OPERATING REVIEW AND OUTLOOK AEROSPACE MRO Our MRO facilities experienced healthy utilisation, reflecting the strong demand for maintenance services that came with increased flying activities. Airlines continued to raise aircraft utilisation rates as both passenger and freight traffic grew. Along with shop visits, we secured several multi-year MRO contracts that underscore rising maintenance demand from airline operators. Airframe Services As part of our long-term strategy to capture growth opportunities through increased capacity, we broke ground for a third hangar in Pensacola, U.S. The hangar is part of an airframe MRO complex we are developing to further strengthen our presence in the U.S. In anticipation of MRO needs arising from the comeback of the Airbus A380 platform post-COVID, EFW re-entered the A380 MRO market and secured contracts from airlines and operators, including Global Airlines, for A380 airframe maintenance. Other airframe maintenance contracts we secured included a six-year contract from a Canadian airline to service their fleet of Boeing 787 Dreamliner aircraft. Component/Engine Services Our component and engine MRO businesses demonstrated steady performance, with the latter benefitting from the strong recovery of the engine MRO market. We secured several multi-year engine MRO contracts with airline customers, reflecting the high demand by airlines for long-term engine support. These included an exclusive 15-year contract with Akasa Air to provide the first Performance Restoration Shop Visit (PRSV) service for their entire Boeing 737 MAX fleet including future deliveries, a contract with PT Lion Group for exclusive CFM56-7B engine maintenance and a contract with Lucky Air for CFM LEAP-1A engine maintenance. Groundbreaking for our third hangar in Pensacola, U.S. (Photo credit: City of Pensacola) We continued to strengthen strategic partnerships with OEMs to enhance our MRO capabilities. These included a collaboration with Liebherr Aerospace and Transportation to explore Airbus A220 landing gear MRO services and the extension of our network agreement with Honeywell for mechanical, avionics and LEAP engine components service and repair. We also increased our support for Safran Aircraft Engines to provide module repair offload support for the LEAP-1A and LEAP-1B engines. This collaboration adds to other offload maintenance support we are providing to Safran Aircraft Engines for the CFM56-5B, CFM56-7B, LEAP-1A and LEAP-1B engines. Our engine MRO business clinched an exclusive 15-year MRO contract with Akasa Air to support its LEAP-1B engines with their first Performance Restoration Shop Visit service. 28 ST ENGINEERING | ANNUAL REPORT 2024
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