By Cecilia Butini

 

ABB Ltd. said Monday that it has won a contract to supply an advanced power system for Damen Shipyards Group's newest diamond recovery vessel.

The Swiss engineering company said the vessel, which is currently under construction on the Black Sea in Romania, will be delivered in 2022 to Debmarine Namibia, a joint venture between the government of Namibia and diamond company De Beers Group.

The financial details of the deal weren't disclosed, according to ABB.

The vessel, which will deploy a subsea technique to recover diamonds from the seabed, will reach a total cost of $468 million and become the largest and most technologically-advanced diamond recovery vessel, ABB said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

July 13, 2020 05:35 ET (09:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
ABB (NYSE:ABB)
Historical Stock Chart
From Dec 2020 to Jan 2021 Click Here for more ABB Charts.
ABB (NYSE:ABB)
Historical Stock Chart
From Jan 2020 to Jan 2021 Click Here for more ABB Charts.