JULY 30, 2013 — Trieste, Italy, headquartered Fincantieri has signed a frame agreement with the Krylov State Research Center of Russia, one of the world's most prestigious centers for shipbuilding research, The aim of what Fincantieri describes as "a new Italo-Russian alliance in ship research" is to jointly developing new projects for technological innovation within the industry.

Krylov Center Seakeeping-and-Maneuvering Basin

The agreement has an initial five-year term. It stipulates that a series of initiatives will be undertaken in the partners' respective areas of operation, including joint research and development activities, the realization of new generation products and the provision of services.

Fincantieri says the agreement not only offers the prospect of technological progress, but is also extremely significant in strategic terms. It says it will be able to benefit in many different ways from the Krylov Center's unique research and design knowledge of high-tech vessels and offshore engineering structures — contributing to achieving the common goal of designing the most sophisticated vessels and offshore structures in accordance with the highest international standards.

Krylov also stands to benefit from the exchange of knowledge. Fincantieri will give the Center access to its enormous technological and manufacturing know-how gained in the construction and marketing of highly complex vessels.

The first project involving joint activities related to a comprehensive high-technology vessel will be defined in the near future.

Giuseppe Bono, Fincantieri CEO: "We consider the agreement with the Krylov Center internationally recognized as the most authoritative center in the field of shipbuilding research, to be strategically important. We have always maintained that technological innovation, an unparalleled driver of development, is essential for dealing with a devastating crisis, like the current one that has changed the global scenario. The partnership with our Russian friends can only help us to progress in this direction, allowing us to improve still further and consolidate the excellence and leadership achieved".

Andrey Vladimirovich Dutov, Director General of the Krylov State Research Center: "I believe that cooperation between our companies supported by unique scientific expertise and the state-of-the-art research & testing facilities of the Krylov Center combined with strong experience of Fincantieri in design and construction of sophisticated vessels will contribute to synergy in development of high-end offshore engineering structures and result in successful implementation thereof in the global shipbuilding market."