Ryanair Enters 10-Year Agreement with General Electric for Engine Maintenance

November 01, 2004

EVENDALE, OHIO - Ryanair Holding plc, Europe's No. 1 low fare airline, today announced that it had entered into a 10-year agreement, with an option for a 10-year extension, with GE Engine Services to provide engine maintenance for the Ryanair fleet.

This all-inclusive maintenance contract will include the repair and overhaul of engine components, the provision of spare parts, technical support of the fleet and the maintenance and overhaul of all the CFM56-7 series engines which power its current fleet of 59 Boeing 737-800 next generation aircraft and the 96 firm aircraft deliveries and up to 123 options to be delivered over a period up to 2010.

The agreement will enable Ryanair to partner with GE, an industry leader in providing world-class engine maintenance and overhaul services, at significantly reduced prices.

Commenting on the GE engine maintenance agreement Michael Hickey Ryanair's Director of Engineering said, "We are pleased that we have entered into this exclusive 10-year agreement with GE for the provision of engine maintenance and overhaul services. GE is a world-class provider of these services, and we have secured a long-term agreement which will enable us to significantly reduce our maintenance and overhaul costs on our existing CFM56-7 engines and those still to be delivered under our aircraft delivery programme with Boeing."

Dan Heintzelman, President and CEO of GE Engine Services said, "We look forward to our long-term relationship with Ryanair, Europe's largest low fares airline. GE is an acknowledged leader in the provision of engine maintenance and overhaul services, and we were able to successfully win the competitive tender by highlighting our extensive record of quality service at very competitive prices. We have worked closely with Ryanair to meet its requirements to ensure this program meets the highest international standards of quality and safety. We look forward to developing an even closer relationship with Ryanair over the period of the agreement."

CFM56-7 engines are a product of CFM International, a 50/50 joint company between Snecma Moteurs and General Electric Company.

GE Transportation - Aircraft Engines, a part of General Electric Company (NYSE: GE), is one of the world's leading manufacturers of jet engines for civil and military aircraft.