An Italian shipbuilder is preparing to reconstruct the Odesa port facilities.

Fincantieri, Europe’s largest shipbuilder based in Trieste, Italy, is working to transform Ukraine’s defunct state-owned shipyards in the port of Odesa into a state-of-the-art production center that will build some of the most advanced commercial vessels in the world.

The expansion to Odesa appears to be a logical next step for the Italian company following its success in building next-generation commercial vessels for VARD’s Norwegian subsidiary in Tulcea, Romania. If Fincantieri implements the plan to build a new generation shipbuilding plant in Odesa, it may well become the largest foreign investor in Ukraine’s history.

The International Finance Corporation and the World Bank’s MIGA insurance group have already informed Fincantieri that they are ready to provide project financing and political risk insurance, and the US DFC is ready to provide military risk insurance.

Although Fincantieri is best known for building giant cruise ships, it is also a major naval defense contractor, particularly for the US Navy.