In the presence of Italian President of the Council of Ministers Giorgia Meloni, and Crown Prince and Prime Minister of the Kingdom of Bahrain, His Royal Highness Salman bin Hamad Al-Khalifa, Fincantieri and ASRY (Arab Shipbuilding & Repair Yard), a leading operator in ship repair and marine services in the Gulf of Bahrain, today signed a partnership agreement aimed at exploring new opportunities for collaboration in the shipbuilding sector. The signing took place on the sidelines of the 46th Gulf Cooperation Council Summit.
Fincantieri was represented by its Chairman, Biagio Mazzotta, and Eugenio Santagata, General Manager of the Fincantieri Naval Vessels Division, who signed the agreement together with Ahmed AlAbri, Chief Executive Officer of ASRY.
This agreement represents an important opportunity for Fincantieri 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 EDGE.
Under the Memorandum of Understanding, the two companies will jointly evaluate opportunities for the design and construction of surface military vessels up to 80 meters in length, intended for use by the Bahrain Navy and 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 (MRO) services for military, commercial, and offshore vessels, as well as the exchange of know-how in naval design and production process optimization.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, said: “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. 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.”
This marks the second agreement Fincantieri has recently signed regarding shipyards. On November 19, the shipbuilding group formally signed a concession agreement with the Central Adriatic Sea Port System Authority (hereinafter referred to as the “Port Authority”) for the occupation and use of the core area of the Port of Ancona for industrial activities.
The Port Authority has granted Fincantieri the use of over 314,000 square metres, including land areas, water surfaces and existing facilities within the Ancona port. The concession will remain valid until the end of 2064 and will allow the company to carry out and strengthen its shipbuilding activities.
As one of the world’s largest shipbuilding groups, Fincantieri has built over 7,000 vessels to date. According to its recently disclosed performance data, the group secured orders for 21 new vessels worth €16.02 billion in the first nine months of this year—an 88% increase compared to the same period last year (€8.504 billion)—already surpassing its full-year 2024 order value of €15.355 billion. Its order backlog stands at 100 vessels. Delivery schedules are booked through 2036.
ASRY is the leading ship repair and manufacturing base in the Arabian Gulf region. Established in Bahrain in 1977, the shipyard operates across four major sectors: ship repair and conversion, drilling platform repair and conversion, naval vessel repair and conversion, and manufacturing and engineering. The facility features a 500,000-ton dry dock; two floating docks measuring 252 meters and 227 meters in length; 15 repair berths with a combined length of approximately 5,000 meters; over 250,000 square meters of construction workspace; and a comprehensive array of workshops and service centers.