December 13, 2018 / 3:28 PM / a year ago

Spain's state-held Navantia to build five frigates for navy for 4.3 billion euros

MADRID (Reuters) - Spain’s state-held shipbuilder Navantia will build five F-110 frigates for the Spanish navy in a contract worth 4.3 billion euros ($4.9 billion), the government said on Thursday.

Navantia, which employs around 5,000 people, has in recent years racked up deep losses which reached 389 million euros in 2017.

The government’s representative in the Galicia region where the frigates will be built said the contract would create 1,300 direct jobs over nine years and as many as 5,700 more indirectly.

Javier Losada, a member of Prime Minister Pedro Sanchez’s Socialist party, said the contract would be approved on Friday during the weekly cabinet meeting.

In April, Spain agreed to sell warships built at Navantia’s yards to Saudi Arabia in a deal worth an estimated 1.8 billion euros.

Reporting by Belen Carreno, Isla Binnie, Carlos Ruano; Editing by Ingrid Melander

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