Singapore Airshow, Feb 14, 2012 - (ACN Newswire) - Singapore Technologies Engineering Ltd's (ST Engineering) aerospace arm, ST Aerospace today announced it has been awarded a contract to support South Korean low fare airline Eastar Jet's CFM56-7B engines over 10 years. With a contract value of about US$15m (S$18.8m) per year, the agreement covers Eastar Jet's current fleet of six Boeing 737 Next-Generation aircraft as well as the additional Boeing 737 Next-Generation aircraft that Eastar Jet would be introducing into the fleet. Eastar Jet plans to increase its Boeing 737 Next-Generation fleet to 26 by 2021.
Under the agreement, ST Aerospace will provide Eastar Jet with an integrated suite of engine maintenance, repair and overhaul (MRO) services including off-wing engine maintenance support, on-wing services, technical support and spare engine support. Eastar Jet's engines will be maintained by ST Aerospace's engine facilities located in Singapore and Xiamen, China.
Since it started its first commercial flight in January 2009, Eastar Jet has successfully expanded its international operations to include Cambodia, Japan, Malaysia, and Thailand. It will cover more new destinations under its fleet expansion plan.
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.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the world's largest aircraft MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 8,000 engineers and technical specialists. Please visit www.staero.aero.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $5.98b in FY2010 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities. Please visit www.stengg.com.
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Topic: Press release summary
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