Fincantieri inks deal for corvette manufacturing and maintenance line in Greece

Italian shipbuilding giant Fincantieri and Greece-based ONEX Shipyards & Technologies Group have signed an official agreement for the creation of a corvettes manufacturing line and their life-cycle support base.

The manufacturing line and support base will be located at Onex Naval and Maritime Elefsis Shipyards in Greece.

The agreement provides the terms of collaboration for the construction of 2+1 state-of-the-art technology and top-standard corvettes at Onex Elefsis Shipyards along with the necessary upgrades, improvements, know-how and transfer of technology, equipment, which are estimated at approximately €80 million.

This collaboration is expected to create 2,500 direct and indirect new jobs in the shipbuilding industry.

Moreover, the agreement constitutes a cooperation with multiple benefits for the Greek economy and defense sector, while enhancing the prospect of further cooperation between the two groups in future construction programs of warships and commercial ships.

At the same time, this deal is seen as an important step in the empowerment of the domestic defense production.

In line with the commitment of Fincantieri to team up with the local industrial eco system, last October Fincantieri signed a number of memorandum of understanding (MoU) with a selection of potential new Greek suppliers, setting the basis for defining possible long-term business relationships.

Pierroberto Folgiero, CEO of Fincantieri, stated: “Our building strategy is based on a proven model to increase the effectiveness of the local partner with transfer of technology leveraging on synergies and interconnections between production in Italy and in Greece, with a long term strategy. We also leverage a unique feature of the Italian defense industry, where a network of small-and-medium-sized companies works together with global ones: we want to mirror it in Greece to make Elefsis Shipyards a reference operator.”

ONEX Shipyards & Technologies Group President & CEO Panos Xenokostas added: “We are joining forces with the global industry leader Fincantieri, forming a strong American-Italian-Greek alliance based in Greece and the country’s shipyards. Today’s agreement for the development of a manufacturing and support base for the production line of the state-of-the-art Doha corvettes, is just the beginning.

“The transfer of know-how and the training of Elefsis Shipyards’ workers, craftsmen, executives by Fincantieri is a legacy of national importance. It is about much more than the revival of the shipbuilding industry. Greece is turning into a regional hub for the construction and support of defense platforms. Both groups’ commitment is focused on the Hellenic Navy and the allied fleets of the region, including of course the American one.”