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Friday, July 26, 2019 

Fincantieriís half year financial report (30 June 2019) has shown a record order intake for the period.

Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “In this first part of the year we achieved an exceptional growth for the seventh semester in a row and a new record, with unparalleled order intake. Remarkable achievements, also considering the innovation level of the acquired contracts. These are confirmations that praise our great work on research and development, allowing us to offer our clients projects that are capable to anticipate times. We design and install advanced solutions for a market that is increasingly asking for a higher attention to the environment, universal heritage that we must protect both for us and for future generations.

“Well aware of the new global challenges, we are keeping up with our commitment towards the creation of a more efficient and competitive European shipbuilding industry: recently, we signed the Alliance Cooperation Agreement with Naval Group which starts to shape the Poseidon project and paves the way to the reinforcement of the naval cooperation between France and Italy.”

Bono said: “The huge bulk of projects we are working on require an increasing effort of the entire workforce currently involved in the production process, and more than this. We expect to be able to lever the support of new professionalisms, developed also through the inclusion of new courses among Industrial Technical Institutes and through the cooperation with Universities in order to be able to best meet the expectations we created with our performance and the quality of our products.”

In the first half of 2019, the Group reported a record level of euro 6,627 million in new orders, compared to euro 2,388 million for the same period in 2018. The Shipbuilding segment accounted for 96% of the total order intake (57% in the first half of 2018), the Offshore and Special Vessels segment for 1% (35% in the first half of 2018) and the Equipment, Systems and Services segment for 5% (16% in the first half of 2018).

Norwegian Cruise Line Holdings confirmed its order for two new-concept cruise ships for the Oceania Cruises brand and signed a contract for the construction of a new ultra-luxury cruise ship for the Regent Seven Seas Cruises brand (the third vessel of the Explorer class).

MSC Cruises signed contracts for the construction of four luxury cruise ships, thus entering a new segment with significant growth potential, while Viking confirmed the order for two of the six optional vessels provided for in the March 2018 agreement, which will bring its fleet to 12 vessels built by Fincantieri - the largest number of same-class vessels for a single shipowner. Furthermore, Princess Cruises, a brand under Carnival Corporation & plc, finalised contracts for the construction of two next-generation dual fuel cruise ships, also powered by Liquefied Natural Gas.

In the Offshore and Specialised Vessels segment, the Group, through the Vard subsidiary, signed a contract with the Australian shipowner Coral Expeditions for the design and construction of a second luxury cruise ship (expedition cruise vessel), sister ship of the Coral Adventurer which entered the shipowner’s fleet in April. The vessel will be produced and delivered by the Vard Vung Tau yard (Vietnam).

The Group’s total backlog reached €33.3 billion at 30 June 2019, of which €29.7 billion of backlog (€22 billion at 30 June 2018) and €3.6 billion of soft backlog (€7.8 billion at 30 June 2018) with the order delivery profile extending until 2027. The backlog and total backlog imply about 5.4 years and 6.1 years of work respectively in relation to 2018 revenues.

Fincantieri said in the next half of 2019 the Group expects to deliver 4 ships, 3 cruise units and 1 naval vessel.


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