MILAN (Reuters) – Italian state-owned shipbuilder Fincantieri (MI:) won a contract worth approximately $1.3 billion from the U.S. Navy to build four ships for Saudi Arabia, it said on Friday.
The order is part of a multi-billion contract awarded to a consortium led by defense group Lockheed Martin (NYSE:) – which includes Fincantieri’s unit Fincantieri Marinette Marine (FMM) – as part of U.S. foreign military sales program, Fincantieri said in a statement.
Fincantieri will build the four multi-mission surface combatant ships at its Marinette yard, in Wisconsin.
Chief Executive Giuseppe Bono said the contract helped Fincantieri “to consolidate an unparalleled reputation also in the U.S. market, known to be very complex.”
Lockheed Martin and FMM, along with other suppliers, are already cooperating in the U.S. Navy’s ‘Littoral Combat Ship’ program, Fincantieri’s statement said.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.