SIA Engineering Company (SIAEC) said it has signed a new agreement worth $166 million with Cebu Air, Inc., covering both its present and new fleet of A320 series aircraft to be delivered over the next five years.
Under the agreement, SIAEC will provide Cebu Air with a wide range of fleet management and maintenance, repair and overhaul (MRO) services, which will be performed in Singapore and at SIAEC's facilities in the Philippines.
The five-year contract covers the rapidly growing fleet of Cebu Air, which will see its current fleet of 30 A320/A319 aircraft growing to a fleet of 48 aircraft, to be delivered progressively over the next five years.
With this latest signing, the total revenue of SIAEC’s contracts with Cebu Air will grow to $236 million.
SIAEC’s fleet management business currently covers 13 airlines with a fleet size of 211 aircraft. More than half of the fleet is operated by non-SIA airlines, spanning across Asia, Australia and the United States.
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