$434m Order placed for 10 Offshore Patrol Vessels
EDGE and Fincantieri have formalized the launch of a joint venture dubbed MAESTRAL, a JV created in the shipbuilding sector based in Abu Dhabi.
The JV is aiming to capture global opportunities in the design and manufacturing of naval vessels. EDGE holds a 51% stake in the JV, with pre-emptive rights for non-NATO orders along with a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders estimated to be worth around $32.6 billion.
The signing of the agreement was followed by the announcement of an order of ten (10) 51 meter offshore patrol vessels (OPVs) by the United Arab Emirates Coast Guard Forces, worth $434m. The 51 meter OPVs of the P51MR class are based on the Saettia class.
MAESTRAL will focus on sales, business operations and engineering for design and technical support, while offering valuable employment opportunities to highly skilled local and international talent.