, TORONTO: Vector today announces that it has recently been chosen as the preferred bidder, subject to final contract signing, for a three year contract to maintain and overhaul the T56 engines used on the Royal Saudi Air Force fleet of C130 military transport aircraft.
The final contract is expected to be signed in the next month. The contract will be with Vector's subsidiary, Sigma Aerospace, based in the UK. Vector values the total contract based upon the number of engines in the fleet and the estimated scope of work to be performed on each engine.
The contract bid submitted estimated aggregate revenues over the three year term in the US$34 million range. However, revenues could be substantially higher dependant on actual maintenance requirements.
This revenue will be significant to Sigma's current operations. Over the past year, Sigma has also been successful in securing T56 contracts with the Belgian Air Force, the Swedish Air Force and the Algerian Air Force. As a result of these contracts, Sigma will be Europe's largest independent provider of MRO services for the T56 engine.
Donald Jackson, Vector's Chairman, President and CEO commented: “I am very pleased with this recent contract and the imminent return of the RSAF as a customer of Sigma. It is a very positive step in Sigma's growth. This contract and the more than over $120 million in multi-year contracts won by Atlantic Turbines and ACROHELIPRO in the last year will provide Vector with continued growth well into its' future.”
Vector Aerospace Corporation is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States and the United Kingdom it provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. It also provides information technology solutions to an international customer base. Principal operations include Atlantic Turbines, Sigma Aerospace, ACROHELIPRO Global Services and Pathix. The Company has approximately 1,100 employees.
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