Fincantieri, EDGE Group ink $434 million deal with UAE Coast Guard for 10 OPVs
Italian shipbuilding major Fincantieri and UAE’s defense company EDGE Group have signed a contract with UAE Coast Guard Forces for the construction of ten offshore patrol vessels (OPVs).
As informed, the P51MR class OPVs, based on Saettia-class ships, will be vessels characterized by high modularity, stability in rough sea conditions, low radar signal signature, and high operational flexibility.
The 51-meter long ships will be built under a contract valued at €400 ($434 million).
As a separate announcement, the companies revealed that they have signed an agreement formalizing the launch of MAESTRAL an Abu Dhabi-based shipbuilding joint venture (JV).
MAESTRAL will concentrate on sales, commercial operations, and engineering for design and service, while providing employment opportunities for highly skilled local and international talent.
“In just three months since first announcing the creation of this unique venture with Fincantieri, we are now announcing a significant national order for these sophisticated OPVs, to be built both here at our shipyards in Abu Dhabi, and in Italy. Not only does this demonstrate the speed with which EDGE and its partners can operate, and the resources we can mobilise, but fully underscores our strategy of international export growth through mutually beneficial partnerships, the exchange of knowledge and expertise, and the continued pursuit of technological excellence through innovation,” Faisal Al Bannai, Chairman of EDGE Group said.
“It also opens up opportunities for MAESTRAL to promote an extensive portfolio of diverse maritime solutions, including a complete series of technologically advanced vessels, to navies and coast guards around the world.”
“We are proud to announce the creation of MAESTRAL and a first major order since the start of our collaboration with EDGE Group. …signing represents concrete evidence of how this Joint Venture is an industrial platform of great value, which will allow us not only to seize the opportunities arising in a strategic market such as the UAE, but also to further develop our commercial capabilities, thus creating new and important opportunities for growth and expansion in the international defence sector in connection with Abu Dhabi export platform,” Pierroberto Folgiero, Fincantieri CEO and Managing Director.
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