(Alliance News) - Leonardo Spa and Fincantieri Spa announced Wednesday that as part of the multi-year "FREMM" program aimed at renewing the Navy's fleet through the construction of next-generation frigates, Orizzonte Sistemi Navali - a joint venture in which Fincantieri and Leonardo hold 51 percent and 49 percent stakes, respectively - has signed a contract worth about EUR1.5 billion with Organisation Conjointe de Coopération en matière d'Armement for the construction of two new FREMM frigates in the "EVOLUTION" version, named "FREMM EVO."

The Navy will thus have two new FREMM Frigates that will ensure high operational performance, with state-of-the-art technology and equipped with state-of-the-art systems, as well as modern anti-drone capabilities and more generally capable of operationally handling unmanned systems in the three dimensions, the companies explained in a note.

Leonardo is down 2.9 percent to EUR2.99 per share, while Fincantieri gives up 2.4 percent to EUR5.10 per share.

By Claudia Cavaliere, Alliance News reporter

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