GECAS adds three B777s to Emirates fleet
GE Capital Aviation Services Limited (GECAS), the commercial aircraft leasing and financing arm of GE, signed a purchase and leaseback transaction with Emirates airline for three new Boeing 777-300ER aircraft and seven spare engines.
The first aircraft from the airline’s existing order book with Boeing was delivered on May 30. The other aircraft are scheduled for delivery later in 2012. The leaseback of seven spare engines -- four GE90s and three GP7200s – was successfully completed in June.
Analyst Saj Ahmad commented: "GE and Emirates have a long and deep relationship and the deal here to purchase three 777-300ERs by GECAS and lease them back to the airline is just another example of how the parties co-operate. GE is already has a dedicated GE90 facility in Dubai to cater for Emirates' huge fleet of 777s and the sale of engines too enhances the airlines cash balance but also allows GECAS to offer more spare GE90 engines to other 777 customers in and around the GCC, and indeed, elsewhere in the world."
Ahmad concludes: "With the 777-300ER continually topping investor and operator polls, Emirates will be safe in the knowledge that while selling a handful of airplanes to GECAS, the strong residual values will bolster their already-strong cash balance and allow them greater financial flexibility to pay for new airplanes that have yet to be inducted."
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