Italo-Albanian Naval Joint Venture Established between Fincantieri and KAYO

During the intergovernmental summit between Italy and Albania, held today in Rome and chaired by Italian Prime Minister Giorgia Meloni and Albanian Prime Minister Edi Rama, Fincantieri and KAYO, an Albanian company specializing in the development of strategic industrial infrastructures, have signed a Memorandum of Understanding (MoU) to initiate a joint venture (JV) dedicated to the construction and maintenance of military ships in Albania.


The signature happened in the presence of Pierroberto Folgiero, CEO and General Director of Fincantieri and Ardi Veliu, CEO of Kayo. The agreement foresees the creation of a JV that will operate as prime contractor for naval construction and maintenance contracts for the Albanian market. For projects destined abroad, the JV may build units up to 80 meters long and 800 tons in size. In this case, Fincantieri will take the role of prime contractor, entrusting the construction of the ships to the JV.

According to the partnership, KAYO will provide the shipyard in Pashaliman, Vlore, and will invest in its infrastructure modernization, while Fincantieri will support the modernization of the production process, providing operating skills, training, and engineering know-how. It will also supply material packages, consolidating its role as a key technological partner.

Pierroberto Folgiero, CEO and General Director of Fincantieri, commented: This agreement represents a new important step in the collaboration between Italy and Albania. By gathering our skills and resources, we give life to a project that enhances the naval defense industrial base, favors economic and infrastructure development, and opens new growth perspectives internationally. It’s a concrete demonstration of how the synergy between companies and countries can generate value, security, and future.

Source and photo credit @Fincantieri