VEEM announces $3 million order for ASC submarine refit

VEEM

Image credit: VEEM

VEEM, marine propulsion and stabilisation systems designer and manufacturer, has announced a $3 million order for next full cycle docking for the Collins Class maintenance program from ASC, Australia’s submarine sustainment and maritime services company. 

This initial order for the next submarine refit highlights VEEM’S long history of work for ASC and its ability to consistently deliver highly specialised engineering capability for Defence contracts. 

It also reflects a sophisticated scheduling approach to the next full cycling docking, considering long lead time items and forecasted changes in metals pricing due to COVID-19. 

This allows VEEM to plan future production and supply chain commitments and provides assurance to ASC for future timing and pricing. Orders on suppliers will be placed immediately by VEEM. 

“The new order from ASC is further demonstration of our reputation for precision engineering to the exacting defence standards of the Royal Australian Navy,” VEEM managing director Mark Miocevich said. 

“This order will provide certainty to our planning and positively impact our profitability in the 2022 and 2023 financial years.” 

The full contract is anticipated to be worth $9M and delivery to commence in the next financial year, around July 2022.