Latvian ship designer and builder Latitude Yachts will establish a new company that will focus on developing modern vessels for security and defence operations.
The first project of the new company Latitude Naval Technologies (LNT) will be a catamaran vessel intended for use in maritime security operations, patrolling, and other specialised tasks that require speed and stability.
LNT's facilities will be established in the Freeport of Riga. The catamaran, as well as all future vessels to be built by the company, will be of composite construction.
"In the current conditions, such a production facility will not only contribute to the economic growth of Latvia but also boost the security of Latvia and its partners," the Freeport of Riga said in a press release.
LNT will also be expanding its operations at the port by hiring additional engineers, naval architects, technicians, and other specialists.
The Freeport of Riga said LNT will join other military technology production facilities based at the port.