Italian Prime Minister Giorgia Meloni announced the agreement on Monday during a joint press conference in Rome with Portuguese Prime Minister Luís Montenegro, describing the contract as a recognition of Italy’s shipbuilding expertise and Europe’s growing defense capabilities, News.Az reports, citing Reuters.
“I am very pleased” with the agreement, Meloni said, adding that the purchase demonstrates “the excellence of Italian industry” while showing that Europe can strengthen its strategic autonomy by investing in its own industrial and technological capabilities.
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The FREMM (European Multi-Mission Frigate) is a versatile class of warship jointly developed by Italy’s Fincantieri and France’s Naval Group. The vessels are designed for a wide range of missions, including anti-submarine warfare, air defense, maritime security and surface combat operations.
A source familiar with the deal told Reuters the contract is valued at approximately €3 billion.
Investors welcomed the announcement, with Fincantieri’s shares extending gains to rise more than 2% following confirmation of the agreement.
The purchase comes as European countries continue to increase defense spending and modernize their armed forces amid heightened security concerns, while also seeking to strengthen the continent’s defense manufacturing base through cooperation among European companies.
