|The global MRO company continues to consolidate its position as one of the world's largest fleet management providers|
Singapore Airshow, Feb 17, 2012 - (ACN Newswire) - Mainboard-listed SIA Engineering Company Limited (SIAEC) today announced the signing of an Inventory Technical Management (ITM) Services Agreement with VietJet Air, a low-cost airline based in Hanoi.
The five-year contract, covering VietJet's fleet of six A320 aircraft, will see SIAEC providing a wide spectrum of ITM services, including spares pooling and support, as well as component repair and overhaul.
ITM forms a key portion of the comprehensive service offerings under SIAEC's Fleet Management Programme (FMP). With VietJet Air, SIAEC now services 13 airlines under its FMP business, with a fleet coverage of more than 160 aircraft. More than half of the FMP fleet is operated by non-SIA airlines, spanning across Asia, Middle East, Australia and the United States.
Mr William Tan, Chief Executive Officer of SIAEC, said: "Our latest ITM contract underscores SIAEC's competitiveness as one of the world's largest providers of fleet management services. The MRO business is intensely regulated to ensure high safety standards - the serviceability of aircraft, engines and systems are closely monitored; maintenance progress and quality records are meticulously tracked; spares are procured in a timely manner for fast turnaround. Airlines are increasingly finding it more cost-efficient to outsource these engineering support functions to us, confident that SIAEC is able to provide 24/7 support, high despatch reliability and seamless technical support across its growing international network."
Mr Luu Duc Khanh, Managing Director of VietJet Air, said: "The ITM Services Agreement marks a milestone in VietJet Air partnership not only with SIAEC but also its Group as a whole. A partner with integrity in the aviation industry will be a guiding and motivating factor for VietJet Air growing from strength to strength."
The transaction is not expected to have a material impact on SIAEC's financial performance in FY2011/12. None of the Directors or executive officers of SIAEC has any interest, direct or indirect, in the transaction.
About SIA Engineering Company
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 more 20 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. 25 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 25 national aviation regulatory authorities to provide MRO services for aircraft registered in the U.S., Europe and Japan, among others. www.siaec.com.sg
For further information:
Chia Peck Yong
Senior Manager Public Affairs
SIA Engineering Company Limited
Tel: +65 6541 5134
Fax: +65 6546 0679
Mobile: +65 9863 0982
Topic: New market for product
Source: Singapore Airshow
From the Asia Corporate News Network
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