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Gulf Air Restructures Fleet Orders with Boeing and Airbus to Reduce Long-term Liability and Meet Fut


 

Bahrain’s National Carrier, Gulf Air is pleased to announce that after extensive negotiations with Airbus and Boeing - its two key suppliers of wide-body and narrow-body aircraft - it has signed amendment agreements with both aircraft manufacturers to realign its original orders to meet its long-term strategic needs. 

During 2011 Gulf Air has engaged in extensive discussions with both airframe manufactures to renegotiate its order book. This has become necessary in light of the tough economic conditions faced by the global aviation industry recently including high-fuel prices and a slump in air traffic as well as the regional developments over the last fifteen months resulting in the forced suspension of a number of destinations impacting revenue. 

The revised agreement with Airbus ultimately permits the conversion of the existing wide-body obligation into eight A320ceo Family aircraft, all of which will have be delivered by year-end, plus up to sixteen A320neo Family aircraft slated to join the airline’s fleet as replacement and/or growth for the current single-aisle fleet in the latter part of the decade. 

The revised Boeing agreement, allows the airline to reduce its wide-body 787s Dreamliner requirement to 12 – 16 aircraft depending on Gulf Air’s strategic requirements. These aircraft are scheduled for delivery towards the end of the decade and will replace Gulf Air’s current wide-body fleet. 

Gulf Air CEO, Mr. Samer Majali, said, “As long-standing trade partners, Airbus and Boeing have understood our challenges and I am delighted that we have arrived at mutually agreeable solutions in-line with the Government directive to put the airline firmly on a path towards sustainability. The revised orders reduce our long-term financial liability of approximately USD$ 5 billion by over 50% and the remaining liability more effectively meets Gulf Air’s future fleet replacement and/or growth requirement.”

Marty Bentrott, Boeing Commercial Airplanes' vice president of sales for the Middle East, Russia and Central Asia said: “We appreciate the fact that as a commercial airline Gulf Air has to respond to the changing global aviation environment. The revised fleet requirement from Gulf Air reflects this and we are glad to have cooperated with Gulf Air to arrive at an amicable solution. Gulf Air remains a valued customer of the Boeing 787 Dreamliner and we look forward to continuing our strong partnership.”

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Gulf Air’s Board of Directors under the Chairmanship of H.E. Shaikh Khaled bin Abdulla Al Khalifa,
Gulf Air’s Board of Directors under the Chairmanship of H.E. Shaikh Khaled bin Abdulla Al Khalifa,

During the meeting, the Board of Directors appointed the airline’s Deputy Chief Executive Officer, Mr. Maher Salman Jabor Al Musallam as Acting Chief Executive Officer. (11/12/2012)
Gulf Air Restructures Fleet Orders with Boeing and Airbus to Reduce Long-term Liability and Meet Fut
Gulf Air Restructures Fleet Orders with Boeing and Airbus to Reduce Long-term Liability and Meet Fut

Gulf Air is pleased to announce that after extensive negotiations with Airbus and Boeing - its two key suppliers of wide-body and narrow-body aircraft - it has signed amendment agreements with both ai (12/11/2012)
Positive sentiment for Bahrain business travel
Positive sentiment for Bahrain business travel

The future of Bahrain’s meetings and incentive and business travel sector looks positive, with the Bahrain Exhibition and Convention Authority reporting an increase in the number of specialised inte (13/10/2012)
Gulf Air resumes flights to Iran and Iraq
Gulf Air resumes flights to Iran and Iraq

Bahrain’s national carrier, Gulf Air will resume its services to Iran and Iraq from 20 September 2012 following the Bahrain Government’s approval. (16/08/2012)
Gulf Air Achieves Significant Cost-savings Across its Business
Gulf Air Achieves Significant Cost-savings Across its Business

Airline’s restructuring initiatives result in a cost-saving of BD 25.5 million in 2011. National carrier targets a further 15% cost base reduction in 2012 (09/07/2012)
Gulf Air’s summer offer to enjoy new premium products and services
Gulf Air’s summer offer to enjoy new premium products and services

Airline announces 25% off on Falcon Gold class fares across its network (15/05/2012)
Gulf Air strengthens Qatar operations with seven more flights a week
Gulf Air strengthens Qatar operations with seven more flights a week

Gulf Air, the national carrier of the Kingdom of Bahrain, increased its flights to Doha from 35 to 42 times a week, as of 25 March 2012. (08/04/2012)

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