(Alliance News) - Fincantieri is on the short list for Norway's new frigate program, along with Naval Group (France), Bae Systems (Britain) and Damen Naval (Germany), according to Friday's print edition of Il Sole 24 Ore.

The short list was announced by Norwegian Defense Minister Bjørn Arild Gram, with the final decision expected in 2025. The program includes the acquisition of five ocean-going frigates, with the option of additional ships, and is part of a long-term plan for Norwegian Defense, which envisages investments of USD60 billion over 12 years.

Gram stressed Norway's importance as a maritime state in NATO and the need to strengthen defense and security resources.

Fincantieri, through its subsidiary Vard, is bidding for a large supply of frigates, proposing the Constellation-class frigate currently under construction for the U.S. Navy.

Fincantieri closed Thursday's session in the green by 0.5 percent at EUR5.67 per share.

By Maurizio Carta, Alliance News reporter

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