Fincantieri Expands Mediterranean Presence with New Naval Shipbuilding Partnership in Albania

Fincantieri Expands Mediterranean Presence with New Naval Shipbuilding Partnership in Albania

(IN BRIEF) Fincantieri and KAYO have signed an agreement to establish a joint venture aimed at developing naval shipbuilding and maintenance capabilities in Albania, marking a significant step in industrial and defense cooperation between the two countries. The new entity, majority-owned by Fincantieri, will focus on supporting the Albanian Navy while also targeting international markets, with the Pashaliman shipyard set to be modernized into a key production hub. The initiative builds on earlier agreements and includes plans to construct around 10 naval vessels between 2026 and 2030, responding to growing demand in the Offshore Patrol Vessel segment. By combining local infrastructure development with Fincantieri’s expertise and global network, the project aims to enhance Albania’s defense capabilities, strengthen its industrial base, and create new opportunities in the global naval market.

(PRESS RELEASE) TRIESTE, 29-Apr-2026 — /EuropaWire/ — Fincantieri and KAYO, an entity controlled by the Albanian Ministry of Defence, have signed a Joint Venture Agreement to establish a new company focused on naval shipbuilding and maintenance in Albania. The agreement was formalized in Tirana in the presence of senior government officials, including Edi Rama and Defense Minister Ermal Nufi.

The joint venture will be majority-owned by Fincantieri with a 51 percent stake, while KAYO will hold the remaining 49 percent. The new entity will focus primarily on supporting the Albanian Navy through the construction and maintenance of naval vessels, while also pursuing opportunities in international markets.

This agreement builds on earlier Memoranda of Understanding signed in 2025, marking a progression toward a long-term industrial partnership. Within Albania, the joint venture will act as the prime contractor for naval programs, taking responsibility for project execution and supply chain management. For export markets, Fincantieri will retain the role of prime contractor for vessels under 80 meters, with the Pashaliman shipyard designated as the main production site.

A key component of the initiative is the redevelopment of the Pashaliman shipyard near the city of Vlora, which will be upgraded into a modern naval construction hub. The project is intended to strengthen Albania’s domestic shipbuilding capabilities while leveraging Fincantieri’s technological expertise and global commercial reach to access international markets.

The industrial plan outlines the construction of approximately 10 naval units between 2026 and 2030, aligned with anticipated demand in the Offshore Patrol Vessel (OPV) segment. This reflects growing interest in smaller and medium-sized patrol vessels for maritime security and defense operations.

Pierroberto Folgiero, CEO of Fincantieri, described the joint venture as a significant milestone in industrial cooperation between Italy and Albania, emphasizing its strategic importance in establishing a regional production base and expanding international market presence. The initiative is also expected to contribute to strengthening Italy’s role in the Mediterranean defense industry.

The completion of the joint venture remains subject to customary regulatory approvals and closing conditions.

Fincantieri is one of the world’s largest shipbuilding groups, the only player active in all high complexity marine industry sectors. The Group is a leader in the construction of cruise ships, naval and offshore vessels, and stands out for its extensive experience in the development of underwater solutions, thanks to its integrated industrial structure capable of managing and coordinating all activities related to the commercial, defense, and dual-use sectors.

It holds a strong presence in key markets also thanks to the internalization of high value-added, distinctive technologies; it is also a leader in sustainable innovation and in the digital transformation of the shipbuilding sector. The company is active in the field of mechatronics, electronics, and digital naval systems, as well as in cybersecurity, artificial intelligence, and marine interiors solutions. It also offers a wide range of after-sales services, including logistic support and fleet assistance.

With over 230 years of history and more than 7,000 ships built, Fincantieri is a global player with a production network of 18 shipyards worldwide and over 24,000 employees; It maintains its know-how, expertise and management centers in Italy, where it directly employs approximately 13,000 workers and creates around 90,000 indirect jobs.

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SOURCE: FINCANTIERI