Mubadala Aerospace's Sanad transactions total $300m since launch in 2010
- United Arab Emirates: Thursday, November 17 - 2011 at 17:15
- PRESS RELEASE
Mubadala Aerospace's component and engine financing solutions company, Sanad Aero Solutions (Sanad), has announced that since its launch in early 2010, it has contracted over $300m in long term engine and component access transactions.
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 UAE carrier Etihad Airways for the carrier's entire Airbus fleet and Virgin Australia for the carrier's A330 fleet.
Recently, 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. Furthermore, Sanad is supporting ADAT's comprehensive ICS agreement to service flydubai's entire fleet, announced at the Dubai Airshow on Tuesday 15th November, 2011.
Troy Lambeth, Chief Executive Officer (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 $300m with associated long-term MRO contracts valued now in excess of $2bn."
By working alongside ADAT and SR Technics to incorporate spare engines and components across its integrated solutions product offering, these agreements highlight just how far the company has come in a short period of time, both as a standalone entity and as an enabler for the Mubadala Aerospace MRO network.
Lambeth continued, "We are delighted with our progress to-date and continue to work closely with the Mubadala Aerospace MRO network to identify innovative and new opportunities to drive value for both airlines and Original Equipment Manufacturers (OEMs). We continue to be encouraged by the market's appetite in our integrated financing solutions as they unlock and preserve valuable capital for our customers, which is vital in the challenging economic environment faced by the industry."
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