Fincantieri has signed a letter of intent with the Ministry of Economic Development and Labour of the Yucatán State (Mexico) to participate in the design and construction of a new ship repair, conversions and maintenance yard.

The facility will be located within the Port of Progreso, where a new area will be entirely dedicated to industrial activities, according to a statement. 

Fincantieri will be granted a 40-year concession for the exclusive management of the new shipyard, according to a press release. 

The agreement was signed remotely by the Minister of Economic Development and Labour of Yucatán, Ernesto Herrero Novelo, and by the Director of the Fincantieri Services Division, Giorgio Rizzo, respectively in the presence of the Governor of Yucatán, Mauricio Vila Dosal and the General Manager of Fincantieri, Fabio Gallia.

The project calls for two drydocks, which are said to be the largest in the Americas, able to take ships up to 400 meters in length, with a press release saying the drydocks would accomodate cruise ships, large cargo ships and oil and gas vessels.

Initially, the creation of the yard will be carried out by the Government of the State of Yucatán, and it will start by the first half of 2021 and be completed fully by 2027.

Once the shipyard reaches full operational capacity, it will be able to support an estimated 700 full-time staff members, and supply a downstream network involving up to 2,500 workers during peak times.