By Mauro Orru

Orizzonte Sistemi Navali, a joint venture between Fincantieri and Leonardo, signed a contract to build three patrol vessels for the Italian Navy for 925 million euros ($1.02 billion).

The two Italian companies said Monday that the contract, signed with the Italian Secretariat General of Defense and National Armaments Directorate, has options for a further three vessels as well as infrastructural upgrades for naval bases in Augusta, Cagliari and Messina.

Fincantieri and Leonardo respectively hold 51% and 49% stakes in the joint venture.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

July 31, 2023 13:25 ET (17:25 GMT)

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