Fincantieri to build seven naval vessels for Qatari MoD

Fincantieri, one of the world’s leading shipbuilding groups, and the Qatari Ministry of Defence, signed on June 16 in Rome a contract for the construction of seven new generation units included in the national naval acquisition programme of Qatar, the group said Thursday in a press release.

The signing took place between the Commander of Qatar Emiri Naval Forces, Staff Major General Mohammed Nasser Al Mohannadi and the CEO of Fincantieri, Giuseppe Bono, in the presence of the Ministers of Defence of the two countries, Khalid bin Mohammed Al Attiyah and Roberta Pinotti.

The contract, amounting for Fincantieri to approx. 4 billion euros, envisages the supply of seven surface vessels, of which four corvettes of over 100 meters in length, one amphibious vessel (LPD - Landing Platform Dock), and two patrol vessels (OPV - Offshore Patrol Vessel) as well as support services in Qatar for further 15 years after the delivery of the vessels. All the units will be entirely built in Fincantieri Italian shipyards starting from 2018, ensuring 6 years of work and an important impact on the main Italian defense companies.

Fincantieri has prevailed over other naval shipbuilders thanks to a project recognized as the most advanced and innovative of all. This was also achieved based on the experience gained by Fincantieri in the construction of high-tech vessels for some of the most prestigious foreign navies.

Giuseppe Bono, CEO of Fincantieri, stated: “This is a day to remember for Fincantieri, because winning the global competition for such a programme was far from easy. We have achieved a remarkable result, which allows the company to become a world leader also in the defense sector, as in cruise and offshore. With this contract Fincantieri creates a true partnership with the Qatar Emiri Naval Forces, which now position themselves as technologically advanced. The backlog increase will guarantee work for another ten years at least, ensuring continuity to the activities in the shipyards, creating the conditions to contribute to the country’s growth and increase the value for the shareholders.” Bono concluded: “We achieved this goal thanks to the support of the “Italian System”, finally responding to the great ambitions of the major national companies, and to the key role played in this deal by our Government and our Navy, that supported us actively until the final closing of the agreement”.

Fincantieri is is a leading shipbuilding group dedicated to the construction of cruise ships and large ferries. The Company also specializes in building a wide range of ship types, including frigates, corvettes, patrol vessels and submarines, offshore and mega yachts. Fincantieri has built 70 cruise ships since 1990 (of which 47 from 2002) and other 14 ships are currently being designed or built in the Group's yards. In January 2013 Fincantieri acquired STX OSV (today VARD).