It is no longer "Regia Marina Militare", which is, pretty much, "Royal Navy" said in italian, but "Marina Militare", as Italy is a repubblic with no longer any recognized royal family.
As for Vulcano, i think the chances the Royal Navy would buy in (perhaps not immediately, but soon enough) are very good. Long range precision guided ammunition is definitely part of the intended new generation Maritime indirect fire solution.
Marina Militare definitely wants to go ahead with Vulcano adoption, and is refitting the FREMM frigates already built with a new, more capable highly automated magazine for the gun shells. The German Navy has also its eyes on the system, among with other potential customers. Indeed, it was Germany which asked to develop the ultra-accurate shell integrating GPS and Semi Active Laser guidance, for the engagement of not just static but mobile targets as well.
Trials have not yet concluded, but they are quite advanced, and no showstoppers have emerged so far. The first production lots for Marina Militare (of the 70 km variant, though, including the IR seeker anti-ship round) have been made in the 2013 budget.
The 120 Km GPS/SAL round will soon enough enter production as well, if trials conclude successfully. And i fully expect Oto Melara and Babcock to use Vulcano as an argument in support of the 127/64 LW. It is, indeed, the best point in their offering, even though the 127/64 is superior in all other aspects as well.
The gun itself (which is pretty much shiny new in itself) has been doing well on firing trials on the Carlo Bergamini FREMM frigate of the italian navy, and demonstrated the capability to sustain 30 rounds per minute.
Attachment 200838
Another significant factor is that Vulcano ammunition comes ready for the army's 155mm gun as well. And while the Royal Artillery has been eyeing the Excalibur for a while, a much longer range shell offering good commonality levels with those used by the Navy would be quite attractive, i think.