Spain: Navantia seeks to stem loss with Saudi sale
Issue 1014
- 07 May 2016
| 1 minute read
Spain’s Navantia is looking to further build its order book with the sale of frigates to Australia and Saudi Arabia. This follow the state-owned shipbuilder’s biggest ever loss, of E167m ($189m), in 2015. This was despite a 26% rise in sales, and reflected efforts to balance its books by end-2017. Lack of activity at Navantia’s shipyards was responsible for more than half of loss; also weighing heavy were pressures on cash flow. The likely sale to the Royal Saudi Naval Forces would be for the supply of five Avante 2200 corvettes.
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