Judging from these replies, it seems like the AI has no problems utilising sea travel in order to fulfil its objectives, but it does seem to have problems with *setting* those strategic objectives for itself involving overseas provinces.
So things where the trigger is focussed on a particular province - like crusades, rescuing stranded troops, or retaking provinces which have been captured by an enemy - will work ok, but when deciding where to attack next, and faced with a large number of potention choices, those involving sea routes will always come last.
It is quite possibly linked to the prefers_naval_invasions field, which would explain why britain never gets invaded, since the nations most likely to do so (france, HRE) have it set to 'no' (though the danes have it set to yes).
However, sicily has it set to yes, and as has been noted, it seems very reluctant to cross the mediterranean.
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