Prysmian to spend EUR 350m to add two new cable-laying vessels

Italian cable maker Prysmian SpA (BIT:PRY) is investing EUR 350 million (USD 386m) in two new cable-laying vessels to meet growing demand for submarine cables.

“The market is tremendously growing, and we are facing an increasing demand for submarine cable systems for interconnections and offshore wind farm projects both in Europe and in the US,” Hakan Ozmen, executive vice president Projects at Prysmian Group, commented in a statement last week.

The investment is included in Prysmian’s mid-term outlook set out during its capital markets day in October, the company specified.

The first cable-laying vessel will be an evolution of the Monna Lisa class and will feature three carousels with an overall capacity of 19,000 tonnes. It is scheduled to be operational by the start of 2027. The vessel will be delivered by Vard, a Norwegian subsidiary of Fincantieri Group, under a EUR-230-million contract. This is the third cable-laying vessel Vard is building for Prysmian after Monna Lisa, which is currently under construction, and Leonardo da Vinci.

The second vessel will be an evolution of the Ulisse cable lay barge, specialised in shallow-water cable laying and burial installation. It is expected to be operational by the first half of 2025.

Prysmian currently has six cable-laying vessels, including Monna Lisa.

(EUR 1 = USD 1.102)

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