(Alliance News) - Fincantieri Spa announced Friday that, through its subsidiary Vard, it has signed an approximately EUR250 million contract with a new customer, Edda Wind, for the construction of four Commissioning service operation vessels - CSOVs.

The first two vessels will be delivered in the first quarter of 2025, the third in the second quarter of 2025, and the fourth in the first quarter of 2026.

Edda Wind-one of the leading offshore wind service companies based in Haugesund, Norway, which develops and operates vessels operating in offshore wind farms around the world-has also secured options for four additional CSOVs under the same contract terms, which, if exercised, provide for delivery of the vessels in 2025 and 2026.

Pierroberto Folgiero, chief executive officer of Fincantieri, said, "We are particularly pleased with this result, which intercepts numerous directions in our development. It reaffirms the value of the offshore wind sector as the third cornerstone of our core business, alongside cruise and Defense, adding a new and ambitious client to our portfolio."

The vessels for Edda Wind join the eleven CSOV or Service Operation Service vessels in the portfolio, along with two cable-laying vessels.

"Thanks to its know-how and leadership," the company explained in a note, "the group will seize additional opportunities arising from the increase in total installed capacity expected by 2030 and the additional need for ships in wind farms.

Fincantieri on Thursday closed flat at EUR0.61 per share.

By Chiara Bruschi, Alliance News reporter

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