(Alliance News) - Fincantieri Spa announced Wednesday that, through its U.S. subsidiary Fincantieri Marine Group, it has signed a contract with CREST Wind, a joint venture between Crowley and ESVAGT, to design and build a service operation vessel.

The 88-meter vessel will be built at Bay Shipbuilding and will enter service in 2026. The vessel will serve on a long-term charter to Coastal Virginia Offshore Wind, a wind farm in the U.S. owned by Dominion Energy.

SOV units are used to transport technicians to maintain and monitor the operation of offshore wind turbines. Crowley is one of the main companies supporting the U.S. offshore wind market, while ESVAGT is the main provider of SOV services in Europe.

The unit for CREST Wind adds to the ten in its portfolio of construction service operations vessel or SOV type and two cable-layers. Thanks to its know-how and leadership in the construction of these vessels, Fincantieri aims to seize the opportunities arising from the growth in worldwide installed power expected in 2030 and the additional requirement of more than 150 units for the installation and maintenance of wind fields.

Pierroberto Folgiero, chief executive officer of Fincantieri, commented, "With this order, Fincantieri reaffirms that it is a prime mover in the sector of vessels supporting offshore wind power, which will converge huge investments in the coming years. As we have stated in the industrial plan, the push toward decarbonization will enable us to further strengthen the competitive positioning and distinctive character of our model, while developing synergies across the core business to enhance the group's competencies."

Fincantieri's stock closed Wednesday up 1.4 percent at EUR0.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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