(Alliance News) - Fincantieri Spa announced on Monday that it has signed an agreement with Edge, one of the world's leading advanced technology and defense groups, formalizing the launch of Maestral, the joint venture created between the two companies in the Abu Dhabi-based shipbuilding business.

The signing of the agreement was followed by the announcement of a major order for 10 technologically advanced 51-meter OPV offshore patrol vessels by the UAE Coast Guard Forces, worth EUR400 million.

The 51-meter OPVs of the P51MR class, based on the proven Saettia class, are state-of-the-art units that feature high modularity, stability in rough sea conditions, low radar signatures and high operational flexibility.

The JV, first announced in February this year, will "seize opportunities globally for the design and production of advanced military vessels," the Fincantieri statement said.

Edge holds a 51 percent stake in the JV, with rights of first refusal for non-NATO orders along with a number of strategic orders placed by selected NATO member countries, with a commercial pipeline of orders worth an estimated EUR30 billion.

Fincantieri trades in the green by 2.5 percent at EUR0.61 per share.

By Chiara Bruschi, Alliance News reporter

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