The Palumbo final offer for the shipyard facility amounts to a total of €90.6 million, the Finance Ministry said.

This consisted of an upfront payment of €18 million and a rent of €72.6 million over 30 years.

The net present value amounted to €52.7 million.

The ministry said that the gross amount of the rental income quoted, ignored the automatic increase of 15 per cent every five years on the life of the concession, but was correctly included in the amount of €52.7 million at net present value.

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