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Fincantieri and Finmeccanica will renew the Italian Navy fleet

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ROME (BNS): Fincantieri and Finmeccanica will build and equip the units set out in the renewal plan of the Italian Navy's fleet.

In the framework of this plan, OCCAR (Organisation Conjointe de Cooperation sur l'Armement, the international organisation for cooperation on arms) has signed the order of the contractual performance for the construction of six patrol vessels (PPA, or Multipurpose Offshore Patrol Ship), with four more in option, and for one logistic support unit (LSS or Logistic Support Ship) with the consortium (Raggruppamento Temporaneo di Impresa - RTI) consisting of Fincantieri, agent, and and Finmeccanica, through its subsidiary Selex ES, principal, according to a joint Fincantieri/Finmeccanica release.

The value of the contracts for the seven units is approx. 3.5 billion euros, of which Fincantieri's share amounts to approx. 2.3 billion euros and the one of Finmeccanica to about 1.2 billion euros.

The delivery of the logistic support unit is scheduled for 2019, while the first patrol vessel is expected to be delivered in 2021. The delivery of the following patrol vessels is planned for 2022, 2023, 2024 (two units) and 2025.

This multi-year programme for the renewal of the Navy's fleet (known as the "Defence Act") will employ a total funding of 5.4 billion euros and foresees the construction, in addition to the aforementioned units, of one transport and landing unit (LHD) through a public contract with the Italian Ministry of Defence currently being finalised.

The consortium (RTI) was established according to the cooperation agreement in the field of naval vessels construction signed last October between Fincantieri and Finmeccanica. Pursuant to the agreement, Fincantieri acts as a sole interface to the client, while allowing to enhance Finmeccanica's products range in the naval field.

OCCAR has started Phase 1 for the construction of the first PPA and the logistic support unit for a total value of 372 million euros, of which Fincantieri's share amounts to 220 million euros and Finmeccanica's one to 152 million euros. The activation of the next phases concerning the other units is expected to take place in the upcoming months.

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