Xiamen Airlines Awards ST Engineering's Aerospace Arm With A Deal Worth US$160m
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(Singapore, 23 January 2007) -- Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Aerospace Engines Pte Ltd (STA Engines), a wholly owned subsidiary of its aerospace arm ST Aerospace, has secured an aircraft engines Maintenance-By-the-Hour (MBHTM) contract with Xiamen Airlines for its fleet of 11 Boeing new generation 737-700 aircraft powered by CFM56-7B22 engines. This contract, worth US$160m (about $248m), involves comprehensive engines maintenance and engineering support for the airline's 22 CFM56-7B22 engines for up to 15 years.
This contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
Under the agreement, ST Aerospace will provide heavy maintenance and restoration support for Xiamen Airlines' CFM56-7B22 engines and work closely with the airline's engineers on site for engineering support including engines condition monitoring and engines removal planning.
"We are pleased to award ST Aerospace for the engines MBHTM programme for our CFM56-7B22 engines. We have enjoyed an outstanding business partnership with ST Aerospace for maintenance support on our JT8D and CFM56-3 engines over the years and we are happy to award this contract to ST Aerospace based on best value consideration. ST Aerospace has a good record of providing reliable and cost effective engines maintenance management to Xiamen Airlines." ~ Yang Guanghua, President, Xiamen Airlines
"We are honoured by Xiamen Airlines' confidence in our ability to support their engines. This contract enables us to continue to serve Xiamen Airlines, with whom we have been supporting for more than 15 years. We will continue to leverage on our engines repair and overhaul capabilities to bring value to Xiamen Airlines." ~ Tay Kok Khiang, President, ST Aerospace
ST Aerospace's relationship with Xiamen Airlines began more than 15 years ago when Xiamen Airlines inducted its first JT8D engine for standard series engines maintenance. The relationship was expanded to include the airline's CFM56-3 engines powering its fleet of Boeing 737-300/500 aircraft.
Source : Singapore Technologies Engineering Ltd
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