Prysmian to invest in new submarine cables vessel, signs 50m euros with Terna
This strategic asset will bolster Prysmian’s turnkey approach, under which it delivers end-to-end EPCI projects, from engineering, manufacturing and installation to full monitoring and diagnostic services.
In particular it will support long-term growth prospects in the submarine cable installation business, strengthening the group’s interconnection and offshore wind project execution capabilities.
Prysmian group’s new vessel is intended to be the most capable cable layer in the market and to offer enhanced project versatility. The cable laying vessel is expected to be delivered by Q2 2020.
The group’s submarine business secured several important contracts in 2017 with a robust order intake of approximately €1 billion developing a solid order book in excess of €2,400 million as at 31 December 2017.
Recent main interconnection projects secured include IFA2 for a submarine link between Britain and France and an NGCP interconnection in the Philippines. In the offshore wind connections market, Prysmian has been awarded projects by RTE to link three offshore wind farms to the French electricity grid.
Prysmian, the world's biggest cable maker, said it had signed a 50 million euros contract with Terna to strengthen Italy's power grid.
The project will be executed over three years, the Milan-based cable maker said in a statement, adding it could be extended beyond its initial lifetime and increased in value.
As part of its cooperation with the Italian power grid company, Prysmian is also building a high voltage direct current connection between France and Italy and an underwater cable between Capri and Sorrento in southern Italy. ■