The state-owned company is is benefiting from increased demand across its three core businesses—cruise ships, warships and submarines—as Western countries seek to modernize their armies.

An order by Norwegian Line Holdings with Italy's Fincantieri for four new cruise ships is worth around 9 billion euros ($9.34 billion), a source close to the matter said on Wednesday.

Italian shipbuilder Fincantieri and Norwegian Line Holdings NCL have finalized a deal for four new cruise liners marking the largest single order ever placed with the shipbuilding company