Fincantieri has reported net income of 43 million euro on revenues of 2.9 billion euro for the first nine months of 2014, compared to net income of 53 million euro and revenues of 2.7 billion euro for the same period last year.

The order backlog for the Italian shipbuilding and offshore group was 9.5 billion euro.

The company noted that there has been an uptrend in shipbuilding, notably the cruise business, while the offshore market has been affected by slower order intake said to be the result of lower oil prices.

Fincantieri’s CEO, Giuseppe Bono, said in a prepared statement that the first nine months of 2014 showed an increase I the order intake, particularly in the cruise business, and a positive revenue trend for all sectors in which the group operates. He said that the company’s Italian yards have eight cruise ships under construction, compared to four last year.

According to Fincantieri, its main cruise ship orders are for two new ships, plus an option, for MSC Cruises; one more new ship for Princess Cruises, one more luxury ship for Seabourn Cruise Line, and a luxury ship for an “undisclosed client.”

In addition, Fincantieri is building ships for Ponant and Viking Ocean Cruises.