SINGAPORE - SIA Engineering Company and United States aircraft maker Boeing are joining forces to provide fleet management services to airlines here.
Their newly-announced joint venture will tap on Boeing's experience as a manufacturer and in engineering management and SIA Engineering's repair and maintenance experience.
It will offer services for aircraft models like the Boeing 737, 747, 777 and 787. SIA Engineering will hold 49 per cent of the company, with the remaining 51 per cent to be held by Boeing.
The agreement signed on Wednesday is subject to regulatory approvals.
"The joint venture will be a game changer for the airline industry. It will set new standards for aircraft reliability and utilisation," said SIA Engineering president and chief executive William Tan in a statement.
"It will also make fleet management solutions far more accessible, customisable and affordable for airlines. Aircraft ownership will be made much simpler."
Boeing said in its statement that it has signed contracts for maintenance and engineering services to cover Scoot's fleet of 20 787 Dreamliners on order and Singapore Airlines' fleet of 27 777-300ERs.
Services for Scoot and Singapore Airlines will be provided through the new venture.