Prysmian announced the completion of the expansion of its submarine cable plant in Pikkala, Finland, along with the christening of its new cable laying vessel, Prysmian Monna Lisa, according to the company's release.
The vessel is now fully operational and will perform cable laying operations worldwide.
Prysmian CEO Massimo Battaini stated, "Transmission is a major driver of organic growth. We have been making outstanding progress over the past months, and thanks to our long-term vision, we are now seeing our position further strengthened as these two hugely important assets come into operation."
Prysmian invested over €200 million in the Pikkala plant expansion, which includes a new high-voltage line inside a 185-meter-tall tower, the highest building in Finland.
The facility uses vertical continuous vulcanization to produce approximately 1 kilometer of HVDC 525 kV submarine cable per day.
The Prysmian Monna Lisa vessel is equipped with two carousels with capacities of 7,000 tonnes and 10,000 tonnes, respectively. It features a high voltage shore connection, a hybrid battery system, and generators compatible with biodiesel blends. The vessel is capable of cable laying at depths exceeding 3,000 meters.
Prysmian has invested around €850 million in its cable laying vessels and installation equipment since 2018 and expects to have eight vessels in operation by 2028.
The company’s Transmission business accounted for €361 million in adjusted EBITDA for FY 2024, with an expected increase of 25-28% by 2028. The current backlog stands at €17 billion. The market for transmission cables is estimated at €15-20 billion annually until 2030.
Prysmian Group is a global leader in the energy and telecom cable systems industry. The company provides cable manufacturing, installation, and maintenance services for power transmission, including submarine cables, and offers integrated solutions for the telecom sector. Prysmian operates in more than 50 countries, employing around 30,000 people.
N-Sea Group is a Dutch-based subsea services provider focused on inspection, maintenance, and repair (IMR) of subsea infrastructures, including cables, pipelines, and assets related to offshore energy and renewables. N-Sea operates vessels and provides solutions for the security and reliability of offshore assets, including partnerships with companies like Prysmian to enhance subsea cable services.