TRIESTE – Fincantieri is strengthening its presence in the Mediterranean with a new industrial project in Albania. An agreement has been signed in Tirana with KAYO for the creation of a joint venture active in the construction and maintenance of naval units, with a plan that envisages around 10 vessels by 2030.
The agreement was signed in the Albanian capital, Tirana, in the presence of Prime Minister Edi Rama and Defence Minister Ermal Nufi. It was signed by Fincantieri CEO Pierroberto Folgiero and KAYO CEO Ardi Veliu.
The new company will be 51% controlled by Fincantieri and 49% by KAYO. The aim is to develop local shipbuilding capabilities for the Albanian Navy, with activities including both the construction and maintenance of units. On the domestic market, the joint venture will operate as prime contractor, while for export Fincantieri will retain this role for vessels under 80 metres.
The project also provides for the relaunch of the Pashaliman shipyard, near Vlora, which is set to become the main production site. The initiative aims to modernise the existing infrastructure and integrate it into the Italian group’s industrial network. The 2026-2030 industrial plan estimates a requirement for around 10 units, in line with expected demand in the Offshore Patrol Vessel segment, small and medium-sized coastal patrol vessels. The joint venture will also be able to intercept opportunities on international markets, leveraging Fincantieri’s geographical positioning and technological expertise.
The operation represents the evolution of a process launched in 2025 with the signing of two memoranda of understanding between the parties. Finalisation of the joint venture remains subject to the usual conditions precedent.
