Nordic Aviation Capital A/S agrees sale of third ATR72 to Rheinland Air Service - for parts.

Tuesday 8th October 2013

Nordic Aviation Capital A/S has confirmed the sale of ATR72-212 Serial No 447 to  Rheinland Air Service (RAS), Europe's expanding regional aircraft MRO organization.  The aircraft, originally built in 1995, joins two others the German company has acquired from NAC this year.  All three are being dismantled for parts.  These recent acquisitions bolster the value of RAS' ATR parts inventory to double digits US$ million, RAS Chief Commercial Officer Walter Lange said, confirming the contract for the latest aircraft during the European Regions Airline General Assembly in Salzburg, Austria last week. "This latest aircraft, which formerly saw service with American Eagle, should be with us by the end of this month," he said.

NAC, the world's largest turboprop lessor, with a portfolio of nearly 200 aircraft and a growing ATR fleet, has worked with RAS, headquartered at Düsseldorf's Moenchengladbach Airport for eight years as one of its preferred maintenance organisations.  (Also at ERA last week NAC placed a repeat order for ATR72-600 aircraft with a commitment for 15 firm and 25 options, bolstering its total ATR orders to 200.)

"Acquiring older ATR aircraft is a sure way to ensure an exceptional variety of parts for our growing base of ATR customers," said Walter Lange.  "The type continues to be extremely popular among European carriers.  Some 90% of our maintenance work carried out by our licensed engineers is on ATR aircraft, equivalent to 14,000 manhours a month.  When RAS expands its hangarage facilities in Moenchengladbach from April 2014 it will be able to provide maintenance - from A checks to 36,000 cycle checks - on up to 12 ATRs at any one time, doubling the existing capacity.

RAS is an EASA Part 145 and Part 21 approved organization. It holds approvals from Russia and Bermuda and provides certified base maintenance and structural repairs for the ATR 42/72 series as an approved ATR MRO partner, as well as running a number of ATR 42/72 line stations throughout Europe.  It also provides quick turnarounds on component repairs, including flight controls and leading edges.

Photo caption - left to right: Immo Schernikau, VP Sales and Acquisitions; Martin Moller, Chairman - both Nordic Aviation Capital, with Rheinland Air Service's CEO Johannes Schaesberg and Walter Lange, CEO at ERA General Assembly in Salzburg last week.

About Rheinland Air Service:

Established over 40 years ago RAS employs 170 people at its headquarters in Duesseldorf-Moenchengladbach, in Duesseldorf-Weeze, Frankfurt-Hahn and Munich Executive Airport (Oberpfaffenhofen). For airlines, business and privately-owned aircraft, RAS provides qualified, EASA-certified maintenance and repair. For ground handling at airports, RAS offers a wide range of services. In Munich (OBF, EDMO) and Moenchengladbach (MGL, EDLN), RAS provides executive handling for passengers and crews, as well as comprehensive services for aircraft supply. At the airports in Duesseldorf-Weeze (NRN, EDLV), Frankfurt Hahn (HHN) and Moenchengladbach (MGL), RAS also offers aircraft refueling services. In addition to the fueling services, RAS owns a state-of-the-art fuel farm at Duesseldorf-Weeze airport, which is operated by their subsidiary, TLR.

www.ras.de

About Nordic Aviation Capital:

Founded in 1990 in Denmark, Nordic Aviation Capital, the leading regional aircraft lessor, is headquartered in Billund (Denmark). NAC is the global leader in turboprop leasing and finance with over 190 aircraft and 35 customers worldwide. The company has regional offices in Ireland, UK, Canada and Singapore, which supply aircraft to top tier carriers such as Lufthansa, Air France, US Airways, Garuda, Avianca, Flybe, Azul and Air Berlin.  NAC employs a workforce of 90 worldwide; 50 work in the company headquarters located in Billund, Denmark, and 40 are based in regional offices located in Singapore, Ireland and North America.  During the financial year 2012/13, the company increased its global workforce by hiring 20 new professionals across all its regional locations.

www.nac.dk