Jul 26, 2023
Pratt & Whitney Canada announced today that it has signed a Lessor-Guaranteed Maintenance Cost Plan (L-GMCP) agreement with Jetstream Aviation Capital (Jetstream), one of the world’s largest aircraft lessors focusing solely on commercial turboprop regional aircraft and engines. This flexible engine value preservation and restoration solution will enable Jetstream to improve cost predictability and simplify fleet operations management.
“Our L-GMCP agreement is designed to give customers like Jetstream the capacity to offer improved aircraft lease value propositions tailored and optimized to lessees’ specific maintenance requirements,” said Irene Makris, vice president, Customer Service, Pratt & Whitney Canada. “By subscribing to this comprehensive program at a guaranteed hourly rate, Jetstream can extend to lessees the lowest possible engine Maintenance Reserve rates and peace of mind for both planned and unplanned events.”
For Jetstream, the program will simplify its management of lessees and facilitate the aircraft transition process with a commercial and contractual environment that supports streamlined aircraft redeliveries. It also provides flexibility to accommodate changes in the leased aircraft portfolio. By giving clear visibility on the lease-specific operating costs and pre-and post-maintenance and repair status, the plan serves as a financial planning tool and allows for alleviation of lease return conditions.
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“This program preserves asset value and enables us to streamline our maintenance operations, reduce downtime and efficiently allocate resources to manage and remarket our aircraft,” said Stuart Klaskin, chief executive officer, Jetstream Aviation Capital. “It aligns seamlessly with our objectives to provide superior service and maintain a high level of reliability in our industry. We are confident that it will elevate our operational efficiency with our ongoing commitment to customer satisfaction.”
Jetstream’s lessees will also benefit from original equipment manufacturer (OEM)-backed maintenance services provided at the lowest rates at Pratt & Whitney Canada-owned or -designated maintenance, repair and overhaul facilities. Pratt & Whitney Canada will support the lessees’ engine operations and maintenance needs to enhance time-on-wing and dispatch reliability performance.
As a Pratt & Whitney Canada-powered customer, Jetstream is also backed by the company’s global support network, including owned and designated service facilities around the world, field support managers on six continents, mobile repair teams available around the clock, a 24/7 Customer First Centre for rapid, expert assistance, an extensive parts distribution service and the largest pool of Pratt & Whitney Canada rental and exchange engines in the industry.