Citing irreconcilable differences in the structuring of a proposed alliance between ABS and RINA, the American-based classification society has withdrawn from further negotiations with the Italian society. ABS and RINA had spent more than a year exploring possible ways of structuring an alliance that would have strengthened the services offered to RINA's core constituency of Italian shipowners.
"It is our understanding that RINA and Bureau Veritas will sign a letter of intent to merge certain operations," said ABS Chairman and CEO Frank J. Iarossi. "We extend our best wishes for success to both parties."
"Throughout, we always had the interests of the shipowners at the forefront of our discussions," added Iarossi. "We constantly sought their advice on what would be the best administrative and operational structure to enhance the level of classification services that would be available to them." ABS has maintained an office and operations in Italy for almost 80 years, with current headquarters in Genoa.