FARNBOROUGH - Qantas Airways has extended its OnPointSM solution agreement with GE Aviation for an additional seven years on the fleet of CF6-80E1 engines that power the airline's Airbus A330-200 and A330-300 aircraft. The extension, valued at $340 million (USD), ensures GE will provide the maintenance, repair and overhaul of 65 CF6-80E1 engines through 2025.

"Qantas has operated CF6 engines since 1987, and the engines' performance and reliability have been outstanding," said Qantas Domestic CEO Lyell Strambi. "The extended agreement will ensure our engines continue their remarkable performance."

"GE and Qantas have developed a strong relationship, and the extension demonstrates the confidence the airline has in GE's maintenance, repair and overhaul capabilities," said Kevin McAllister, president and CEO of GE Aviation’s Services organization. "We look forward to continuing to expand our relationship with Qantas and provide their engines with the best service and support to keep them in optimal operating condition."

Founded in the Queensland outback in 1920, Qantas has grown to be Australia's largest domestic and international airline. Over the next decade, the Qantas Group is investing in more fuel efficient, next generation aircraft, including the GEnx-powered Boeing 787 that entered service at Jetstar in October 2013 and the LEAP*-powered Airbus A320 neo.

OnPoint solutions are customized service agreements tailored to the operational and financial needs of each customer for any size fleet. These agreements are designed to help lower the customers' cost of ownership and maximize the use of their assets. Backed by GE's global support network, OnPoint services may include overhaul, on wing support, new and used-serviceable parts, component repair, technology upgrades, engine leasing, integrated systems support and diagnostics and integrated systems.

GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings.