Fincantieri wins $1.3 bln US Navy contract to build four ships for Saudi Arabia

Princess Cruises showcases progress of three new Royal-class ships at the Fincantieri shipyard in Maonfalcone, Italy. (File photo: AP)

Italian state-owned shipbuilder Fincantieri won a contract worth approximately $1.3 billion from the US Navy to build four ships for Saudi Arabia, it said on Friday.

The order is part of a multi-billion contract awarded to a consortium led by defense group Lockheed Martin - which includes Fincantieri’s unit Fincantieri Marinette Marine (FMM) - as part of US foreign military sales program, Fincantieri said in a statement.

Fincantieri will build the four multi-mission surface combatant ships at its Marinette yard, in Wisconsin.

Chief Executive Giuseppe Bono said the contract helped Fincantieri “to consolidate an unparalleled reputation also in the US market, known to be very complex.”

Lockheed Martin and FMM, along with other suppliers, are already cooperating in the US Navy’s ‘Littoral Combat Ship’ program, Fincantieri’s statement said.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55