Italian shipbuilder Fincantieri and the Albanian company Kayo have signed a memorandum of understanding (MOU) on November 13 to establish a joint venture dedicated to the construction and maintenance of naval vessels in Albania.
Under the agreement, the new joint venture will act as the prime contractor for shipbuilding and maintenance contracts within the Albanian market.
For export projects, the venture will be capable of building vessels up to 80 metres in length and 800 tonnes in displacement, with Fincantieri serving as the prime contractor for these international orders.
Kayo will make the Pashaliman shipyard in Vlora available for the operations and will invest in upgrading its infrastructure. Fincantieri will support the modernisation of the production process and provide operational expertise, training, engineering know-how, and material packages.
Pierroberto Folgiero, CEO of Fincantieri, stated, “Today’s agreement marks a new fundamental milestone in the collaboration between Italy and Albania. By combining our expertise and resources, we are launching a project that strengthens the military naval supply chain.”