Fincantieri Reports 1H 2018 Results

The Seabourn Ovation was delivered from Fincantieri earlier this year.

Fincantieri has reported net income of 21 million euro on group basis on revenues 2.5 billion euro for the first six months of 2018, compared to net income of 13 million euro on revenues of 2.3 billion euro for the same period last year.

In the shipbuilding sector, which represented nearly 75 percent of Fincantieri’s business in terms of revenue during the six-month period, the company delivered four cruise ships: the Carnival Horizon, Seabourn Ovation, MSC Seaview and Viking Orion, as well as two naval vessels and an oceanographic vessel.

Also during the time period, Fincantieri signed an agreement with the French state for the acquisition of 50 percent of the share capital of STX France. The agreement also includes a loan of 1 percent of the share capital, which gives Fincantieri control of the French shipbuilder.

Furthermore, VARD’s shareholders have agreed to delist the company as Fincantieri moves to take over full ownership.

The orderbook includes one more cruise delivery later this fall and 24 more cruises ships in total, according to a Fincantieri statement, plus ships being built by Vard and STX France (now back to its old name, Chantiers de l’Atlantique).

In July, Fincantieri signed up TUI Cruises as a new customer for two LNG-fueled cruise ships; converted an option for two ships into orders from Norwegian Cruise Line; signed a memorandum with Princess Cruises for two new generation ships at 175,000 tons, the largest built in Italy so far; confirmed an order for a new ship for Cunard Line; as well as orders from the U.S. government for surface combat ships. In addition, Vard received an order from Viking for two expedition ships.

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