SERVICES

Fincantieri doubles its presence in Genoa and launches in Marseille

Genoa - With this move Fincantieri has achieved two important objectives: it has obtained a plant for the construction of small cruise ships and mega yachts (Mariotti) and entered the profitable market of ship repairs in France and Tuscany.

Genoa - Fincantieri’s plan to expand into Europe continues. The Trieste-based group has reached an agreement with the company Genova Industrie Navali (GIN) for the acquisition of 51% of the Mariotti shipyard, which is located in Genoa, and specialises in the construction of extra-luxury cruise ships, mega yachts and support units for hydrocarbon extraction activities, and 49% of San Giorgio del Porto.

The latter company, in addition to its longstanding presence in Genoa (the Costa Concordia was demolished here), has in recent years acquired control of the Marseille shipyards and the future shipbuilding centre in Piombino. With this move, which has been confirmed by two different sources, Fincantieri has achieved two important objectives: it has obtained a plant for the construction of small cruise ships and mega yachts (Mariotti) and entered the profitable market of ship repairs in France and Tuscany. Negotiations should be concluded by the end of the year. Talks have been under way for some time, and after weeks of negotiations the parties have reached an agreement in principle: Fincantieri would buy into the Gin group, acquiring 50% of its capital. The entrepreneurs Marco Bisagno (Mariotti) and Ferdinando Garrè (San Giorgio del Porto), who founded Genoa Industrie Navali in 2008, opened the doors to a new partner entering last June - with a share of 22% - namely, Finsea Spa.

Finsea is a holding company led by the Negri family which is active in the maritime sector. The entrepreneur Luigi Negri, after transferring terminal activities to the Infravia and Infracapital funds, had characterised the Mariotti shipyard, with respect to the activity of San Giorgio del Porto, as “the most difficult situation, which is causing a little apprehension”. In fact, Mariotti has been going through a crisis for months, essentially due to Fincantieri’s ruthless performance in the competitive cruise market: the Italian group’s plants have obtained almost all the orders in circulation for the construction of new units, leaving very little room for competing shipyards. Fincantieri and San Giorgio del Porto have recently taken part in the tenders for the privatisation of the Ente Bacini company - owned by Genoa’s Port Authority - which controls five dry docks throughout Liguria. The tenders - which are worth €187 million - provide concessions to the basins for 25 years and €32 million in investments, €11 million of which are to be paid for by the private businesses.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››