GlobalData
2 min read
RINA, an engineering consultancy, has announced the acquisition of Foreship, a Finnish naval architecture and marine engineering firm.
This strategic move is set to enhance RINA's marine engineering consulting services and reinforce its presence in Northern Europe.
Headquartered in Helsinki, Foreship reported revenues of €15.2m (approximately $16m) in 2024 and boasts a workforce of more than 90 professionals across eight international offices, including the US, UK, and Estonia.
The company is acclaimed for its expertise in cruise ship design, vessel energy efficiency, and sustainable marine technologies.
RINA general manager and CEO Carlo Luzzatto said: “We are proud to welcome into our group a company that shares our core values of independence, innovation, and engineering excellence. This acquisition aligns with our strategic plan to become an increasingly essential reference point for our clients, supporting them with our broad-based knowledge.
“Foreship’s solid reputation and global customer base, including major cruise lines and shipping companies, make it a natural fit for our fast-growing marine consulting business. Foreship reputation as a trusted independent advisor is seen as a core asset that RINA aims to preserve and enhance.”
The integration of Foreship's unique naval architecture capabilities is expected to create significant synergies within RINA Consulting.
It will also provide opportunities to expand RINA's market share in maritime consultancy, particularly in areas such as complex retrofits, new fuel integrations, and digital transformation.
Foreship will operate within the framework of RINA Consulting, adhering to RINA's governance and organisational model.
Foreship CEO Lauri Haavisto said: “Foreship’s vision is to lead in sustainable passenger ship conversions, new builds, and consultancy. Joining forces with a global partner like RINA will accelerate our growth, expand our knowledge, and strengthen our client relationships, while continuing to foster the close collaboration we value.”
RINA's acquisition was facilitated by Lazard, which served as the financial advisor. Bain & Company provided support in commercial due diligence, while PwC assisted with financial and tax due diligence. Legal counsel for the transaction was provided by Borenius Attorneys.
In April, RINA, along with Eni and Fincantieri, introduced a new study titled “Sustainable Maritime Transport Outlook,” which aims to guide the decarbonisation of the maritime transport sector.
Prepared with technical support from Bain & Company Italy, the study offers a comprehensive analysis of the pathways, impacts, and investments necessary to achieve carbon neutrality in the maritime industry by 2050.
