AIP Air Partner

TIDMAIR

Air Partner PLC

15 January 2016

15 January 2016

AIR PARTNER PLC

Cabot Aviation announces that Kenya Airways has entered into a sale

agreement with Omni Air International

Cabot Aviation, a division of Air Partner plc and a leading aircraft remarketing broker, is pleased to announce that Kenya Airways has entered into a sale agreement with Omni Air International to purchase two Boeing 777-200 ER aircraft, following approval from Kenya Airways' board. Omni Air International is a US based airline providing global passenger ACMI, wet lease and charter programs.

The successful sale of the Boeings follows Cabot Aviation's appointment in August 2015 as Kenya Airways' exclusive remarketing agent for the four B777-200ERs, with the serial numbers 33681, 33682, 33683 and 36124. Kenya Airways continues to retain Cabot Aviation to remarket the two remaining Boeing B777-200ERs and a spare Trent engine.

Kenya Airways announced its intention to sell the B777-200ER fleet in November 2014 as it sought to rationalise its fleet as part of its turnaround strategy.

These aircraft were delivered new to Kenya Airways between 2004 and 2007 and operated on its scheduled routes - especially the long haul routes to Asia and Europe. The aircraft are powered by Rolls Royce Trent 892B engines and are currently configured with 28 business and 294 economy seats.

Tony Whitty, CEO and founder of Cabot Aviation, said: "We are delighted to have started the year by arranging this sale for Kenya Airways in difficult market conditions. Our focus is now on finding a new owner for the remaining two aircraft".

Kenya Airways Group Managing Director and CEO Mbuvi Ngunze said: "I am pleased that we have reached this milestone. Although we announced our intention to rationalize our fleet in line with our current position more than a year ago, it has taken a while to find a good home for our B777-200. We are now satisfied with this sale and will make other important announcements on fleet rationalization later this month".

The two sold aircraft will be leaving for their new home during the next two months, once Kenya Airways completes their exit preparation, with the first one transferring before the end of this month.

Enquiries

 
 Air Partner                                                  01293 844 788 
 Justin Scarborough, Director of Corporate 
  Development and IR                                          01293 848 570 
 
 Cabot Aviation                                               01293 844 759 
 Tony Whitty, CEO                                    tony@cabotaviation.com 
 Tim Barber, SVP                               tim.barber@cabotaviation.com 
 
 Temple Bar Advisory (Financial PR advisor)                   020 7002 1080 
 Tom Allison                                                  07789 998 020 
 Ed Orlebar 
 Alycia MacAskill 
 

About Cabot Aviation

Cabot Aviation is Air Partner PLC's specialist aircraft remarketing broker which acts for airlines (flag carriers and regional) and other aircraft owners, such as banks, operating lessors, manufacturers, insolvency practitioners and high net worth Individuals, to dispose of their surplus aircraft including commercial jets, turboprops, helicopters or private jets, either by arranging a sale or lease of the aircraft. Cabot Aviation also advises clients on the acquisition of aircraft and their fleet management process. Cabot clients have included Cyprus Airways, Kenya Airways, China Airways, Flybe, British Midland, Cargolux, Daimler-Chrysler, KLM, DVB Bank, Halifax Bank of Scotland and Rolls-Royce Aircraft Management. Cabot Aviation was acquired by Air Partner plc in May 2015. www.cabotaviation.com

About Air Partner

Founded in 1961, Air Partner is a global aviation services group that provides worldwide solutions to industry, commerce, governments and private individuals. The Group is structured into four reporting divisions: Commercial Jets, Private Jets, Freight and Baines Simmons. The Commercial Jet division charters large airliners to move groups of any size. Cabot Aviation, which is formed within the Commercial Jet division, provides comprehensive remarketing programmes for all types of commercial and corporate aircraft to a wide range of international clients. Private Jets offers the company's unique pre-paid JetCard scheme and on-demand charter. Air Partner Freight charters aircraft of every size to fly almost any cargo anywhere, at any time. Baines Simmons is a world leader in Aviation Safety Consulting which specialises in aviation regulation, compliance and safety management. Air Partner is headquartered alongside Gatwick airport in the UK. Air Partner operates 24/7 year-round and has 20 offices globally. Air Partner is listed on the London Stock Exchange (AIR) and is also ISO 9001:2008 compliant for commercial airline and private jet solutions worldwide. www.airpartner.com

This information is provided by RNS

The company news service from the London Stock Exchange

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