Fincantieri starting Australian subsidiary

TRIESTE, Italy, Dec. 19 (UPI) -- Fincantieri, an Italian shipbuilding group, has established a subsidiary in Australia as it bids to design and build frigates for the Royal Australian Navy.

The headquarters of the company will be located in the country's capital, Canberra.

Dario Deste, the designated chairman of Finncantieri Australia, said Fincantieri Australia will now manage the shipbuilder's participation in the evaluation process for Australia's SEA 5000 Future Frigates program.

Fincantieri has been shortlisted for the project to design and build nine new vessels.

"Fincantieri's commitment to this project will be total and we will deploy all of the company's strengths as a market leader," he said.

"The FREMM Frigate we are offering is an absolute cutting-edge product.

"The company will engage with government, businesses involved in the Australian shipbuilding industry and the supply chain, and other key players with a stake in the construction of the frigates in Adelaide, South Australia."

Fincantieri builds FREMM frigates for the Italian navy.