ONEX and Fincantieri unveil the strategy for the corvettes of the Hellenic Navy

(To Fincantieri)

ONEX and Fincantieri unveil the strategy for the corvettes of the Hellenic Navy

The strategy fully complies with the requirements, objectives and priorities set by the Hellenic National Defense plan

During DEFEA 2023, the defense fair currently underway in Athens, Fincantieri and ONEX Shipyards & Technologies Group presented the common strategy to be adopted in the event that the Italian group, as prime contractor, were awarded the Navy corvette program Hellenic military prosecuted by the Hellenic Ministry of Defence.

Fincantieri offers the FCx30 project, a cutting-edge corvette with exceptional performance already tested in the field. The design comes from the Doha class for the Qatar Emirates Navy. With a full load displacement of 3.200 tons, an overall length of 107 meters and a maximum speed of over 26 knots, the vessels will be able to operate in the harshest and most hostile environments, providing high performance in all weather conditions and a 'excellent anti-submarine capability, thanks to a low acoustic profile and a low noise electric start.

The vessels will be equipped with advanced technology hybrid propulsion. At low speeds they will work with an innovative electric start system, while at high speeds they will take power from internal combustion engines. The machinery configuration also provides the vessels with excellent survivability performance as 50% propulsion power and 50% electrical power are available even with two adjacent compartments flooded.

Dario Deste, General Manager of Fincantieri's Military Ships Division said: “We are extremely committed to this high-profile collaboration with Onex for the creation of a strategic hub in the military and maritime sector in the Eastern Mediterranean. Fincantieri is the only international group with a consolidated strategy of building state-of-the-art ships that has already been successfully implemented in other countries, especially in the United States. We strongly believe that technology transfer will act as a multiplier for Greece, both in terms of economic return and job creation for our local partner.”

ONEX Shipyards & Technologies Group President and Chief Executive Officer, Panos Xenokostas, added: “This is an important day for the Greek shipbuilding industry, for the Greek Navy and for our country. Through the partnership between ONEX Shipyards & Technologies Group and Fincantieri we secure a geopolitical advantage for Greece in the enlarged Eastern Mediterranean region. At the Elefsina shipyards we can provide the Hellenic Navy and allied fleets with excellent services and high-tech products, taking into account their needs, both specialist and at a technical level, and always in full compliance with the Hellenic National Defense Industrial Strategy. The corvette program will serve to overcome a decades-old vision for the real development of the national defense industry. Let's take action and we are sure that the Navy corvettes will be built here, in Elefsina! We are realizing the vision of the Greek companies that are aligned around the Elefsina program and shipyard. We are creating thousands of new jobs and a new industrial ecosystem that will remain a legacy for the country and for the Greek military."

After those to start a possible supply chain in Greece, Fincantieri has signed an agreement with ONEX Shipyards & Technologies Group for the creation of a production and maintenance line for corvettes throughout their life cycle, located at the Elefsis shipyards. The agreement: 

• establishes the terms of the collaboration for the construction of state-of-the-art 2+1 corvettes at the Onex Elefsis shipyards, together with the necessary upgrades, improvements, transfer of know-how and technology, equipment, which are estimated at approximately 80 million euros;

• is expected to create 2.500 new direct and indirect jobs in the shipbuilding sector;

• promotes cooperation with multiple benefits for the Greek economy and the defense sector, which can be strengthened in view of future programs for the construction of military and merchant ships.

This agreement is an important step in strengthening national defense production. The know-how that will be acquired through the ONEX – Fincantieri collaboration, which involves the entire Italian industrial ecosystem, will be an important cornerstone for the development of competitive products capable of satisfying the defense needs of the various markets, giving even greater impetus to resurgence of Elefsis Shipyards and the significant upgrade and modernization plan that ONEX has already put in place.

The new corvette production line and life-cycle support related industries will involve several Greek companies in the project, promoting the creation of an industrial and high-tech ecosystem around the Elefsis shipyards and the Western Attica region. The MoUs signed between Fincantieri and other industrial partners with Greek companies lay the foundations for long-term commercial relations.