Tirana, April 29, 2026

The state-owned company KAYO SH.A, controlled by the Ministry of Defense of the Republic of Albania, and Fincantieri S.p.A, one of the world’s largest shipbuilding groups, have signed an agreement for the establishment of a Joint Venture (JV) for the construction and maintenance of military naval vessels in Albania. The signing ceremony took place in Tirana, in the presence of Prime Minister Mr. Edi Rama and Minister of Defense Mr. Ermal Nufi. The agreement was signed by Mr. Pierroberto Folgiero, CEO of Fincantieri, and Mr. Ardi Veliu, Administrator of KAYO SH.A, in the presence of senior representatives of Fincantieri and the Ambassador of Italy in Tirana, Mr. Marco Alberti. The agreement constitutes the continuation of a cooperation initiated in 2025 through the Memorandums of Understanding. The JV will be owned 51% by Fincantieri and 49% by KAYO SH.A, with a focus on the construction and maintenance of naval units for the Albanian Navy, as well as the development of commercial activities in the international markets.

In Albania, the JV will act as the main contractor for naval programs, whereas for the exports Fincantieri will keep this part for the military vessels under 80 meters, defining Pashalimani shipyard, as the main production site. The initiative aims to modernize this shipyard and create a contemporary industrial platform for naval construction.