Fincantieri signs support services contract with Egypt
Fincantieri has signed with the Armament Authority formally representing the Ministry of defense of the Government of the Arab Republic of Egypt, a 10-year contract related to two Fremm vessels of In-Service Support and Integrated Logistic Support, i.e., preventive maintenance services, logistic studies and corrective maintenance on demand, with a value of about € 260 million, according to the company's release.
The contract is subject to the fulfillment of customary conditions precedent for the sector. The total value of the contract includes the portion that will be allocated to Orizzonte Sistemi Navali (OSN) – the joint venture owned by Fincantieri and Leonardo with stakes of 51% and 49%, respectively – as a sub-supplier.
The sub-supplier agreement between Fincantieri and OSN constitutes a transaction between related parties of greater significance defined in compliance with the relevant applicable regulations. The transaction benefits from the exclusion from the procedural regime provided for transactions with subsidiaries (including jointly).
