The shipbuilders signed the Heads of Agreement at Euronaval in Paris on 4 November. At the same event, they signed a separate consortium agreement with Naval Group for EPC2, the next phase of work on the common corvette design.
The bilateral agreement follows a memorandum of understanding signed on 13 February 2026 and will guide negotiations on definitive joint venture documentation. It provides for a company with the resources to conduct its own business and act as the contracting entity for the partners’ national EPC programmes.
Its responsibilities would include coordinating functional design engineering, buying common ship elements and developing co-production arrangements. The partners also intend to bring lifecycle support and export business within the same structure, while increasing commonality between their vessels.
Navantia and Fincantieri want other European partners to join the venture and bring their national EPC programmes with them. Naval Group is considering joining, although its participation in the EPC2 consortium is already covered by the separate three-company agreement.
“This step towards a joint venture that will contribute to the progress of the EPC programme reflects our shared ambition to build stronger, more integrated European naval and defence industrial capabilities,” said Ricardo Domínguez García-Baquero, Navantia’s chairman and chief executive. “By joining forces with Fincantieri, we are building a practical and ambitious model of European cooperation that will deliver greater value for our navies and industries, while also reinforcing Europe’s strategic autonomy and defence.”
Next phase focuses on detailed design
EPC2 will complete preliminary and detailed design work and integrate new technologies, taking the programme towards production readiness. It builds on EPC1’s conceptual studies, preliminary ship design, technology development and common standards and requirements.
The programme will develop a common Full Combat Multipurpose platform for a new class of Modular and Multirole Patrol Corvettes. The design is intended to accommodate national requirements while retaining interoperability, standardisation and commonality.
“The EPC programme represents a strategic opportunity to turn European cooperation into greater industrial scale and global competitiveness,” said Pierroberto Folgiero, Fincantieri’s chief executive. “Through this joint venture, Fincantieri and Navantia are establishing a common industrial platform that can serve national programmes, foster greater integration across the European naval industry and strengthen our ability to address international markets.”
Planned missions range from maritime surveillance and offshore patrol to escort duties, maritime security and protection of critical sea lines of communication. The modular design would allow participating navies to configure the platform for their operational needs.
The programme began in 2019 under the European Union’s Permanent Structured Cooperation framework and has been coordinated by OCCAR since 2022. Supported by the European Defence Fund, it aims to strengthen European naval manufacturing, technological capabilities and supply-chain resilience.
