Fincantieri has reported EBITDA of 89 million euro on revenues of 1226 million euro for the first quarter ended March 31, 2018, up from EBITDA of 67 million euro on revenues of 1,104 million euro for the first quarter of 2017.

With EBITDA up 33 percent, Fincantieri reported the EBITDA margin to be 7.3 percent compared to 6.0 percent last year. The company attributed the increase to the positive performance of its shipbuilding segment.

Fincantieri said the year-over-year growth was mainly attributable to the increase in the volume of its cruise ship business with larger vessels. Cruise ships represented 47 percent of revenues. The company is also involved in naval vessel and offshore construction, as well as equipment, systems and services.

During the first quarter, Fincantieri signed an agreement with Viking for the construction of an additional six cruise ships based on the previous ships, and Vard, which is controlled by Fincantieri, signed a contract for the design and construction of two additional vessels for Ponant. In addition Vard signed a letter of intent for the construction of two special cruise vessels for Viking, with an option for two more.

The ship repair and conversion unit also signed a contract for the lengthening and refurbishing two cruise ferries.

The Carnival Horizon was the first cruise ship to be delivered this year, to be followed by four more. Fincantieri listed 28 cruise ships be delivered from 2018 through 2027 (including the Horizon).