Latest news with #Fincantieri
Yahoo
6 days ago
- Business
- Yahoo
Europe's largest shipbuilder says the continent must spend bigger and better on underwater defenses
The CEO of Fincantieri called on Europe to scale up its subsea defenses in the face of rising threats. Pierroberto Folgiero told the FT it's time for Europe to take "responsibility" for subsea defenses. This comes amid intensifying Russian threats and reduced US commitments to the region. The CEO of Italian shipbuilder Fincantieri said Europe needs to boost its subsea defenses amid intensifying threats and weakening US security guarantees. "The Mediterranean has always been populated by Russian and US submarines, it's up to us Europeans now to take responsibility for our underwater defence," Folgiero told the Financial Times in an interview published Tuesday. "If European countries are going to spend more on defence, we should spend better," he added. Since Russia's full-scale invasion of Ukraine in 2022, European military and political leaders have repeatedly accused Russia of sabotaging subsea cables that carry vital internet data and energy. European militaries have scaled up their protection, with a specialist NATO unit launched in January increasing the surveillance and patrols of the vital infrastructure. European defense firms are also boosting the development of technology to help underwater defenses. Fincantieri, Europe's largest shipbuilder, announced last week that it expects its underwater division, which makes submarines, underwater drones, and other technology, to double in size over the next few years, to account for 8% of group revenue by 2027, and bring in the equivalent of $930 million. When announcing its new subsea-focused strategy, the company said it would be partnering with Italy's Graal Tech to develop new subsea drone technology. Folgiero told the FT that Europe faces a range of subsea threats, and that it's boosting production to meet them. "Attention has focused on the Baltic Sea following the outbreak of the war in Ukraine," he said. "But the Mediterranean is twice as big as the Baltic and a crucial juncture from a geopolitical perspective." "This is why we are betting on underwater defence and technology and increasing our industrial capabilities," Folgiero added. Meanwhile, earlier this month German defense firm Helsing said it was working with the UK's Royal Navy to deploy new subsea drones to better monitor subsea infrastructure. Read the original article on Business Insider
Business Insider
6 days ago
- Business
- Business Insider
Europe's largest shipbuilder says the continent must spend bigger and better on underwater defenses
The CEO of Italian shipbuilder Fincantieri said Europe needs to boost its subsea defenses amid intensifying threats and weakening US security guarantees. "The Mediterranean has always been populated by Russian and US submarines, it's up to us Europeans now to take responsibility for our underwater defence," Folgiero told the Financial Times in an interview published Tuesday. "If European countries are going to spend more on defence, we should spend better," he added. Since Russia's full-scale invasion of Ukraine in 2022, European military and political leaders have repeatedly accused Russia of sabotaging subsea cables that carry vital internet data and energy. European militaries have scaled up their protection, with a specialist NATO unit launched in January increasing the surveillance and patrols of the vital infrastructure. European defense firms are also boosting the development of technology to help underwater defenses. Fincantieri, Europe's largest shipbuilder, announced last week that it expects its underwater division, which makes submarines, underwater drones, and other technology, to double in size over the next few years, to account for 8% of group revenue by 2027, and bring in the equivalent of $930 million. When announcing its new subsea-focused strategy, the company said it would be partnering with Italy's Graal Tech to develop new subsea drone technology. Folgiero told the FT that Europe faces a range of subsea threats, and that it's boosting production to meet them. "Attention has focused on the Baltic Sea following the outbreak of the war in Ukraine," he said. "But the Mediterranean is twice as big as the Baltic and a crucial juncture from a geopolitical perspective." "This is why we are betting on underwater defence and technology and increasing our industrial capabilities," Folgiero added. Meanwhile, earlier this month German defense firm Helsing said it was working with the UK's Royal Navy to deploy new subsea drones to better monitor subsea infrastructure.
Zawya
6 days ago
- Business
- Zawya
Qatar: Milaha and Fincantieri sign deal to advance maritime co-operation and technology integration
Qatar - The signing of the MoU represents a significant advancement in Milaha's mission to redefine logistics and naval support capabilities in the region while contributing to the economic diversification goals outlined in Qatar National Vision 2030. Milaha, the leading provider of maritime and logistics solutions in the region, has signed a strategic memorandum of understanding (MoU) with Fincantieri, one of the world's largest high-complexity shipbuilding groups, for cooperation in areas such as marine services, project management, and technology integration. Both parties have expressed a shared intent to explore further opportunities that support Qatar's national development objectives, particularly in enhancing sovereign capabilities within the maritime sector. The signing of this MoU represents a significant advancement in Milaha's mission to redefine logistics and naval support capabilities in the region while contributing to the economic diversification goals outlined in Qatar National Vision 2030. Attending the signing ceremony in Doha on behalf of Fincantieri was Pierroberto Folgiero, its chief executive officer and managing director, and Dario Deste, general manager of the Naval Vessels Division. Representing Milaha were Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, chairman, and Fahad Saad al-Qahtani, Group chief executive officer. 'The signing of this MoU represents a significant step for Milaha in advancing its strategic objectives as a Qatari company aligned with national priorities," said Fahad Saad al-Qahtani, Milaha Group chief executive officer. Collaborating with a global leader such as Fincantieri provides access to advanced international expertise while supporting the development of sustainable capabilities within Qatar, he said, adding this partnership will facilitate localisation, promote industrial autonomy, and enable effective knowledge transfer, in line with the goals of Qatar National Vision 2030. "Through this agreement, Milaha reaffirms its role as a key contributor to national development and a reliable partner in supporting the country's long-term maritime ambitions,' according to him. Folgiero said the agreement marks a further step in the consolidation of Fincantieri's presence in a region of strategic importance for the development of advanced shipbuilding and maritime services. "Qatar is a key partner with whom we have built a long-standing relationship. Our collaboration with Milaha reflects our shared ambition to move forward on this path, leveraging our industrial and technological expertise to support the country's maritime sovereignty and contribute to the goals outlined in Qatar Vision 2030," he added. For Fincantieri, this agreement strengthens its position as an industrial partner, supporting Qatar's ambition to build a high-value and self-sufficient maritime sector. Together, both companies are ideally positioned to contribute to the development of an integrated, competitive, and future-ready maritime ecosystem in the country. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Yahoo
26-05-2025
- Business
- Yahoo
Europe is plagued by too many naval yards, French Navy chief says
PARIS — Europe has too many naval shipyards competing for business, and the industry needs to consolidate to a handful of players than can win export contracts, French Navy Chief of Staff Adm. Nicolas Vaujour said in a parliamentary hearing last week. The Naviris joint venture between Italy's Fincantieri and France's Naval Group, created in 2020 and meant as a first step in wider European naval consolidation, 'unfortunately didn't quite live up to expectations,' Vaujour told the National Assembly's defense committee on Wednesday. 'Today in Europe, we have around 14 shipyards that are competing with each other pretty much everywhere,' Vaujour said. 'In an ideal world, we would have three or four that challenge each other, but would above all be winning export market share abroad.' Europe lacks a single naval strategy, with countries having their national strategies and struggling to converge, the French Navy commander said. With governments keen to safeguard regional industrial activity and economies, political initiatives are probably not the way to consolidating military shipbuilding, according to Vaujour. 'We have the political ambition to be more coherent, from an industrial point of view, and to divvy up the market a little, so to say,' Vaujour said. 'But the reality is, we all agree here that if we must choose between Naval Group and Fincantieri, obviously it's Naval Group. And when you're in Italy, they of course say Fincantieri.' France also wants to protect the smaller naval yards along its coast, such as Piriou, Socarenam and CMN, according to the admiral. That means creating a naval equivalent of European aircraft maker Airbus would depend on the shipbuilding companies first and foremost, 'that is, if they manage to merge,' Vaujour told lawmakers. 'We didn't succeed with Fincantieri.' When Naval and Fincantieri created Naviris, they said the joint venture would serve the French and Italian navies, but also pursue export opportunities outside Europe and be a leader in shipbuilding consolidation. While Naviris won part of a €1.5 billion contract to upgrade the French-Italian Horizon-class frigates in 2023, success in the latter two areas has been more elusive. France and Italy have 'very, very different' strategies for shipbuilding and vessel size, according to Vaujour. France has been moving towards smaller frigates, with the newest Frégate de Défense et d'Intervention, or FDI, displacing 4,500 metric tons, whereas Italy's new PPA offshore patrol vessel displaces 7,000 tons and the DDX destroyer design is for 14,000 tons, Vaujour said. 'We consider that the size is a little too large,' Vaujour said. He said the FDI is drawing interest from European countries because the frigate is suitable for small navies, an accessible vessel that can be operated by a small crew. 'So we have divergence in our vision of the vessel of the future.' France and Italy also use different economic models, with the Italians buying 'a lot of ships' for their navy that they can resell, allowing to rapidly fill potential export orders, according to Vaujour. The French are in discussion with Naval Group about ordering a 'blank hull' that would be either available for export, or join the French fleet ahead of schedule if there's no buyer, Vaujour said. Naval Group currently has a minimum production rate of one FDI per year at its yard in Lorient, and says it can raise capacity to two per year, according to the admiral. France has ordered five FDI frigates from Naval Group, with the lead vessel of the class Amiral Ronarc'h completing sea trails last month. The first of three FDI frigates for the Hellenic Navy, HS Kimon, started sea trails on May 21 in Lorient. 'The first thing partners interested in the FDI ask about is the lead time – how soon can you supply me with a frigate?' Vaujour said. 'That's the only question the Norwegians, Swedes, and Danes ask when they ask for the FDI: `When can you deliver?'' Naval Group is convinced of the blank hull concept, while the Directorate General for Armament considers the model 'really relevant,' Vaujour said. He said the idea of ordering an FDI hull without a guaranteed buyer does carry risk, and the Finance Ministry still requires convincing. 'The acceleration of new contracts, we have to be able to do that,' Vaujour said. 'Lorient is capable of moving to two per year, and we can help with that.' A recent partnership agreement between Naval Group and Norway's Kongsberg should be seen in the context of a potential sale of frigates to the Royal Norwegian Navy, according to Vaujour. Norway is 'quite interested' in the FDI, which is in competition with British, German and Italian designs, and should France win the deal, there will be work sharing with Kongsberg, Vaujour said.
Zawya
23-05-2025
- Business
- Zawya
Top shipbuilder Fincantieri seals Red Sea Authority deal
Saudi Arabia - Fincantieri, one of the world's leading shipbuilding groups, has announced that it has signed a MoU with the Saudi Red Sea Authority, the official regulatory body of the Kingdom of Saudi Arabia for coastal tourism in the Red Sea. This partnership marks a significant milestone in Fincantieri's expansion in the Kingdom and reinforces its commitment to sustainable growth in the Red Sea ecosystem, said the company in a statement. By consolidating its position in the rapidly expanding Saudi maritime market, Fincantieri sees tremendous potential for future growth and collaboration with local stakeholders across the civilian and military sectors, establishing itself as a trusted partner, it stated. Signed today (May 22) in Riyadh by Fincantieri's CEO and General Manager, Pierroberto Folgiero, and SRSA's CEO, Mohammed Al-Nasser, the agreement looks to explore collaborative opportunities in the development and management of maritime and coastal activities in the Red Sea region. Opportunities include the construction of luxury cruise ships, as well as the development of state-of-the-art maritime and tourist port facilities that cater to the growing demand for high-quality, sustainable infrastructure, it stated. On the Red Sea Authority collaboration, Folgiero said the partnership marks an exciting new chapter in Fincantieri's expansion in the region. "By combining our commercial strength, our expertise in shipbuilding, and our experience in designing and implementing underwater infrastructure and technologies with the forward-looking goals of the Saudi Red Sea Authority, we aim to contribute to the development of the Red Sea Region," he stated. "Our ambition is to help it become one of the world's top tourist destinations while ensuring the protection of its unique natural heritage, both above and below the sea surface," he added. As part of the company's strategic expansion in the region, Fincantieri also inaugurated the new offices in Riyadh of its local subsidiary, Fincantieri Arabia for Naval Services. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
