Portugal is betting on Fincantieri by ordering three Fremm Evo frigates.
The operation, announced yesterday by Prime Minister Giorgia Meloni during a meeting with Portuguese Prime Minister Luís Montenegro, has a total value of about 3 billion euros within the Safe (Security Action for Europe) program. The order for the naval group of Trieste includes not only the supply of the ships but also logistical support, technology transfer, and maintenance for the entire operational life cycle. The three units destined for Portugal will be delivered between 2029 and 2030.
Following the news, Fincantieri’s stock jumped on the Milan Stock Exchange: shares traded up 2% at about 12.8 euros, after reaching an intraday rise of over 3% following the announcement of the major international contract.
All the details.
CONTRACT FROM LISBON FOR FINCANTIERI
The Lisbon government has decided to purchase three Fremm Evo frigates for 3 billion euros, which according to the Portuguese Defense represents a significant part of the Safe investment (5.8 billion euros). The Safe investments “represent the largest re-equipment effort of the Armed Forces in a democracy, covering all domains: naval, land, air – including drones – and space.”
Already in December Cnn Portugal had anticipated the imminent agreement reporting that the value of the operation would be around 3.9 billion euros.
The Portuguese Ministry of Defense specified that the amount includes the acquisition of the three naval units, their maintenance, technology transfer, and all other requirements necessary to ensure their operational use for a service life of at least 30 years.
The ships are part of the Portuguese Navy modernization program, launched to respond to the evolving geopolitical scenario and security threats. The frigates will be used for missions in territorial waters, for international commitments in defense and collective security, and in support of local communities.
THE PORTUGUESE STRATEGY
“With the agreement we celebrated today in the Defense sector, for the purchase of three frigates, we are talking about an investment of 3 billion,” said Portuguese Prime Minister Luis Montenegro yesterday during joint press statements after the bilateral meeting with Prime Minister Giorgia Meloni, referring to Portugal’s purchase of the three Fincantieri Evo frigates. “This initiative forms the basis of the capability, both Portuguese and European, to monitor and control our maritime resources and to protect our interests, while safeguarding international navigation and creating conditions for global trade.”
THE FREMM PROGRAM
The Fremm program represents one of the most ambitious European initiatives in naval defense, launched in 2005 with the delivery of the first unit in May 2013.
The Fremm ships were commissioned to Fincantieri by the Italian Navy as part of the Italian-French cooperation program under the coordination of Occar, the international organization for armament cooperation.
The program included the construction of ten units, of which four in General Purpose configuration (Carlo Bergamini, Luigi Rizzo, Federico Martinengo, Antonio Marceglia), four Anti Submarine Warfare (Virginio Fasan, Carlo Margottini, Carabiniere, Alpino) and two in Anti Submarine Enhanced configuration. Currently, the construction of two additional new-generation frigates in the “Evolution” version, called “Fremm Evo,” is underway.
THE EVO UNITS
The two Evo units are under construction for the Italian Navy by the Orizzonte Sistemi Navali (Osn) consortium, the joint venture between Fincantieri (51%) and Leonardo (49%) within the Fremm program at the Fincantieri Integrated Shipyard of Riva Trigoso and Muggiano, with delivery of the first unit scheduled for 2029 and the second in 2030.
The three units commissioned by Portugal are latest-generation Fremm Evo, like those currently under construction at the integrated Riva Trigoso-Muggiano shipyard of the group led by Pierroberto Folgiero.
THE WORDS OF THE PRIME MINISTER
On the Italian side, Prime Minister Meloni said she was “very satisfied” with the operation and highlighted the value of the agreement also from the perspective of European industrial cooperation.
“One of the sectors in which we can certainly make a leap in quality is the defense industry. I am very happy with the decision of the Portuguese authorities to purchase three Evo frigates built by Fincantieri. It is a recognition of the excellence of the Italian industry, but also a demonstration that Europe can strengthen its autonomy by investing in the industrial and technological capabilities of its companies.”
