Leonardo and Immsi's Intermarine Secure €2.6 Billion Contract for Italian Navy

Leonardo and Immsi's Intermarine have signed a €2.6 billion contract to deliver five coastal minehunter ships to Italy's navy. The deal includes €1.6 billion for the vessels, with the rest for logistics support. Immsi's share price soared 16% post-announcement, while Leonardo gained 2.3%.

Defence group Leonardo and Immsi's naval unit Intermarine have sealed a €2.6 billion contract to supply five coastal minehunter ships to Italy's navy, the companies revealed on Friday.

The agreement, which encompasses logistics support, allocates €1.6 billion to the vessels and an additional €1 billion to various other options. Immsi's share price surged by 16%, while Leonardo saw a 2.3% increase following the announcement.

Intermarine will construct the 63-meter vessels at its Sarzana shipyards, claiming a 73% share of the contract, with Leonardo taking the remaining 27%, according to the statement. Leonardo will also supply the combat and communications systems for the minehunters.

This contract is part of the Italian navy's broader initiative to modernize its equipment amidst rising international tensions and growing maritime threats, the statement noted. ($1 = 0.9213 euros)

(With inputs from agencies.)