Italian shipbuilder Fincantieri is executing a strategic transformation to establish a vertically integrated subsea operator, following the acquisition of majority stakes in four companies specializing in marine drones and underwater defense: Next Geosolutions, WSense, Graal Tech, and Defcomm. The total cost of these transactions is approximately €600 million ($686 million).

Strategic Vision and Integration

Fincantieri aims to create an "international underwater champion" offering end-to-end subsea services and technologies for both commercial and defense applications. This move builds on prior acquisitions of Remazel (subsea and offshore heavy-duty equipment) and WASS (underwater defense technology) in 2024 and 2025. The company’s vertically integrated underwater operations arm now comprises eight specialist businesses, encompassing capabilities in subsea platforms, sensors, robotics, communications, survey services, and software—from hardware deployment to data collection and operational services.

Acquired Companies and Their Roles

• Next Geosolutions: The largest acquisition, with Fincantieri taking a controlling 52.6% stake. This marine survey and geoscience specialist, which generated around €300 million in revenue in 2025, provides services across the subsea project lifecycle, including surveying, installation support, inspection, maintenance, and decommissioning.
• WSense: Supplies underwater communications technology and networking systems enabling data transmission between subsea assets and sensors, referred to as the "Internet of Underwater Things." This capability is deemed increasingly important for infrastructure protection and defense applications.
• Defcomm: Develops autonomous surface vessels equipped with proprietary navigation software and communications systems, deployable for naval operations, critical infrastructure monitoring, and commercial survey activities.
• Graal Tech: Designs modular underwater robotic systems and autonomous underwater vehicles, with technologies already integrated into Fincantieri’s DEEP infrastructure-protection platform for commercial and defense uses.

Operational and Financial Outlook

Fincantieri’s strategy emphasizes a shift toward services rather than solely supplying vessels and equipment. The vision includes survey ships built by its Norwegian subsidiary Vard, equipped with Remazel launch-and-recovery systems, deploying Graal Tech underwater drones, using WSense communications networks, and performing survey work through Next Geosolutions. This creates an integrated "underwater as a service" offering for commercial offshore projects, infrastructure protection, and military applications. On a pro forma basis, the expanded underwater division is expected to generate over €1.1 billion in revenue and approximately €220 million in EBITDA in 2026.