Fincantieri reported a decline in traditional shipbuilding revenue in the first quarter, but that was offset by a surge in income from its offshore and specialised vessel business, as well as growth in equipment and systems.

The Italian shipbuilder has reported stable total revenue of €1.77bn ($1.91bn), a 0.2% increase on the first three months of 2023.

The company delivered Ebtida of €100m during the period, a 16% increase on €87m during the same period of last year.