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SIA Engineering Secures VietJet Air Contract
Source: SIA Engineering

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.

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