Portugal to buy three frigates built by Italy's Fincantieri (updated)

Fincantieri SpA

20/07/2026 14:30

Adds details in paragraphs 4 and 5
ROME, July 20 (Reuters) - Portugal has decided to buy three frigates built by Italian shipbuilder Fincantieri FCT.MI, Italy's Prime Minister Giorgia Meloni said on Monday, hailing the deal as a boost for Europe's defence industry.
 FREMM frigates are multi-purpose warships jointly designed by Fincantieri and France's Naval Group. A source with knowledge of the matter estimated the deal with Portugal to be worth €3 billion ($3.4 billion). 
Portugal's defence ministry said in a statement the €3 billion covers the acquisition of three frigates, their sustainment, technology transfer and other requirements necessary for the vessels' operational use throughout their "service life of no less than 30 years."
It said the frigates, due for delivery between 2029 and 2030, are part of the Portuguese Navy's modernisation to address a changing geopolitical landscape and evolving threats, and support missions in territorial waters, international defence and collective security commitments, and local communities.
 Meloni said she was "very pleased" with the transaction, which she announced while hosting a press conference with her Portuguese counterpart Luis Montenegro at the government headquarters in Rome.
"It is a recognition of the excellence of Italian industry, but it is also proof that Europe can strengthen its strategic autonomy by investing in the industrial and technological capabilities of its companies," Meloni added.
Shares in Fincantieri extended gains after the announcement, rising more than 2%.     
     
($1 = €0.8752)

 (Reporting by Angelo Amante and Sergio Goncalves, editing by Gianluca Semeraro, Alvise Armellini and Chizu Nomiyama)
 ((Angelo.Amante@thomsonreuters.com;))