Fincantieri

Fincantieri S.p.A. is an Italian shipbuilding and industrial group headquartered in Trieste. Its activities span the design, construction and support of cruise ships, naval vessels, submarines, offshore and special-purpose ships, underwater systems, ship repairs and conversions, marine components, and selected steel and maritime infrastructure. The company is one of the largest shipbuilders in Europe and is unusual in claiming a presence across the principal high-technology shipbuilding segments rather than concentrating on a single vessel category. The modern company was formally established on 29 December 1959 as Società Finanziaria Cantieri Navali—Fincantieri S.p.A. It consolidated the Italian state’s interests in major shipyards that had earlier been assembled through the industrial holding company IRI and Finmeccanica. The group therefore inherited a much older industrial tradition, including shipyards and engineering businesses with roots in the nineteenth and early twentieth centuries. In 1984 Fincantieri changed from a holding company into an operating shipbuilder by incorporating important subsidiaries, including Italcantieri, and reorganized its activities around merchant shipbuilding, naval vessels, repairs and conversions, and engines. Cruise shipbuilding became a defining growth engine. After returning to the passenger-ship market in the 1980s, Fincantieri delivered ships for several international cruise operators and expanded the role of multiple Italian yards, including Monfalcone, Marghera, Sestri Ponente and Ancona. The company built some of the industry’s landmark large cruise ships, including Carnival Destiny, which became the first cruise ship to exceed 100,000 gross tons, and Grand Princess. Its customer base has included Carnival Corporation, Princess Cruises, Costa Cruises, Norwegian Cruise Line, Viking and other international operators. The cruise business has supported Fincantieri’s global reputation, while also exposing it to cyclical demand, supply-chain pressure and the effects of the COVID-19 pandemic. International expansion accelerated in the late 2000s and 2010s. In 2009 the group acquired Manitowoc Marine Group in the United States, creating the basis of Fincantieri Marine Group and expanding its access to American commercial and government shipbuilding, including work for the U.S. Navy and Coast Guard. The acquisition of STX OSV, completed in 2013 and later renamed Vard, expanded the group into offshore support vessels and added shipyards and engineering capabilities in several countries. Fincantieri entered the Milan stock market in 2014, while remaining controlled by Italy’s public investment system. Following the liquidation of IRI, ownership passed through Fintecna and ultimately to CDP Equity, part of the Cassa Depositi e Prestiti system. The group has also pursued defense cooperation and diversification. In 2019 it joined Naval Group in Naviris, an equal joint venture intended to manage Franco-Italian naval programs. In Italy, its defense activities include frigates, patrol vessels, submarines and other naval platforms, often in cooperation with Leonardo through Orizzonte Sistemi Navali. Fincantieri also established an infrastructure business involved in steel structures, bridges and maritime works; its best-known civil-infrastructure project was participation in the reconstruction of Genoa’s San Giorgio viaduct after the collapse of the Morandi Bridge. Since 2020, Fincantieri has emphasized defense, underwater technology, digitalization and lower-carbon propulsion alongside its traditional cruise business. It has participated in the National Underwater Dimension Hub, acquired Remazel in 2024, and in 2025 acquired Leonardo’s naval armaments business formerly known as Whitehead Alenia Sistemi Subacquei, renamed WASS Submarine Systems. The company has also announced LNG-powered cruise ships, hydrogen-cruise research with Viking, projects involving artificial intelligence and connecte…

Fincantieri’s industrial lineage is connected to the Italian state’s consolidation of shipbuilding during the twentieth century. Through IRI, the state acquired or controlled major shipbuilding centers including Cantieri Riuniti dell’Adriatico, Odero-Terni-Orlando, Navalmeccanica and Ansaldo. In 1948 several of these interests were brought together within Finmeccanica. Fincantieri was then created on 29 December 1959 as a financial company holding the state’s principal shipyard interests. In 1966 Italcantieri was established to manage shipyards directly, and in 1973 IRI added Cantieri Navali del Tirreno Riuniti, with facilities including Riva Trigoso, Muggiano, Ancona and Palermo. A decisive restructuring took place in 1984, when Fincantieri incorporated operating subsidiaries and ceased to function merely as a financial holding company. It adopted the name Fincantieri-Cantieri navali italiani and organized its business into merchant shipbuilding, naval vessels, repairs and conversions, and engines. Its engine business later changed substantially; Grandi Motori Trieste was sold to Wärtsilä in 1999. The revival of global shipbuilding in the 1990s, particularly the cruise market, enabled Fincantieri to become a leading cruise-ship builder. The company returned to the sector in the 1980s with ships ordered by SITMAR Cruises and subsequently delivered vessels for Costa, Carnival, Princess and other operators. Its yards expanded their cruise capabilities, and ships such as Carnival Destiny and Grand Princess demonstrated the group’s ability to build very large passenger vessels. Fincantieri also created a mega-yacht division in 2005 and delivered the 134-meter yacht Serene in 2012. After IRI was liquidated, ownership moved to Fintecna and then to the Cassa Depositi e Prestiti system. Fincantieri’s initial plan for a stock-market listing was delayed during the global financial crisis, but the company was admitted to Borsa Italiana in 2014 and began trading in July of that year. The listing increased its visibility as a publicly traded industrial group while public-sector ownership remained central. The company’s international expansion included the 2009 acquisition of Manitowoc Marine Group in the United States, which brought American shipyards and government customers into the group. In 2012 Fincantieri agreed to acquire STX OSV, completing the transaction in 2013 after a takeover process. Renamed Vard, the business gave Fincantieri a major position in offshore support vessels and added international engineering and production assets, including Canadian design capabilities. Fincantieri later attempted to acquire a controlling stake in STX France. Although an agreement was reached between Italy and France in 2017–2018, regulatory concerns and broader economic uncertainty delayed the transaction. In January 2021 the two governments announced that the acquisition would not proceed. Bilateral naval cooperation nevertheless continued through Naviris, established in 2019 with Naval Group. Diversification beyond ships included Fincantieri Infrastructure, founded in 2017 for steel structures and major construction projects. The business participated in the reconstruction of Genoa’s San Giorgio viaduct between 2019 and 2020 and later expanded into metalwork and maritime infrastructure. During the COVID-19 emergency, Italian yards temporarily suspended operations, but the group completed planned deliveries. The post-2020 strategy placed greater emphasis on naval defense, underwater systems, digital technologies and alternative propulsion. Fincantieri supported the National Underwater Dimension Hub, acquired Remazel in 2024 and took over Leonardo’s naval armaments business in 2025. It has also pursued LNG and hydrogen-related cruise applications, connected-ship technologies, and exploratory nuclear-propulsion concepts. Fincantieri’s development has thus moved from an Italian state shipyard holding company to a listed, internationally active group spanning commercial cruise ships, naval defense, offshore engineering, infrastructure and underwater technologies.

1. 2025Underwater-defense expansion

   Fincantieri takes over Leonardo’s naval armaments business and renames it WASS Submarine Systems.

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2. 2024First LNG-powered Fincantieri cruise ship launched

   Sun Princess is launched at Monfalcone as the company’s first cruise ship powered by liquefied natural gas.

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3. 2020COVID-19 operating disruption

   Italian shipyards temporarily suspend activity during the pandemic while the group continues with scheduled deliveries.

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4. 2019Naviris is created

   Fincantieri and Naval Group establish an equal joint venture for Franco-Italian naval cooperation.

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5. 2014Borsa Italiana listing

   Fincantieri begins trading on the Milan stock exchange after completing its listing process.

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6. 2013Vard acquisition completed

   The acquisition of STX OSV is completed and the business is renamed Vard, expanding Fincantieri into offshore support vessels.

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7. 2009Expansion into the United States

   Fincantieri acquires Manitowoc Marine Group, establishing a larger American commercial and government shipbuilding presence.

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8. 1990First modern cruise ship delivery

   The company delivers Crown Princess, following its return to cruise shipbuilding through the SITMAR program.

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9. 1984Transformation into an operating company

   Fincantieri incorporates key subsidiaries, including Italcantieri, and becomes an operating shipbuilding group rather than only a financial holding company.

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10. 1959Fincantieri is established

    Società Finanziaria Cantieri Navali—Fincantieri S.p.A. is formally established to control major Italian shipbuilding interests previously held through the state industrial system.

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High-technology, diversified shipbuilding and maritime-defense group with strong state backing, global production capacity and a leading position in cruise ships.

• Cruise shipsPassenger vessels1985

  Fincantieri designs and builds large cruise ships for international operators. Its cruise portfolio covers mass-market, premium and luxury vessels, with capabilities ranging from naval architecture and complex hotel systems to propulsion, outfitting and delivery support. Major historical examples include Carnival Destiny, Grand Princess, Costa Classica, Enchanted Princess and Sun Princess.

• Naval vesselsDefense shipbuilding

  The group builds surface combatants, patrol vessels and other naval platforms for Italy and foreign customers. Programs are commonly undertaken with defense-electronics partners and can include design, systems integration, construction, modernization and lifecycle support.

• Submarines and underwater systemsUnderwater defense

  Fincantieri participates in submarine construction and has expanded into underwater defense systems, including naval armaments and related technologies through WASS Submarine Systems. The business reflects the group’s strategic focus on the underwater domain.

• Offshore support vesselsCommercial and offshore vessels2013

  Through Vard and related operations, Fincantieri builds and engineers vessels supporting offshore energy, marine operations and other specialized activities. This business broadened the group beyond cruise and traditional naval construction.

• Ship repair and conversionsMarine services

  Repair, conversion and lifecycle services form part of Fincantieri’s historical operating structure. These capabilities support commercial and government fleets and complement new-build activities.

• Mega yachtsLuxury vessels2005

  Established in 2005, the mega-yacht division focuses on the design and construction of very large luxury yachts. The 134-meter Serene, delivered in 2012, became a prominent example of this capability.

• 2024Advance lower-emission cruise propulsionProduct launch

  The cruise industry has been seeking propulsion and fuel systems that can reduce emissions and support future regulatory requirements.

  What changed. Fincantieri launched Sun Princess, its first cruise ship powered by liquefied natural gas, and later presented a hydrogen-powered cruise concept with Viking.

  Aftermath. The initiatives positioned alternative propulsion as part of the group’s future cruise-ship development agenda.

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• 2017Pursue STX France acquisitionM&A

  Fincantieri sought to strengthen its European cruise-shipbuilding scale by acquiring a majority stake in the French shipyard group.

  What changed. It won a tender for the majority stake and negotiated an Italy-France agreement, but the transaction faced political and European competition concerns.

  Aftermath. The acquisition was ultimately canceled in January 2021, although naval cooperation continued through Naviris.

  Tender offer. €79.5 million (May 2017)

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• 2014List on Borsa ItalianaStrategy

  A planned listing had been delayed by the global financial crisis, but Fincantieri resumed the project as market conditions improved.

  What changed. The company completed its admission and began trading on the Milan stock exchange in July 2014.

  Aftermath. Fincantieri became a publicly traded company while remaining majority controlled through Italy’s public investment system.

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• 2012Acquire STX OSVM&A

  Fincantieri wanted to enter the offshore vessel segment and broaden its international industrial footprint.

  What changed. It launched the acquisition of STX OSV, completing the transaction in 2013 and later renaming the company Vard.

  Aftermath. The acquisition made offshore support vessels a significant part of the group’s international portfolio.

  Acquisition value. €900 million (2012–2013 transaction)

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• 2009Acquire Manitowoc Marine GroupM&A

  Fincantieri sought a stronger position in the United States commercial and government shipbuilding market.

  What changed. The group acquired Manitowoc Marine Group and integrated its American shipyards into Fincantieri Marine Group.

  Aftermath. The transaction expanded Fincantieri’s U.S. production network and access to Navy, Coast Guard and commercial customers.

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• 2025Fincantieri acquires Leonardo naval armaments business

  Leonardo transferred its naval armaments business, formerly Whitehead Alenia Sistemi Subacquei, to Fincantieri; the business was renamed WASS Submarine Systems.

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• 2025Fincantieri receives Norwegian Cruise Line mega-order

  Norwegian Cruise Line awarded Fincantieri a reported order for four large cruise ships scheduled for delivery in 2030, 2032, 2034 and 2036.

  Product launchOther
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• 2024Fincantieri acquires Remazel

  The group acquired Remazel to strengthen capabilities in offshore and underwater activities.

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• 2020Fincantieri temporarily suspends Italian shipyard operations during COVID-19

  Italian production was temporarily halted during the coronavirus emergency, although the group reported completing its scheduled deliveries for the year, including Enchanted Princess.

  OtherRegulation
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• 2019Fincantieri and Naval Group create Naviris joint venture

  The Italian and French naval groups established an equal joint venture to manage cooperative naval programs, including work related to Horizon-class modernization and the European Patrol Corvette.

  M&AOther
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1. Fincantieri
2. Fincantieri official website