October 19, 2018

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Prysmian Group invests €170 million in next generation subsea cable vessel

The new vessel is expected to be ready for business by the second quarter of 2020

Prysmian Group is to invest €170 million in a state of the art cable laying vessel to bolster its offshore operations. The new vessel will support long-term growth prospects in the submarine cable installation business, strengthening the Group’s interconnection and offshore wind project execution capabilities. 

The new vessel will allow Prysmian to increase its deep water installation capabilities for depths of more than 2,000m, provide increased cable loading capacity thanks to large cable rotating platforms and increase the company's capability to perform complex installation operations supporting a variety of burial systems, including heavy duty ploughs.

The new vessel is expected to be delivered by Q2 2020.

 Prysmian Group's subsea cabling business won a number of important contracts in 2017, with approximately €1 billion of new business generated. The company recently secured a contract for work on the IFA2 project for a submarine link between Britain and France and an NGCP interconnection in the Philippines. 

 

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