Fincantieri Secures Strategic Partnership with Egypt for Enhanced Support Services
Fincantieri has entered into a formal agreement with the Armament Authority representing the Ministry of Defense of the Arab Republic of Egypt. This 10-year contract pertains to the In-Service Support and Integrated Logistic Support for two Fremm vessels, encompassing preventive maintenance services, logistical assessments, and on-demand corrective maintenance, valued at approximately € 260 million.
The agreement is contingent upon meeting standard preconditions typical for the industry. The overall contract value includes the segment that will be designated to Orizzonte Sistemi Navali (OSN), the joint venture established by Fincantieri and Leonardo, holding shares of 51% and 49%, respectively, as a subcontractor.
The subcontractor arrangement between Fincantieri and OSN represents a notable transaction among related parties, formulated in accordance with the pertinent regulations. This transaction is exempted from the procedural guidelines stipulated for dealings with subsidiaries (including joint ventures).
Pierroberto Folgiero, CEO of Fincantieri, remarked: “This agreement validates Fincantieri’s approach of forging enduring strategic alliances focused on the multi-year provision of technological solutions to prominent clients.”
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