Oman Air and Standard Chartered sign landmark financing deal for three B737-800s

Monday, 22 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Oman Airthe national carrier of Sultanate of Oman, and Standard Chartered, through its award winning Aviation Finance team, Pembroke, have signed a Sale and Operating Leaseback transaction for three B737-800 aircraft. The first two aircraft were delivered in November and December 2014, with the third delivery planned for February 2015.

This transaction is one of the first sale and leaseback transactions entered into by Oman Air, and was structured and arranged exclusively by Standard Chartered. This transaction highlights the Bank’s responsiveness to a client’s needs by leveraging its global team and world-class innovative financial products to provide the most optimal financing solution. It also demonstrates Standard Chartered’s commitment to supporting the expansion of Omani corporates and institutions. “Oman Air is keen to pursue different options to finance new aircraft joining our fast-growing fleet, and one of those options is sale and leaseback. We are pleased to have mandated Standard Chartered for the sale and leaseback of three B737-800s from 2014-15. These aircraft will support the ambitious growth strategy that we have just launched. This will see us offer our customers an increased range of destinations and frequencies, more convenient connections at Muscat, and world-class levels of onboard comfort and service,” said Paul Gregorowitsch, Chief Executive Officer, Oman Air. “We are delighted to have helped Oman Air with this landmark transaction. This is in line with the Bank’s strategy to deepen relationships with our core clients in Oman as well as demonstrate our global capabilities and financial commitment. We are proud to be supporting Oman Air as they expand their fleet to meet increasing air traffic demand,” said Gurcharan Kadan, Chief Executive Officer for Standard Chartered Oman. By December 2014, Oman Air fleet will consist of nine Airbus A330-200/300s, 20 Boeing 737-700s/800s/900s, four Embraer E175s and two ATR 42s. Six Boeing 787 Dreamliners are on order for delivery from 2015. Six more Boeing 737-800s and four 737-900ERs will be added to the fleet from 2015. By 2016, Oman Air’s total fleet size is expected to be around 50 aircraft.