EDGE, Fincantieri formalize shipbuilding JV, announcing $436M order

EDGE, a leading advanced technology and defense group, and Fincantieri, one of the largest shipbuilding companies worldwide, have signed an agreement Monday to formalize the launch of MAESTRAL, an Abu Dhabi-based shipbuilding Joint Venture (JV), both companies have announced in a press release.

The JV, initially made public back in February, is set to capitalize on global opportunities for the design and manufacture of advanced naval vessels.

The United Arab Emirates (UAE)’ EDGE holds a 51% stake in the venture, which will be awarded prime rights to non-NATO orders, and a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders valued at approximately 30 billion euro ($32.7 billion).

The signing ceremony was attended by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, along with Faisal Al Bannai, Chairperson of EDGE Group; Matteo Perego di Cremnago, Italian Undersecretary of State for Defense; Admiral OF-9 Enrico Credendino, Chief of the Italian Navy; Hamad Al Marar, Managing Director & CEO, EDGE Group; Dr. Pierroberto Folgiero, CEO & Managing Director, Fincantieri Group; and Dr. Dario Deste, General Manager of the Naval Vessels Division, Fincantieri.

The signing of the agreement was followed by the announcement of an order by UAE Coast Guard Forces for 10 technologically advanced 51m Offshore Patrol Vessels (OPVs), valued at 400 million euro.

Al Bannai said on the development that “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.”

He said not only does this demonstrate the speed with which EDGE and its partners can operate, and the resources they can mobilize, “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.”

“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,” he added.

Folgiero, on the other hand, said: “We are proud to announce the creation of MAESTRAL and a first major order since the start of our collaboration with EDGE Group.”

“Today's 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 defense sector in connection with Abu Dhabi export platform,” he was quoted as saying by the press release.

The P51MR Class 51m OPVs, based on the mission-proven Saettia Class, are state-of-the-art vessels characterized by their high modularity, stability in rough sea conditions, low radar signal signature, and high operational flexibility.

Leave a Comment