AerCap Signs Lease Agreements for Two Boeing 737 Aircraft with Aloula Aviation

Rhea-AI Summary

AerCap Holdings N.V. (NYSE: AER) has announced new lease agreements for two Boeing 737-800 aircraft with Aloula Aviation, a subsidiary of Aramco. The aircraft will be used for transporting Aramco Group passengers in Saudi Arabia. This deal expands AerCap's existing relationship with Aramco, which was previously focused on helicopter leasing through Milestone Aviation. The agreement represents Aloula Aviation's first directly leased aircraft for passenger operations in Saudi Arabia.

Positive

• Expansion of business relationship with Aramco Group from helicopters to passenger aircraft
• Entry into Saudi Arabian passenger aircraft market through established client
• Demonstrates cross-selling capability across AerCap's business lines

Negative

• None.

News Market Reaction – AER

-1.36%

1 alert

-1.36% News Effect

On the day this news was published, AER declined 1.36%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

DUBLIN, Dec. 12, 2024 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap" or the "Company") (NYSE: AER) today announced it has signed lease agreements for two Boeing 737-800 aircraft. The aircraft will be operated by Mukamalah Aviation Company (a wholly owned subsidiary of Aramco), operating under the brand name "Aloula Aviation," for the transportation of Aramco Group passengers in Saudi Arabia.

The Aramco Group has been a long-time customer of AerCap through its helicopter business, Milestone Aviation, which is a leading provider of leased and financed helicopters.  

Aengus Kelly, the CEO of AerCap, said, "We are pleased to expand our relationship with Aramco and Aloula from the leasing and financing of helicopters to passenger aircraft, highlighting the strong synergies across AerCap's business lines. We are proud to support Aloula with their first directly leased aircraft for passenger operations in the Kingdom of Saudi Arabia and wish them every success in their new venture."

Captain Khalid Alnatour, the CEO of Aloula Aviation, said: "Our continued partnership with AerCap marks an important step in Aloula Aviation's mission to provide top-tier aviation services in Saudi Arabia. With the addition of these Boeing 737-800 aircraft, we are better positioned to serve other key clients, advancing our shared commitment to the Kingdom's aviation development."

About AerCap

AerCap is the global leader in aviation leasing, with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Dubai, Seattle, Toulouse, and other locations around the world.

About Aloula Aviation Company Limited

The first aviation company in Saudi Arabia and second in the Middle East, Aloula Aviation Company Limited (Aloula) was established in 1934 under the name of Saudi Aramco Aviation, with the core mission of oil exploration through the vast Saudi deserts. From its headquarters in Dammam, Saudi Arabia, Aloula operates more than 60 aircraft from different fleets all serving different purposes but with the common goal of helping the business succeed.  In addition to its massive fleet, Aloula regularly serves 18 airports throughout Saudi Arabia, nine of which Aloula fully manages, serves, and operates, and more than 300 helipads, both on and offshore.

Forward-Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "will," "aim," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors, including the impacts of, and associated responses to the Ukraine Conflict, that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com.

 

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SOURCE AerCap Holdings N.V.

FAQ

What type of aircraft did AerCap lease to Aloula Aviation in December 2024?

AerCap leased two Boeing 737-800 aircraft to Aloula Aviation.

How will Aloula Aviation use the AER-leased Boeing 737-800 aircraft?

The aircraft will be used for transporting Aramco Group passengers in Saudi Arabia.

What is the significance of AER's lease agreement with Aloula Aviation?

It marks Aloula Aviation's first directly leased aircraft for passenger operations in Saudi Arabia and expands AerCap's relationship with Aramco from helicopter leasing to passenger aircraft.

What existing business relationship does AER have with Aramco Group?

AerCap has been providing helicopter leasing and financing services to Aramco Group through its subsidiary, Milestone Aviation.