SHANNON, IRELAND December 2, 2002 Portugal's flag carrier, TAP Air Portugal, has signed a 10-year agreement with Shannon Engine Support (SES) to provide guaranteed CFM56-5B spare engine availability for the airline's fleet of 27 A320 family aircraft.
SES is a wholly owned subsidiary of CFM International (CFM). CFM, a 50/50 joint company between Snecma Moteurs (Safran Group) of France and General Electric Company, produces the world's best-selling commercial engine product line, the CFM56 family. SES is the third largest spare engine leasing company in the industry and is the leading lessor of CFM56 spares. In the last year, the SES customer base has grown by 20 percent and now includes more than 50 customers worldwide.
TAP Air Portugal is one of Europe's oldest and most respected airlines. In 2001, the airline carried more than 5 million passengers to 58 destinations throughout Europe, Africa, and North, Central and South America. Its CFM56-5B-powered fleet includes Airbus A319, A320, and A321 aircraft.
The agreement was signed in November, coinciding with a State visit to Portugal by Irish president Mary McAleese.
SES specializes in flexible, cost-effective engine leasing solutions tailored to airlines' specific requirements. Spare engine leasing provides tremendous cost savings to airlines, and the advantage SES offers is guaranteed CFM56 spare engine availability. With pools of engines worldwide, the company can provide engines in a ready-to-install configuration within 24 hours. SES also offers short-term engine leases, operating leases, sale/leaseback, and engine trading.
SES manages a portfolio of 140 CFM56-5A and CFM56-5B engines for the Airbus A320 family; CFM56-5Cs for the Airbus A340; and CFM56-3 and CFM56-7 engines for Boeing 737 aircraft.
Note: In addition to the order announced in the release above, SES has also signed the following guaranteed spare engine availability agreements in recent weeks: