Fincantieri has reported net income of 53 million euro on revenues of more than 5 billion euro for the year ended Dec. 31, 2017, compared to net income of 25 million euro on revenues of 4.4 billion euro for 2016.

The shipbuilder reported a total order backlog of 26 billion euro covering approximately five years or work, with 106 ships, including 26 cruise ships.

During 2017, Fincantieri delivered 12 ships of which five were cruise ships, including the MSC Seaside, its first prototype vessel for MSC Cruises.

The company also signed a purchase agreement for the acquisition of 50 percent of the share capital of STX France, further consolidating the group’s leadership position in the cruise segment.

Among other significant events last year, Fincantieri signed a memorandum of agreement with the China State Shipbuilding Corporation and Carnival Corporation for the construction of two cruise ships in China, with an option for four more.

Other agreements were signed with GE for co-development of emissions solutions for the marine industry, and with Mapei, a leader in chemical products, to reduce the weight of certain materials, improve acoustic insulation, develop and extend the use of adhesive products, and optimize installation times.

Fincantieri also became the majority shareholder of Vard during year, which has since also become engaged in expedition cruise ship building for the group.

Fincantieri finalized orders for 11 more cruise ships during the year, two for Viking Cruises, two for Carnival Corporation (for Holland America and Princess), one for Silversea Cruises, two for MSC Cruises and four for Norwegian Cruise Line, plus two options. (More orders have been signed in 2018.)

In its offshore segment, citing its diversification strategy, the group acquired orders for expedition vessels for Coral Cruises and Ponant, the latter will be first LNG-fueled vessel taking passengers to polar regions.

Operating in several business segments, shipbuilding generated 3.8 billion euro in revenues for Fincantieri in 2017, followed by offshore at 943 million euro, and equipment, systems and services at 558 million euro.

According to a prepared statement, Fincantieri’s 2018-2022 business plan is focused on all the higher value-added shipbuilding sectors at the global level. By 2022, the company stated that it expects revenues to be up 50 percent compared to 2017, accompanies by a significant increase in EBITDA. The adjusted net income margin is expected to be between 3 percent and 4 percent.

To support the production of large cruise ships, the company will use the synergies between its different yards dedicated to cruise ship building, including Vard Tulcea yard in Romania which has now been fully integrated in the network. Capital expenditure programs in the Italian yards will continue to improve their efficiency.