Fincantieri has acquired a majority stake in Next Geosolutions Europe

July 2026 — Fincantieri S.p.A. has acquired control of Next Geosolutions Europe S.p.A. as part of its strategy to create an integrated underwater technology and services platform. The transaction includes the acquisition of Marnavi S.p.A.’s 52.60% controlling stake, together with a portion of the shares held by certain management shareholders who have reinvested alongside Fincantieri. Following completion, Fincantieri is expected to launch a mandatory tender offer for the remaining shares, with the aim of delisting NextGeo from Euronext Growth Milan. The acquisition strengthens Fincantieri’s position in the underwater sector, expanding its capabilities in marine survey, geoscience, subsea infrastructure, offshore services, autonomous marine systems and critical infrastructure protection. The transaction forms part of Fincantieri’s broader underwater growth strategy, alongside its acquisitions of WSense, Graal Tech and Defcomm.

NextGeo is an international provider of marine geoscience, survey and offshore construction support services. Founded in 2014 and listed on Euronext Growth Milan since 2024, the company supports customers throughout the lifecycle of subsea projects, from surveys and geotechnical investigations to engineering, offshore installation support, inspection, maintenance and repair (IMR) and decommissioning. It serves clients in offshore renewable energy, oil and gas, subsea cable systems and marine infrastructure. Recognized as one of Europe’s leading providers of marine survey and geoscience services, NextGeo operates a fleet of dynamically positioned (DP2) offshore vessels. In 2025, the company generated approximately US$335 million in revenue and a net profit of US$56 million. The group employs more than 600 professionals and operates internationally across key offshore markets.

Fincantieri is one of the world’s leading shipbuilding groups, specializing in the design and construction of complex naval and commercial vessels. The company serves military, government, energy, offshore and commercial maritime customers, with a portfolio spanning naval vessels, cruise ships, submarines, offshore platforms and advanced marine systems. In recent years, Fincantieri has expanded into underwater technologies, including autonomous marine vehicles, underwater communications, sensors, defense systems and critical subsea infrastructure protection. Through the acquisition of NextGeo and other underwater technology businesses, Fincantieri is developing a vertically integrated platform covering the entire underwater value chain, from hardware and platforms to services and data-driven solutions. Its enlarged underwater division is expected to generate more than US$1.2 billion in revenue on a pro forma basis.

The principal seller was Marnavi S.p.A., an Italian shipping group founded in 1910 and the controlling shareholder of NextGeo. Marnavi operates internationally in maritime transportation, offshore services and specialized marine operations. As part of the transaction, certain management shareholders of NextGeo also agreed to sell a portion of their respective holdings while reinvesting the majority of their interests alongside Fincantieri. This structure was designed to ensure management continuity and maintain alignment between management and the future growth strategy of the company.

Our role in the transaction

Oaklins’ team in Italy acted as the financial advisor to certain selling and reinvesting management shareholders of Next Geosolutions Europe S.p.A., including investment vehicles controlled by Giovanni Ranieri, Giuseppe Maffia, Fabio Galeotti and Alessandro Buffa. The team advised the shareholders throughout negotiations with Fincantieri, supporting the partial sale of their shareholdings and the reinvestment of their remaining interests in the company.