EDGE Group and Fincantieri formalize the MAESTRAL Joint Venture and announce a 400 million euro order for 10 ships

(To Fincantieri)

EDGE, one of the world's leading advanced technology and defense groups, and Fincantieri, one of the world's leading shipbuilding groups, today signed an agreement formalizing the launch of MAESTRAL, the j (JV) created between the two companies in the shipbuilding sector based in Abu Dhabi. The JV, first announced in February this year, will capture global opportunities in the design and manufacturing of advanced naval vessels. EDGE holds a 51% stake in the JV, with pre-emptive rights for non-NATO orders together with a number of strategic orders placed by some selected NATO member countries, with a commercial pipeline of orders estimated to be worth approximately €30 billion .

The signing of the agreement was followed by the announcement of a major order of 10 technologically advanced 51 meter offshore patrol vessels (OPVs) by the United Arab Emirates Coast Guard Force, worth €400 million. The 51 meter OPVs of the P51MR class, based on the proven class Lightning, are cutting-edge units that stand out for their high modularity, stability in rough sea conditions, reduced radar signature and high operational flexibility.

The signing ceremony took place in the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and was attended by He Faisal Al Bannai, Chairman of EDGE Group, the Hon. Matteo Perego di Cremnago, Italian Undersecretary of State for Defence, of the team admiral Enrico Credendino, chief of staff of the Italian Navy, of Hamad Al Marar, general director and managing director of the EDGE Group, of Pierroberto Folgiero, managing director and general director of Fincantieri and Dario Deste, general director of Fincantieri's naval vessels division.