Submarines, what will Fincantieri do for the Navy
The Ministry of Defense contract has been notified for four new U212 submarines for the Navy deriving from Fincantieri's Todaro class.
Good news for Fincantieri.
The Italian Ministry of Defense will acquire up to four U212-type Near Future (NFS) submarines from Fincantieri through the Joint Organization for Armaments Cooperation (Occar), according to a notice published on December 9 in the official tender database of the 'EU.
The contract notified to Fincantieri has a value of 1.35 billion euros for the construction of the first two U212 NFS, providing for a total of four submarines for the Italian Navy.
It has not yet been communicated by Fincantieri, but the program for the construction of four U-212 NFS submarines seems to have been finalized , after having received the double parliamentary green light last year.
But for Banca Akros the stock of the Trieste shipbuilding group is not yet pricing this probable positive news, as MF / Milano Finanza wrote.
At 11 am, the Fincantieri stock, listed on the Milan stock exchange, was trading up 0.89% to 0.62 euros.
All the details.
THE U212 NFS PROGRAM
The U212 NFS submarines represent an evolution of the U212A submarines (first and second batch) currently operated by the Italian Navy and represent an indispensable tool that the Navy needs to meet its operational needs in the submarine field for the performance of institutional tasks.
These submarines, as Il Sole 24 Ore had pointed out , "would accompany the four already in service of the Todaro class, built by Fincantieri under license from the German ThyssenKrupp Marine Systems (Tkms) as part of a collaboration program with Germany launched since since 1998 ".
The Todaro class submarines, which include the Salvatore Todaro, the Scirè, the Pietro Venuti and the Romeo Romei, are the most advanced conventional submarines in the world, deriving from the German project U-212 launched in the 1990s.
THE PURPOSE OF THE U212 NFS SUBMARINE
According to what is reported in the explanatory sheet attached to the request for parliamentary opinion, the multi-year program U212 Nfs "finds its justification in the need to preserve adequate surveillance capabilities of maritime and underwater spaces determined by the obsolescence of the Sauro class III and IV series now nearing the end of their operational and technical life ".
THE RUMORS ON FINCANTIERI AND TKMS
In Europe, only Tkms and Fincantieri have the technical know-how for the development and production of U212A submarines. Reuters revealed last May that Thyssenkrupp was exploring several strategic options for its defense division, Thyssenkrupp Marine Systems (Tkms) . According to the press agency, the German group was in fact considering the creation of a national sample with other German groups in the sector or an integration with the activities of the Italian Fincantieri.
At the time, Fincantieri did not comment on the press rumors but a spokesman said: "The consolidation of the European defense industry remains desirable and the long-standing cooperation with the German naval industry to build submarines represents a real opportunity to speak of future consolidation scenarios ".
As Il Sole 24 Ore pointed out, “it is true that the CEO himself did not hide in the past an interest in the activities of Tkms if the big German were to opt for their disposal. In fact, it is not the first time that Thyssen has received news about a possible acceleration of plans for the “arm” active in the construction of submarines. Which, as already mentioned, has a consolidated relationship with Fincantieri since the group has already built four submarines of the type U-212 A under German license for the Italian Navy as part of a program launched in 1994 within the German Navy. Submarine Consortium ".
THE COSTS OF THE PROGRAM
Returning therefore to the contract for the construction of the first two U212 Nfs, we remind you that the program is recalled in the second part of the DPP 2019-2021 relating to the Defense investment programs starting in 2019.
As stated in the Dpp 2020-2022 , the program is financed from the budget of the Ministry of Economic Development, by means of the resources brought by the refinancing of the fund for investments and infrastructural development of the country referred to in article 1 co. 1072 of the LdB 2018 and art. 1 co. 95 LdB 2019.
The program provides for the acquisition of 4 U212NFS submarines, of which 1.350 billion euros are currently financed relating to the 1st acquisition tranche. The requirement was supplemented by unexpected increases in the costs of carrying out the portion of the program that was still not financed. The total requirement stands at € 2.682 billion.
THE OTHER INDUSTRIES INVOLVED
As far as the industrial sectors concerned are concerned, the explanatory sheet indicates that these sectors are mainly those of the technological supply chains attributable to the Italian Warship Design Authority (Fincantieri), and also of national realities such as Calzoni di Bologna, Avio di Torino, the Livorno division of Leonardo (formerly Wass), Elt, Acciai Speciali Terni, Faam, an industry specialized in the production of lithium batteries, and the related industries of small and medium-sized enterprises distributed throughout the country.
THE POSITIVE NEWS IS NOT YET TO THE FINCANTIERI SHARE
However, the news of the upcoming contract for Fincantieri and the new job for his La Spezia shipyard does not yet give the group title to Piazza Affari (at 11 am).
According to the analysts of Banca Akros, MF reports, "it is likely that the contract will be announced soon: the news, if confirmed, will be clearly positive for the group, with the title that is not yet pricing this probable novelty". “In any case, Banca Akros confirmed the neutral recommendation on the Fincantieri share and a target price of € 0.50”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/sottomarini-che-cosa-fara-fincantieri-per-la-marina/ on Tue, 15 Dec 2020 14:39:52 +0000.