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January 26, 2016

Fincantieri inks series of agreements with Iranian companies

Italian shipbuilder Fincantieri has signed a series of framework agreements with certain Iranian firms.

By Srijanee Chakraborthy

Italian shipbuilder Fincantieri has signed a series of framework agreements with certain Iranian firms.

The agreements are said to lead to contracts worth a hundred million euros, paving the way to an international cooperation and joint activities.

Fincantieri has signed a cooperation and development agreement with Azim Gostaresh Hormoz Shipbuilding Industry Co (AGH), a new shipyard located in the Persian Gulf, monitored by the Iran Shipbuilding and Offshore Industries Complex Company (ISOICO).

"We have once more demonstrated the ability to attract the industrial interest of one of the countries with the highest development potential in the world."

The agreement will involve a joint venture of the companies to manufacture new merchant vessels and offshore units both in the field of ship repairs and conversions, as well as refitting activities of already existing units.

The cooperation will promote an all round development of detailed engineering, optimisation of the construction processes, technical consultancy and assistance in all production phases and personnel training both on site and in Italy.

The companies plan to assign teams suited to work in certain sectors to facilitate harmony across the framework and foster business friendliness in the area.

Additionally, Fincantieri’s subsidiary Isotta Fraschini Motori has an agreement with Arka Tejarat Qeshm (ATQ) to supply 600 marine engines for smaller vessels to Iranian Governmental User (IGU).

Fincantieri CEO Giuseppe Bono said: "We have once more demonstrated the ability to attract the industrial interest of one of the countries with the highest development potential in the world.

"The agreement which we have achieved thanks to the company’s presence in all the areas of the shipbuilding and advanced manufacturing industry will surely represent an added value of outmost importance to increase the worldwide dimension and the export share of our group."

Earlier this month, Fiancantieri was awarded a €2.5bn contract by Carnival Corporation to build four new cruise ships.

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