Italian shipbuilder Fincantieri and Arab Shipbuilding and Repair Yard (ASRY) based in Bahrain have entered into a partnership agreement aimed at exploring new opportunities for collaboration in the shipbuilding sector.
Fincantieri said the agreement represents an important opportunity for it to enter the Bahraini shipbuilding market and is a further step in consolidating the group's strategy and presence in the Middle East, including through possible collaboration with Maestral, the joint venture between Fincantieri and UAE defence manufacturing company the Edge Group.
Under the memorandum of understanding, Fincantieri and ASRY will jointly evaluate opportunities for the design and construction of military surface vessels up to 80 metres in length, intended for use by the Royal Bahrain Naval Force and the Coast Guard.
The partnership will also explore the design and construction of offshore vessels of similar size, as well as the execution of export contracts in the Gulf area.
The agreement also includes maintenance, repair, and overhaul services for military, commercial, and offshore vessels, as well as the exchange of know-how in naval design and production process optimisation.
"This agreement strengthens our strategic position in the Gulf and confirms Fincantieri's desire to develop long-term industrial partnerships with leading partners such as ASRY," said Pierroberto Folgiero, CEO and Managing Director of Fincantieri.
"By combining complementary skills and converging visions, we are laying the foundations for a solid and structured presence in the Bahraini shipbuilding market, in line with the objectives of our integrated export platform in the Middle East."
