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February 2018

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GA Telesis MRO Services is the new corporate brand following the consolidation of GA Telesis Component Repair Group Southeast (CRGSE) and GA Telesis Composite Repair Group (CRG). CRGSE is an FAA/EASA/CAAC approved component MRO located at Miami International Airport with capabilities to repair and overhaul aircraft systems such as hydraulics, pneumatics, electro-mechanical, servo, power and actuation. CRG is an FAA/EASA approved facility located in Fort Lauderdale, FL, that specialises in aerostructure and nacelle system repair and overhaul.

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Hong Kong Airlines (HKA) has entered into an agreement for to subscribe for new shares in Pan Asia Pacific Aviation Services (PAPAS). PAPAS is a joint venture between SIA Engineering Company (SIAEC) (47.06%), Malaysia Airlines (23.53%), Garuda Indonesia (17.65%) and Royal Brunei Airlines (11.76%), which provides a full suite of line maintenance, ramp handling and other ancillary services at Hong Kong International Airport. HKA is a full-service carrier based in Hong Kong and currently operates a fleet of 35 aircraft. HKA is a major customer of PAPAS and its entry as a shareholder will further strengthen PAPAS’ growth.

 

HKA will become a 15% shareholder of PAPAS through a subscription of new shares SIAEC’s stake in PAPAS will be 40% upon completion of the First Tranche. Subject to the fulfilment of certain conditions, HKA has the right to further increase its stake in PAPAS to 30%.

 

The consideration payable in cash by HKA for the First Tranche shares is HK$21.7 million (about $2.8 million) and the consideration payable in cash by HKA for the Second Tranche shares will be in the range of HK$23.5 million to HK$33.5 million (about $3.0 million to $4.3 million). The consideration was determined on an arm’s length basis, validated by an independent valuer appointed by PAPAS, which was based on discounted cash flow methodology. Completion of the First Tranche and the Second Tranche is further subject to the satisfaction (or waiver) of the conditions precedent contained in the agreement with HKA.

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ST Aerospace secured new contracts worth about S$510 million ($390 million) in 4Q17. Airframe maintenance contracts included multi-year agreements to provide A and C checks for Boeing aircraft including the 777 and 747, as well as support for other platforms including the Airbus A320 and McDonnell Douglas MD-11. Other MRO contracts included agreements for ATR 72-500 shipsets, landing gear repair for military aircraft, extension of engine wash services for existing customers and Boeing 787 component support over 15 years for Gulf Air, which was announced last November.

 

The company redelivered a total of 1,206 aircraft for airframe maintenance and modification work; a total of 11,852 components, 58 landing gears and 40 engines were processed; while 2,494 engine washes were conducted.

 

During the quarter, Elbe Flugzeugwerke, the joint venture between ST Aerospace and Airbus redelivered the first A330-300 Passenger-to-Freighter converted aircraft to launch customer, DHL Express after the successful completion of test flights in October and awarding of the EASA STC in November.

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STS Component Solutions has acquired UJet Group, an aircraft interior modification and refurbishment company based in Shannon, Ireland. Through this acquisition, STS Component Solutions will now offer aircraft interior refurbishment and parts services under the newly formed brand, STS UJet. STS UJet will continue to operate out of Shannon and is expected to remain the region’s premier FAA/EASA Part 145 approved aircraft interior repair shop. STS UJet’s current offerings include complete aircraft interior refurbishment and modification, cabin reconfiguration, seats and support services.

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