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U.S. Navy awards $5.5 bln 10-ship frigate contract to Fincantieri

WASHINGTON, April 30 (Reuters) - The U.S. Navy announced on Thursday that Italy's Fincantieri won a competition worth more than $5.5 billion to build the Navy's newest class of warships known as frigates.

The Navy's contract is for detailed design and construction of the lead ship with an option to buy nine more. If the Navy exercised all options on the contract, delivery of the 10th ship would occur in May 2035. (Reporting by Mike Stone Editing by Leslie Adler)