Just went in to the squadron library and found a neat excerpt on your boat.
Chantiers Navals, located in Cannes, are well known for their ability to build ships from wood. Nowadays they build luxury yachts. The great thing about using wood is it's cheap, and even more importantly, it can be used to help seek magnetic influence mines without setting them off. One of the biggest fears during the cold war was that the Soviets and the Eqyptians might mine the straights of gibraltar as well as other important ports in the Mediterranean. Likely this boat was both cheap, and could fill these types of uses. A 47 year old wooden boat! Not bad.