Genova Industrie Navali (GIN) and Fincantieri have reached a cooperation agreement covering different areas, from newbuildings, to ship repair, conversions and outfitting.

GIN was founded in 2008 from the merger of two shipyards in Genoa, T. Mariotti and San Giorgio del Porto.

The agreement provides for the acquisition by Fincantieri of a minority stake in GIN Group’s holding company and an option for a minority stake in T. Mariotti.

Fincantieri said in a prepared statement that its stake will bolster GIN’s balance sheet and enable it to overcome market challenges, especially in the field of small and medium-sized luxury cruise ship construction.

GIN is described as operating in the ships and mega yachts segment – from construction, to repairs, refits and ship recycling.

The group has assets in the ports of Genoa for ship repair, Marseille (including the largest drydock in the Mediterranean), and Piombino dedicated to shipbuilding and recycling.