Cathay Pacific Airways Signs $1 Billion OnPoint Solutions Agreement with GE

( EVENDALE, Ohio - July 18, 2006 ) - Cathay Pacific Airways has signed a 20-year OnPointSM Solutions service agreement with GE - Aviation's Services business for the maintenance, overhaul and repair of 40 GE90-115B installed and spare engines powering the airline's fleet of Boeing 777-300ER aircraft. The agreement, valued at more than $1 billion over the life of the agreement, will also cover any additional GE90-115B powered aircraft the airline acquires through the year 2017. Since December 2005, Cathay Pacific has ordered a total of 18 GE90-powered advanced 777-300ERs, the first of which is scheduled to enter service in September 2007. "We're excited about the opportunity to bring all of the benefits of OnPoint Solutions to one of the world's pre-eminent airlines," said Bill Fitzgerald, vice president of Global Services Overhaul for GE. "OnPoint will help Cathay Pacific maintain the technical superiority of its fleet while keeping its costs predictable, thus improving asset value and utilization and increasing its operating efficiency." Cathay Pacific was named "Airline of the Year 2006" by both Air Transport World (ATW), the leading monthly magazine covering the global aviation industry, and by global travel and transport information company OAG. Cathay Pacific was also voted "Best Airline Based in Asia" and "Best Transpacific Airline" in OAG's awards based on its poll of business travelers. The airline, which will take delivery of its 100th aircraft this summer, will celebrate its 60th anniversary in September. OnPoint Solutions are flexible long-term commitments designed to meet customers' unique engine service needs. Backed by GE's world-class support, these solutions help lower our customers' cost of ownership and maximize the use of their assets. OnPointSM services include overhaul, on-wing support, new and used parts, component repair, technology upgrades, engine leasing and diagnostics. SM - OnPoint is a service mark of General Electric Company.

Source: GE
Date: Jul 19, 2006

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