Prysmian Group announced it will invest more than €170 million ($210.3 million) in a new cable laying vessel to be delivered by the second quarter of 2020.
The group said the vessel will support long-term growth prospects in the submarine cable installation business, strengthening its interconnection and offshore wind project execution capabilities.
According to the Prysmian Group, the vessel will offer deep water installation capabilities for depths of more than 2,000 m; increased cable loading capacity thanks to large cable rotating platforms; capability to perform complex installation operations supporting a variety of burial systems, including heavy duty ploughs; state-of-the-art positioning and seakeeping systems and a reduced environmental footprint.
The group said its submarine business secured several important contracts in 2017 with an order intake of approximately €1 billion developing a solid order book in excess of €2,400 million as of December 31, 2017. Recent main interconnection projects secured include IFA2 for a submarine link between Britain
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