Sanad contracts total $300m
Dubai, November 17, 2011
Sanad Aero Solutions (Sanad), Mubadala Aerospace’s component and engine financing solutions company, has announced that since its launch in early 2010, it has contracted over $300 million in long-term engine and component access transactions.
Abu Dhabi Aircraft Technologies (Adat) and SR Technics - Sanad have secured major contracts with some of the industry’s leading carriers, including Etihad Airways, Onur Air, Air Berlin, Maximus Air Cargo, Virgin Australia and Garuda.
Sanad also recently finalised an agreement to provide financing of rotable components for Hamilton Sundstrand products on the Boeing 787 Dreamliner, as part of a wider arrangement with Adat and SR Technics, a statement from the company said.
Key agreements signed since 2010 include an integrated engine solution deal (IES) with German carrier, Air Berlin, including the purchase and long-term lease of twelve spare engines, and integrated component solution(ICS) deals with Etihad Airways for the carrier’s entire Airbus fleet and Virgin Australia for the carrier’s A330 fleet.
Sanad has also signed a comprehensive financing and access agreement with Virgin Australia for the carrier’s Boeing 737NG and Embraer E-Jet spare aircraft components recently.
The company also supports Adat’s comprehensive ICS agreement to service flydubai’s entire fleet, the statement said.
Troy Lambeth, CEO of Sanad, said: “The Virgin Australia deal was our largest so far and another big milestone for the company. Since we launched in early 2010, we have entered into a number of asset transactions valued now in excess of $300 million with associated long-term MRO contracts valued now in excess of $2 billion.” – TradeArabia News Service