Fincantieri and GIN sign cooperation agreement

Genova Industrie Navali (GIN) – holding founded in 2008 from the merger of two historical shipyards in Genoa, T. Mariotti and San Giorgio del Porto – and Fincantieri have reached a cooperation agreement covering different areas, from new buildings, to ship repair, conversions and outfitting, the shipbuilding group said in a press release.

Such agreement provides for the acquisition by Fincantieri of a minority stake in GIN Group’s holding company and an option for a minority stake in T. Mariotti.

Fincantieri’s stake will allow GIN to achieve further financial strength, an increasingly important asset to face complex projects and to overcome market challenges, especially in the field of small and medium-sized luxury cruise ships construction.

Fincantieri Group is one of the largest shipbuilders in the world with 19000 skilled employees, leader in cruise ship design and construction and the only one able to build all kinds of high-tech ships: from naval vessels to offshore units, from special ships and highly complex ferries to mega yachts, as well as carrying out ship repairs and conversions, manufacturing systems and components, and providing after-sales services. Fincantieri has built 88 cruise ships from 1990 to today (65 from 2002), while other 55 are currently being designed or built, ensuring work continuity in all the Group’s yards for the next years.