IAE International Aero Engines AG has awarded Singapore-based operator Tigerair the Pure-V designation for V2500® engines powering its aircraft.
A Pure-V designated engine contains IAE-approved parts and repairs throughout the entire engine. The program was created to provide a designation IAE customers' engines that have been maintained to OEM standards, for example those covered by a Fleet Hour Agreement (FHA), and to recognize the superior value of these engines. According to IAE's records, approximately 60% of the V2500 fleet qualifies as Pure-V.
"We chose the V2500 engine for its reliability and efficiency," said Mr. Ho Yuen Sang, Chief Operating Officer of Tigerair. "The Pure-V designation will not only help our engines maintain their residual value but also give our customers the confidence that our engines are maintained to the highest standards."
"We are pleased with the positive Pure-V responses we've received since our recent launch at the Dubai airshow in November," said Matthew Bromberg, president, Pratt & Whitney Aftermarket. "We are working with our many customers, such as Tigerair, who already qualify for the Pure-V designation."
IAE's records have shown that engines maintained to OEM standards consume less fuel, have fewer unscheduled removals and have up to 20 percent longer time-on-wing between shop visits.
IAE's Pure-V engine program is designed to help operators and lessors enhance residual values for their V2500 engines. The program rewards operators who maintain OEM build standard engines with extended warranties on parts. IAE can also provide a customized conversion kit for engines that do not currently meet the Pure-V standard.
Tigerair, established in 2004, is a leading Singapore-based budget carrier that comprises four airlines, namely Tigerair Singapore, Tigerair Australia, Tigerair Philippines and Tigerair Mandala. Collectively, the Group's network extends to over 50 destinations across 13 countries in the Asia Pacific. As of 31 December 2013, Tigerair operates a fleet of 51 Airbus A320-family aircraft, averaging less than three years of age.
IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,900 V2500® engines have been delivered to close to 200 customers around the world.
This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices, budget plans and availability of funding, and in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the companies' Securities and Exchange Commission filings.
Pure-VTM is a trademark of United Technologies Corporation – Pratt & Whitney and is licensed to IAE International Aero Engines AG.