Prysmian to spend EUR 240m on new cable-laying vessel

Italian cable manufacturer Prysmian SpA (BIT:PRY) on Tuesday said it is investing EUR 200 million (USD 205m), plus EUR 40 million for cable equipment, in a new cable-layer that will be operational by the first quarter of 2025.

The vessel will be constructed by Norwegian shipbuilder Vard Group, a subsidiary of Italy’s Fincantieri Group, and will be similar to Leonardo da Vinci that Vard delivered to Prysmian in 2021.

The new ship will expand Prysmian’s fleet which currently consists of five cable-laying vessels.

Hakan Ozmen, executive vice president Project BU at Prysmian Group, said the vessel will strengthen the company’s installation capabilities and support its position in the interconnection and offshore wind farm markets, while ensuring on-time delivery and execution.

The projects the new vessel will work on include the Dominion Energy offshore wind project in the US, the Neuconnect Energy Link between the UK and Germany, and the Dolwin4 and Borwin4 offshore wind connection systems in Germany.

(EUR 1 = USD 1.027)

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