Fincantieri to Build Two Submarines for Italian Navy for $1.64B

Italy's Fincantieri will sign as prime contractor a contract worth 1.35 billion euros ($1.64 billion) for the construction of two new-generation submarines for the Italian Navy, the shipbuilder said on Friday.

The contract, signed together with OCCAR (the international organization for joint armament cooperation) includes an option for the construction of two additional units, a statement said.

The project is part of the new U212NFS (Near Future Submarine) acquisition program of the Italian Navy, an evolution of the U212A program carried out in cooperation with German naval supplier thyssenkrupp Marine Systems.

The first two deliveries are scheduled for 2027 and 2029, Fincantieri added. 

($1 = 0.8243 euros)

 (Reporting by Maria Pia Quaglia, editing by Agniezska Flak)