PARIS, 8 July - Naval Group CEO Pierre Eric Pommellet stated on Wednesday that European governments are choosing to "buy Europeans" more than ever before, as a result of a push to develop strategic autonomy on the continent.

Pomellet stated that Naval Group's revenue from Europe has risen sharply since 2019.

Pommellet, speaking at the annual general assembly of France's GICAN maritime industry association, said that in 2019, Naval Group generated no revenue in Europe.

"By 2026, we'll generate EUR1 billion and reach EUR1.5 billion by the?coming years, thanks to Belgium and the Netherlands. And now, Sweden has chosen us.

Increased Competition

The threat of Russia, since its invasion of Ukraine in 2022 and the?U.S. The refusal of President Donald Trump to fund Europe's defense has led to a rise in competition between European rivals.

Last year, France's Naval Group was outbid by Germany's TKMS (and Sweden's Saab) on major submarine projects in Canada and Poland. It also lost a contract for frigates in Norway to Britain’s BAE Systems. In May of this year it won a contract to supply frigates in Sweden.

Pommellet stated that it is too early to determine if the victory with Sweden will help Denmark award a contract for frigates.

Naval Group is a pillar in France's nuclear deterrence and defence capability. It builds and maintains the French Navy's most important warships and submarines.

According to the 'website of Naval Group', by the year 2025 the French state would own 62.25 percent of Naval Group. Thales, meanwhile, would hold 35 percent. About 26% of Thales is owned by the French state. (Reporting and editing by Florence Loeve)

(source: Reuters)