Extension of financing with Swiss Bank Consortium
Flag carrier Philippine Airlines recently selected SR Technics to provide Total Engine Solution requirements for the carrier's A340-300s, with AerFin Ltd (UK) providing end-of-life fleet solutions responsible for the provisioning of CFM56-5C4 engines and spares.
It was announced today that SR Technics and AerFin will be providing services to Philippine Airlines under their jointly managed and marketed solution called Beyond.Fleet.Services™, a product suite which extends the life of maturing fleet, reduces current operating costs for engines, airframe and component maintenance.
SR Technics will handle the maintenance and repair services for CFM56-5C engines as well as component-related services while AerFin Ltd will make available finance and leasing schemes and a steady supply of components in cooperation with SR Technics. The customized package will be summed up in one contract with a single point of contact thus ensuring an integrated and seamless end-of-life solution.
“After a thorough commercial and technical evaluation of our CFM56-5C4 engine maintenance cost reduction requirements, we decided that Beyond.Fleet.Services™ program offered by SR Technics and AerFin will best meet the requirements of our operations. We are pleased with this flexible and comprehensive end-of-life managed service offering," said PAL President & Chief Operating Officer Jaime J. Bautista.
Jean-Marc Lenz, Head of Engine Services, SR Technics commented, “Beyond.Fleet.Services™ is designed to extend the life of maturing fleets by reducing their operational costs, and we are very pleased that Philippine Airlines has chosen SR Technics in cooperation with AerFin to provide continued support to their CFM56-5C4 engines, helping the airline maximize their A340-300 fleet lifespan.”
Bob James, Managing Director, AerFin Ltd. added, “We are delighted to have been selected by PAL to provide integrated services with SRT continuing the success of our Beyond.Fleet.Services™ programs”.
PAL finalized a purchase agreement with Airbus covering the firm order of six A350-900s, plus six options in April 2016. The A350 XWB, which will be configured with a premium three-class layout, will form part of PAL's' long-haul fleet. The airline will operate the aircraft on non-stop flights to the US and to new international destinations and will largely replace the airline's A340 fleet.