Even Greece crazy about Fincantieri’s Fremm
Greece has included Fincantieri in the final list of six countries for the order of four defense ships requested by the Navy. All the details
New order in sight for Fincantieri's Fremm?
After the contract signed on 10 June with Indonesia for the supply of 6 Fremm class frigates, the modernization and sale of 2 Maestrale class frigates, the Trieste shipbuilding group is on the final list to win a new order also in Greece.
As Navy Recognition reported , the Greek Ministry of Defense has selected six countries to evaluate proposals for the acquisition of four new frigates for the Hellenic Navy.
In the short list there are: the Dutch Damen with Sigma 11515; the French Naval Group with Belharra HN; the German Tkms with MEKO A200NG; the English Babcock with Arrowhead; the American Lockheed Martin with the Multi-Mission Surface Combatant (Mmsc) and the Italian Fincantieri with the Fremm.
According to Banca Akros, the contract for the frigates is worth 2 billion euros, as reported by MF / Milano Finanza .
All the details.
AFTER THE ORDER IN INDONESIA
Just last week Fincantieri and the Indonesian Ministry of Defense signed a contract for the supply of 6 Fremm class frigates, the modernization and sale of 2 Maestrale class frigates, and the related logistical support.
Although Fincantieri has not provided financial details, the value of the maxi-contract is estimated at 4 billion.
FINCANTIERI WITH FREMMS IN THE GREECE SHORT LIST
And now for the group led by Giuseppe Bono there would be another order on the horizon.
“The Greek Ministry of Defense has not made the offers public, but several local media report that Damen and Naval Group are at the top of the tender for the contract. The final decision for the fourth investment program is expected after the summer ”, reports a report by Banca Akros which raises the target price on the Fincantieri share from € 0.7 to € 0.8, confirming the neutral opinion.
THE COMMENT OF BANCA AKROS
The investment bank estimates that “the spending budget for this project is 2 billion euros for 4 frigates. It seems that there will be no open competition and that the contract can be signed in the context of an agreement between governments ”. Furthermore, for Banca Akros, the Greek tender is important for Fincantieri: “the company builds both the Freem class of frigates and the MMSCs offered by Lockheed Martin”.
THE FINCANTIERI FREMM PROGRAM
Between orders and options, at the moment there are 20 Fremm for international navies in addition to 10 for the Italian Navy.
The Fremm frigates 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 cooperation in the field of arms.
In addition to 6 for Indonesia, Fincantieri will build two “Constellation” class frigates for the US Navy. The group led by Bono managed to establish itself on its competitors thanks to a project judged to be the most advanced and innovative whose proposal is based precisely on the platform of the Fremm frigates.
The "Constellation" program was awarded in 2020 to Fincantieri Marinette Marine (Fmm), with a contract for the first frigate with the option for 9 additional ships, in addition to after-sales support and crew training, of the total value for Fincantieri of approximately 5.5 billion dollars. As part of the program, the US Navy plans to build an additional 10 units, for a total of 20.
Just last month the US Department of Defense announced that the US Navy will exercise the option, worth about $ 555 million, which awards FMM the construction of the second frigate of the “Constellation” class.
Then there is the question of the sale to the Egyptian navy. Two Fremm frigates, built by Fincantieri, initially intended for the Italian Navy, were sold “discounted” to Egypt. ( Here the in-depth analysis by Start on how much Egypt paid for Fincantieri's Fremm ). The contract with Egypt is expected to include options for two additional newly built frigates, as the program covered four platforms, according to industry sources.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/anche-la-grecia-pazza-per-le-fremm-di-fincantieri/ on Mon, 14 Jun 2021 13:00:35 +0000.