Yahoo Finance SIA Engineering secures support agreement with MYAirline; extends agreement with Hawaiian Airlines
SIA Engineering has secured a new contract with MYAirline and extended its existing agreement with Hawaiian Airlines.
SIA Engineering Company (SIAEC) announced on Oct 12 the signing of an Inventory Technical Management (ITM) Programme with MYAirline, a new low-cost airline based at Kuala Lumpur International Airport.
Under the programme, SIAEC will provide component support coverage for aircraft and engine spares on-site consignment and pooling support services as well as repair and overhaul support services for MYAirline’s fleet of Airbus A320 aircraft. The agreement has a term of 10 years, with an option to extend a further period of two years.
Foo Kean Shuh, executive vice president operations & chief sustainability officer of SIAEC says: “With SIAEC’s high-quality engineering support as well as our experience in serving the maintenance, repair and overhaul (MRO) needs of airline customers, we look forward to the partnership with MYAirline to support its growth. Together with our network of component shops and joint venture companies with established original equipment manufacturers, including our recently acquired component MRO shop, SR Technics Malaysia, we will be providing the highest levels of component support to achieve operational reliability and efficiencies for MYAirline.”
The transaction is not expected to have a material impact on the group’s FY2023 ending March 2023 earnings.
In a separate announcement, SIAEC also announced that it has signed an agreement with Hawaiian Airlines to perform airframe maintenance services for its A330-200 fleet. The agreement covers maintenance checks for 11 aircraft into 2027. The group will undertake the maintenance services for Hawaiian Airlines at its facility in Singapore.
Hawaiian Airlines, based in Honolulu, Hawaii, currently operates a fleet of 24 A330-200 aircraft, serving 13 gateway cities in the USA and nine destinations throughout Asia and South Pacific.
Jeremy Yew, senior vice president base maintenance services of SIAEC says: “We will continue to deliver best-in-class on-time performance through the implementation of LEAN methodology, and to provide quality services and strong engineering support to our customers.”
This transactions also not expected have any material impact for FY2023.
Shares in SIAEC last traded at $2.17 on Oct 11.
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