A+ A A-

Fincantieri enjoyed positive development in first quarter

The board of Fincantieri, the world’s biggest builder of cruise ships, has approved the company’s first quarter 2017 accounts that are in line with a four year business plan to 2020.

In addition, the company said progress has been made in its attempt to acquire the STX France shipyard in France.

Revenues rose 5.3% compared to the same period of 2016, while EBITDA margin at 6.0% marks a major improvement from 4.9% a year earlier.

Order backlog of €26.6 billion covers about six years’ workand marks an increase from €15.4 billion at the end of march last year.

“Commercial success continues with orders and agreements signed in the first few months of the year for a total of 19 cruise ships (including options), to be built by the Italian shipyards, VARD's shipyards and through the joint venture in China,” the company said in a statement

“Heads of Terms signed with the French government in April represents a key step for the finalization of the final agreements among future shareholders and also includes guidelines of the business plan prepared by Fincantieri for STX France. Fincantieri is working with the Court of Seoul to finalize the acquisition as soon as possible,” Fincantieri said.