG1000) to superyachts, commercial vessels, defence platforms, and workboats worldwide.
4. Engineering Services: Precision engineering services including casting, machining, dynamic balancing, and custom fabrication for marine, defence, aerospace, and industrial sectors.
5. Licensing Royalties: Technology licensing arrangements including manufacturing licence agreements with Northrop Grumman and ball valve licensing from Flowserve Corporation.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

VEEM Ltd designs, manufactures, and services high-technology marine propulsion systems (propellers including VEEM Extreme and SHARROW designs) and marine gyrostabilizers (VG52 through VG1000 models) for vessels ranging from 60 to 3,500 tonnes. The company also supplies precision-engineered defence components (Collins Class submarine ball valves, Hunter Class prototype propellers) and industrial products (Forever Pipe, Hollowbar) from its 10,500m2 Canning Vale facility housing Australia's largest non-ferrous foundry.

Product overview

VEEM Ltd is a precision engineering company specializing in high-technology marine propulsion and stabilization systems, primarily serving marine, defence, and industrial sectors. The product portfolio centers on three core offerings: VEEM Marine Gyrostabilizers (gyroscopic roll stabilization systems available in multiple models from VG52 to VG1000SD for vessels ranging from 60 to 3,500 tonnes), VEEM Marine Propellers (including Star, Extreme, and SHARROW by VEEM branded propellers manufactured with advanced CNC machining up to 4.5m diameter), and defence components (ball valves for Collins Class submarines, Hunter Class prototype propellers, Virginia-class submarine supply chain components). Additional industrial products include Forever Pipe wear-resistant piping technology and hollowbar products. The company operates Australia's largest non-ferrous foundry and holds multiple defence accreditations including AUKUS-aligned supplier status for Virginia-class submarine supply chains.

Differentiator

Problem solved

Functional benefit

Brands

• VEEM Marine: Marine propulsion and stabilization systems division
• VEEM Gyro
• VEEM Extreme
• SHARROW by VEEM
• Forever Pipe
• VEEM 247
• VEEM Hollowbar

Products and services

• VEEM Marine Gyrostabilizers Advanced marine gyrostabilization systems using high-speed flywheel technology in vacuum-controlled chambers to reduce vessel roll motion. Available in multiple models (VG52, VG120, VG145, VG260, VG1000) for vessels from 60 tonnes to 3,500 tonnes displacement, delivering up to 85% roll reduction at 0 knots. Targeted at superyachts, commercial vessels, defence platforms, and workboats.
• VEEM Marine Propellers High-precision marine propellers including Star Propellers and Extreme Propellers manufactured using advanced CNC machining and robotic processes. Capable of producing propellers up to 4.5m in diameter. Targeted at commercial vessels, ferries, superyachts, defence platforms, and patrol boats.
• VEEM Extreme Propulsion Range High-performance marine propulsion system delivering 14.1% fuel efficiency gain as demonstrated on NRMA's Ocean Surfer. Launched in October 2025 as a new gear offering within VEEM's marine propulsion portfolio. Targeted at commercial vessel operators seeking fuel savings and decarbonisation pathways.
• SHARROW by VEEM Propellers Revolutionary propeller design developed under exclusive agreement with Sharrow Marine and commercialized globally by VEEM. Named in TIME's Best Inventions of 2023. The SHARROW by VEEM program entered accelerated commercial phase in 2025. Targeted at commercial marine and recreational vessel operators.
• Collins Class Submarine Ball Valves Specialized ball valves for Australia's Collins Class submarines. VEEM is the sole Australian supplier of ball valves for the Collins fleet under license from Flowserve Corporation Flow Control (UK) Ltd. Supplied to ASC Pty Ltd under a six-year $65 million contract extending through 2031.
• Hunter Class Prototype Propellers Prototype propellers being developed for the Hunter Class frigate program as part of Australia's defence shipbuilding initiatives. Targeted at the Royal Australian Navy's Hunter Class frigate program.
• Forever Pipe Technology Patented duo-metal centrifugal casting process producing pipes with wear-resistant inner layer for high-wear industrial piping applications. Targeted at industrial sectors requiring durable piping for abrasive material transport.
• Hollowbar Products Hollow bar products for industrial applications, supplied under a multi-year supply agreement with Latrobe Magnesium. Targeted at industrial manufacturing customers requiring specialty metal bar products.
• Non-ferrous Foundry and Precision Engineering Services Precision engineering services including Australia's largest non-ferrous foundry casting services, CNC machining, dynamic balancing, and custom fabrication using copper nickel, bronze, and specialty alloys. Targeted at marine, defence, aerospace, and industrial customers requiring complex precision manufacturing.

Quantifiable outcome

• 85% roll reduction at 0 knots with VG120 gyro in 0.7m wave conditions
• +3 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and major.

• ASC Pty LtdcoreStrategic or Co-development Partner · 13 August 2025Six-year $65 million contract extending VEEM's 30+ year relationship with ASC as Australia's submarine builder. VEEM remains sole Australian supplier of ball valves for Collins Class fleet under Flowserve Corporation license. Contract secures in-country manufacturing through 2031 and aligns with Collins, Hunter, and AUKUS programs.
• Northrop GrummancoreOEM/ Whitelabel/ Licensing PartnerManufacturing Licence Agreement signed to strengthen defence manufacturing capability in Western Australia and embed VEEM into global defence supply chain. Strategic partnership for AUKUS-related opportunities.
• Sharrow MarinecoreStrategic or Co-development PartnerExclusive agreement for VEEM to commercialize revolutionary SHARROW propeller design globally. SHARROW propeller named in TIME's Best Inventions of 2023.
• Damen ShipyardsmajorTechnology or IntegrationVG1000SD gyrostabilizer supply contract subject to sea trials. Long-standing evaluation partnership including vessel simulation software development. Multiple agreements for gyrostabilizer integration into Damen vessel platforms.
• Strategic MarinemajorChannel Partner/ Reseller/ DistributorExclusivity agreement for VEEM Gyros on fast crew boats and next-generation vessels. Strategic Marine accelerating gyrostabilizer deliveries for offshore and crew transfer applications.
• HII (Huntington Ingalls Industries)coreStrategic or Co-development PartnerAUKUS-focused supplier engagement. VEEM hosts HII delegations as part of submarine supply program. Pursuing Virginia-class submarine supply chain opportunities.
• Marine Service AsiamajorChannel Partner/ Reseller/ DistributorJoining VEEM Marine global dealer network for Asia-Pacific distribution of marine propulsion and gyrostabilizer products.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Finlandiapropeller: Finlandiapropeller designs and manufactures controllable-pitch propellers and marine propulsion components for commercial and naval vessels, directly comparable to VEEM's propeller and interceptor technology.
• Seakeeper: Seakeeper is the leading global supplier of vacuum-sealed marine gyrostabilizers for recreational and light commercial vessels, directly competing with VEEM's VG product range in the superyacht and sportfish segments.
• Brunvoll: Brunvoll supplies marine propulsion and manoeuvring thrusters, azimuth thrusters, and control systems for offshore, commercial, and naval vessels, competing with VEEM's propellers and interceptor technology.
• Twin Disc: Twin Disc manufactures marine transmission, propulsion, and power-management systems, comparable to VEEM's marine propulsion offering for commercial and defence vessels.
• Naiad Dynamics: Naiad Dynamics designs and manufactures fin and gyroscopic motion-control systems for naval, commercial, and yacht markets, overlapping with VEEM Gyro's stabilisation technology and customer base.
• Schottel: Schottel develops and produces marine propulsion systems including propellers, azimuth thrusters, and control electronics for commercial, offshore, and naval vessels — closely aligned with VEEM's marine propulsion product line.
• ZF Marine: ZF Marine produces marine propulsion systems, including propellers, gearboxes, and driveline technology for recreational, commercial, and military vessels — overlapping with VEEM's propeller and propulsion portfolio.

Broad incumbents

• Wärtsilä: Wärtsilä is a major global supplier of marine engines, propulsion systems, and lifecycle services, addressing the same commercial and defence shipyards that VEEM supplies with propellers and components.
• Kongsberg Maritime: Kongsberg Maritime provides marine propulsion, stabilisation, and control systems alongside its broader ship and offshore technology portfolio, overlapping with VEEM's marine equipment offerings.
• Rolls-Royce (Marine): Rolls-Royce's marine business delivers integrated propulsion, deck machinery, and stabilisation systems across commercial and naval markets — a broad incumbent that competes with VEEM on naval and commercial propulsion tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/veem_ltd
• YouTubeyoutube.com/@veem_ltd
• Facebookfacebook.com/VEEMLtd
• LinkedInlinkedin.com/company/veem-ltd
• Instagraminstagram.com/veemmarine

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VEEM