Foreship Joins Forces with RINA: Strengthening Global Maritime Innovation

Foreship, a globally leading naval architecture and marine engineering consultancy specializing in cruise ships, joins forces with RINA, the multinational engineering consultancy, inspection and certification group. RINA has a global footprint across 70+ countries with a strong marine engineering offering and the resources to support Foreship’s continued growth. Following the acquisition, Foreship will continue to operate under the renowned Foreship brand as a separate entity under RINA.

Foreship has grown into an internationally recognized expert in complex maritime projects, including cruise ship conversions and cutting-edge sustainable maritime solutions. The company plays a vital role in helping shipowners meet tightening environmental and decarbonization targets and is committed to supporting the industry's long-term goal for net zero.

Seizing the Opportunity to Become a Forerunner in Maritime Decarbonization

Foreship was founded over 20 years ago to drive technical excellence in ship design and engineering. Foreship had already emerged as a recognized expert, especially in complex conversions, when Vaaka partnered with Foreship in late 2019 to support the realization of its global growth ambitions.

In the past five years, Foreship experienced a robust period of development. The company greatly expanded its client base, solidified its position in conversions and built decarbonization a second cornerstone of its service offering. The company has become a globally recognized thought leader in sustainable maritime engineering with award-winning designs including, for instance, the largest battery ever installed on a cruise ship and a concept for a large (15k TEU) ammonia-fueled containership. All the while the company weathered through the standstill in the cruise industry during the COVID-19 pandemic. In 2024, the company’s sales grew by 31%, with a revenue of €15.2m.

"It has been a privilege to support the talented Foreship crew through the last five years" says Petrus Blomqvist, Partner at Vaaka. "Together with the management team, we have expanded Foreship’s international footprint, established a leading position in decarbonization services, broadened our service offering and built lasting customer relationships. This has been a successful journey, and we believe RINA is the right partner to take Foreship’s story forward on the global stage."

"Foreship’s vision is to lead in sustainable passenger ship conversions, new builds, and consultancy.” comments Lauri Haavisto, CEO of Foreship. "Joining forces with a global partner like RINA will accelerate our growth, expand our knowledge, and strengthen our client relationships, while continuing to foster the close collaboration we value”

With over 6,200 employees and operations in more than 70 countries, RINA will leverage Foreship's unique and distinctive experience in naval architecture and offers opportunities to increase its market share in the maritime consultancy sector, particularly in complex conversions, new fuel integrations, and digital transformation. This acquisition also enhances RINA's sustainability portfolio, aligning with its strategic growth and environmental commitments.

“We are proud to welcome into our group a company that shares our core values of independence, innovation, and engineering excellence” said Carlo Luzzatto, CEO of RINA. “This acquisition aligns with our strategic plan to become an increasingly essential reference point for our clients, supporting them with our broad-based knowledge. Foreship’s solid reputation and global customer base, including major cruise lines and shipping companies, make it a natural fit for our fast-growing marine consulting business. Foreship reputation as a trusted independent advisor is seen as a core asset that RINA aims to preserve and enhance.”

About Foreship

Foreship is a globally respected provider of naval architecture and marine engineering services. Its services cover the whole ship lifecycle from newbuilding to conversions, and from preliminary designs to on-site support. The company is a frontrunner in sustainability services for the maritime industry with leading expertise in e.g., future fuel and energy efficiency measures. Headquartered in Finland, Foreship has 8 offices globally, including the USA, UK and Estonia, and has led projects in over 60 countries. www.foreship.com

About RINA

RINA, leading certification and engineering company, provides a wide range of services across the Energy, Marine, Infrastructure & Mobility, Certification, Industry and Real Estate sectors. In December 2023, alongside the majority shareholder Registro Italiano Navale, Fondo Italiano d'Investimento SGR entered the shareholding structure guiding a pool of co-investors. With revenues in 2024 of 915 million euros, 6,200 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org