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Singapore's Tiger Airways orders Airbus jets valued at $3.8 billion
[March 24, 2014]
SINGAPORE (Reuters) — Singapore's Tiger Airways Holdings Ltd <TAHL.SI> has
placed an order for 37 Airbus <AIR.PA> A320neo aircraft
valued at $3.8 billion at list prices, taking delivery
of the planes from 2018 to 2025, the carrier said in a
statement on Monday. Tiger said an existing order for nine Airbus A320 aircraft, part of a larger order agreed in 2007, will now be cancelled. These aircraft were originally scheduled for delivery in 2014 and 2015. |
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The long-term fleet renewal and expansion comes
as Tiger, which is about 40 percent-owned by Singapore Airlines
Ltd <SIAL.SI>, takes steps to try to prevent a third straight
year of losses. In January it sold its Tigerair Philippines
business to Cebu Pacific, the archipelago's biggest airline,
cutting its losses in a market where a sharp increase in
available seats pushed down ticket prices. "We have re-calibrated our strategy and taken the necessary steps to re-position Tigerair," Tiger chief executive Koay Peng Yen said in the company's statement. "This deal effectively dissipates some concerns over a potential capacity overhang in the next couple of years." Tiger said the negotiated price for the new order was
"significantly lower" than the list price. The jets will be
powered by engines from Pratt & Whitney. (Reporting by Anshuman Daga; editing by Kenneth Maxwell) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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