Italy's Fincantieri and Kayo have finalised an agreement to establish a joint venture focused on the construction and maintenance of naval vessels in Albania.
Under the terms of the agreement, Fincantieri will hold 51 per cent of the new company while Kayo retains 49 per cent. This partnership follows two preliminary agreements signed in 2025 to define a strategic industrial relationship between the two entities.
The joint venture intends to act as the primary contractor for Albanian naval programmes and will also pursue commercial export opportunities. For vessels shorter than 80 metres, Fincantieri will serve as the lead contractor and utilise the Pashaliman shipyard as its primary production facility.
Fincantieri stated that the initiative aims to modernise the Pashaliman shipyard located near Vlora to support domestic defence requirements.
The industrial plan for the venture targets the production of approximately 10 units between April 29, 2026 and 2030, according to the group.
This production target is expected to meet demand within the small and medium-sized offshore patrol vessel segment, Fincantieri remarked. The final incorporation of the joint venture remains subject to standard closing conditions.
