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Friday, July 2nd, 2021

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Refinitiv CFO Brian West to become new Boeing Chief Financial Officer during turbulent times

After the surprise announcement two months ago of the retirement of its long-time CFO Greg Smith, Boeing has found a replacement, Brian West. West has been the CFO of financial market data provider Refinitiv since 2018 and will take up his new post on August 27, this year.

He will be joining Boeing at one of the most financially turbulent times in the U.S. planemaker’s history following the safety crisis surrounding the 737 MAX involving which led to the grounding of the jet for the best part of two years. In 2019 and 2020 structural problems in the 787 Dreamliner were identified by Boeing which had the potential to affect 893 out of a total of 982 of the wide-body jets; a problem with composite shims was discovered by Boeing that could lead to premature aging of the horizontal tail structure, while a second problem relating to the internal smoothness of a fuselage joint which, when combined with the first problem, could lead to the creation of out-of-tolerance gaps at that fuselage joint.

In January Boeing reported a record US$11.9 billion loss for the 2020 financial year, which included a US$6.5 billion charge on its latest jet, the wide-body 777X. The arrival of the coronavirus pandemic decimated demand for international air travel which, when combined with the 737 MAX crisis and consequential additional scrutiny of the 777X, will see first deliveries postponed until 2023, two years behind schedule.

Prior to joining Refinitiv, West was the CFO and Executive Vice President of Operations of Oscar Insurance Corporation from January 2016 to November 2018. Prior to that, he was the COO of Nielsen Holdings plc from March 2014 to January 2016 and the CFO of Nielsen Holdings plc (or its predecessor) from February 2007 to March 2014.


Magnetic MRO signs cooperation and representation agreement with Component Overhaul Services

Magnetic MRO, a Total Technical Care and Asset Management organization, has signed a cooperation and representation agreement with Component Overhaul Services (COS), commercial/regional landing gear, accessory, and airframe repair station located in Miami, Florida.

The recent agreement is the extension of previous ad-hoc cooperation between the two companies and allows Magnetic MRO to work as the exclusive representative of COS in the European and African markets, providing landing gear overhaul and repair services.

"Although we have been working with Component Overhaul Services for many years, this exclusive agreement is a big step forward for both companies. It is a perfect example of a long-lasting partnership that holds many benefits not only for us but to our clients also, as we can provide better pricing on landing gear maintenance events,“ shared Eigirdas Keblikas, VP Asset Trading and Leasing at Magnetic MRO.

Pel-Air to add two new Pilatus PC-24 jets to NSWA fixed-wing air ambulance services contract

As announced by the New South Wales Government on June 22, 2021, funds for the new budget year have been allocated for NSW Ambulance (NSWA) to secure an improved mix of aircraft in its Air Ambulance fleet. Rex subsidiary Pel-Air will be adding two new Pilatus PC-24 jets to the NSWA fixed-wing air ambulance services contract.

The operations phase of the contract will commence on January 1, 2022, with the introduction of five new King Air B350 aircraft. The two Pilatus jets will be introduced into service in the second half of 2023 and will replace two of the five King Air B350 aircraft for the rest of the ten-year operational phase. The Pilatus PC-24 jets will undergo modifications in both Stans, Switzerland and locally in New South Wales to prepare the aircraft for the critical care and complex mission requirements of NSWA in the areas of standard patient transfers, newborn, and pediatric emergency transport service operations, extracorporeal membrane oxygenation operations, intra-aortic balloon pump operations, bariatric patient operations, over-water aeromedical transfers, and major incident responses.

The ability of the PC-24 jet to travel long distances at very high speed and to land on narrow unpaved runways of only 11m width will be critical in a big state like NSW and could make the difference between life and death


ST Engineering and City of Pensacola break ground for new aircraft maintenance hangar

ST Engineering has announced the groundbreaking for a new aircraft maintenance hangar at the Pensacola International Airport. The construction of the new hangar is the first phase in the development of a 655,000 ft² airframe Maintenance, Repair & Overhaul (MRO) complex that was originally announced in October 2018. The project expands on an existing two-bay wide-body hangar operated by ST Engineering. When fully completed, the expansion will add three large state-of-the-art hangars and associated support shops, and around 1.5 million labor hours to ST Engineering’s annual capacity in Pensacola.

The total development cost for the airframe MRO complex is budgeted at US$210 million, funding for which comes from ST Engineering, Triumph Gulf Coast, the City of Pensacola, Escambia County, the State of Florida, and other state and federal organizations. The complex is expected to bring about 1,300 jobs to Pensacola. When combined with the first hangar, the total number of jobs at the facility will reach about 1,700. To meet the future demand for talent expected at the facility, ST Engineering is evaluating the creation of an Aviation Training Academy that would add an additional 150 graduates a year to the local aviation maintenance programs.

DAE signs 91 lease transactions in first half of 2021

Dubai Aerospace Enterprise (DAE) has reported its business transactions update for the first half of 2021 for its aircraft leasing division, DAE Capital:

The number of new underwriting aircraft purchase commitments amounted to 26 (owned: 15; managed: 11), and DAE acquired 16 aircraft (owned: ten; managed: six) during the first half of 2021. The company signed 27 aircraft sale agreements (owned: 20; managed: seven) and sold 16 aircraft (owned: ten; managed: six) during the period.

DAE signed 91 lease agreements, extensions and amendments during the first half (owned: 78; managed: 13). The fleet size of owned, managed, committed and mandated to manage aircraft at the end of the first half was 425 aircraft.

DAE has ordered 15 Boeing 737 MAX 8 aircraft valued at approximately US$1.8 billion at current list prices during the period.


AAR signs agreement with Druck for global AOG support

AAR, a leading provider of aviation services to commercial and government operators, MROs and OEMs, has signed an agreement with Druck, a Baker Hughes business, to offer global aircraft-on-ground (AOG) support for a range of engine pressure sensors. This service will be performed through AAR´s customer support team and worldwide warehouses network.

Complementing existing solutions provided to AAR’s client base, this multi-year agreement will prevent parts supply delays and provide customers with immediate access to pressure measurement technology. Druck sensors will be used to support applications such as: hydraulics, environmental control systems, fuel monitoring, auxiliary power unit operations, engine measurement, air data measurement, and cabin pressure.

German Ministry of Defense signs order for five Boeing P-8A Poseidon aircraft

The German Ministry of Defense has signed a letter of offer and acceptance for five Boeing P-8A Poseidon aircraft under the U.S. government’s Foreign Military Sales (FMS) process. With this order, Germany becomes the eighth customer of the multimission maritime surveillance aircraft, joining the United States, Australia, India, the United Kingdom, Norway, Korea, and New Zealand.

The P-8A Poseidon offers unique multimission capability and is the only aircraft in service and in production that meets the full range of maritime challenges faced by European nations. Deployed around the world with more than 130 aircraft in service, and over 300,000 collective flight hours, the P-8A is vital for global anti-submarine warfare, intelligence, surveillance and reconnaissance and search-and-rescue operations.

German companies that already supply parts for the P-8A include Aljo Aluminum-Bau Jonischeit GmbH and Nord-Micro GmbH. Recently, Boeing signed agreements with ESG Elektroniksystem-und Logistik-GmbH and Lufthansa Technik to collaborate in systems integration, training, support and sustainment work. By working with local suppliers, Boeing will provide support, training and maintenance solutions that will bring the highest operational availability to fulfill the German Navy’s missions.


Airbus and Delta TechOps welcome GE Digital into aviation Digital Alliance

The aviation Digital Alliance, the partnership initiated by Airbus and Delta TechOps in 2019, is expanding to include GE Digital. The vision for the expanded Digital Alliance is to further develop real solutions that curb operational disruptions, drive progress in unplanned maintenance events and ultimately benefit global commercial operators’ bottom-line financial performance.

Under the umbrella of the alliance these industry leaders will combine their respective know-how of aircraft systems, airline and maintenance operations, digital analytics, as well as operational data and front-end user applications. In particular, GE’s entrance into the alliance will connect its extensive aerospace systems engineering expertise and best-in-class predictive analytics to Airbus’ Skywise suite of proven digital solutions and Delta’s operational and maintenance excellence and related predictive models.

The resulting cross-fleet portfolio of integrated services offered by the alliance will deliver cost savings, network efficiencies and increased fleet availability to around 140 customers worldwide which are already engaged with Skywise Core. With GE Digital’s added analytics capabilities and systems portfolio covering a variety of aircraft, airlines will further benefit from cross-fleet health monitoring and diagnostics, reliability analysis and predictive maintenance analytics enabling airlines to avoid operational disruptions and accelerate maintenance decisions by quickly predicting potential in-service issues across their entire aircraft fleets.

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Tamar Jorssen
Vice President Sales & Business Development
Email: tamar.jorssen@avitrader.com
Phone: +1 (788) 213 8543