Navantia and Fincantieri have signed a letter of intent to create a 50-50 joint venture that will oversee their respective national European Patrol Corvette (EPC) programs and related export opportunities. The agreement was signed during Euronaval, Navantia said in a statement dated November 4, 2026.
The document establishes the framework for negotiating the final documentation required to set up the company. The agreement follows on from the memorandum of understanding signed by the two shipbuilders on February 13, 2026.
Planned roles for the joint venture
According to Navantia, the future company will take overall responsibility for developing the EPC program and will act as the contracting entity for related contracts. Its scope will include coordinating functional design engineering, procuring common ship components, coproduction models, lifecycle support and potential export operations.
The two companies envisage that the venture will have its own resources to carry out these activities and will not operate solely as a coordination office. They also foresee the possible addition of other European partners. These include Naval Group, which, according to information released by Navantia, is considering joining the project to integrate its national EPC shipbuilding program.
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