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| SIA Engineering signs $2.9bn agreement with Singapore Airlines |
The
existing Services Agreement with SIA expires in 2015. The new
agreement, commencing 1 April 2015, is for a term of 3 years, with
options to renew for 3 years and a further period of 2 years. SIAEC’s
support of the SIA fleet covers a broad spectrum of maintenance, repair
and overhaul (MRO) and fleet management support services. The agreement
is expected to yield $2.6-2.9 billion in labour revenue over the 8-year
term.
SIAEC’s Chief Executive Officer, Mr Png
Kim Chiang said: “We value the strong commercial relationship and
synergies we share with our anchor customer, SIA. The renewal of this
Services Agreement reaffirms our commitment to providing high
quality and comprehensive engineering support to the Airline. We will
continue to work closely with SIA to uphold its engineering excellence.”
"SIA is focused on upholding the highest
engineering standards of aircraft safety and reliability in its
operations, with cabin excellence a hallmark of SIA’s reputation
and success. The renewal of this Agreement underlines our confidence in
SIAEC’s outstanding engineering capability to achieve these objectives,”
said Mr Mervyn Sirisena, Senior Vice President Engineering, Singapore
Airlines.
As the new Services Agreement
re-establishes an existing arrangement, it is not expected to have a
material impact on SIAEC’s financial performance in FY2015/16. None of
the Directors of SIAEC has any interest, direct or indirect, in the
transaction.
SIA Engineering Company (SIAEC) is a
major provider of aircraft maintenance, repair, and overhaul (MRO)
services in the Asia-Pacific. The Company has a client base of more than
80 international carriers and aerospace equipment manufacturers. It
provides line maintenance services at 34 airports in 7 countries, as
well as airframe and component services on some of the most advanced and
widely used commercial aircraft in the world. Apart from offering
a comprehensive spectrum of MRO services to airlines, SIAEC has
established itself as one of the world's largest fleet management
service providers.
26 ventures with original equipment
manufacturers and strategic partners in Singapore, Australia, Hong Kong,
Indonesia, Ireland, Philippines, United States, Taiwan and
Vietnam increase the depth and breadth of the Company’s service
offerings. SIAEC has approvals from 26 national aviation regulatory
authorities to provide MRO services for aircraft registered in the U.S.,
Europe and Japan, among others.
Source and image: SIA EC
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