PRESS RELEASE    21-12-2007

BOEING 777-300ER IS DELIVERED TO EMIRATES

Seattle/London – Doric Asset Finance continues to support Emirates’ fleet expansion programme with a second Boeing 777. The B777-300ER aircraft with serial number MSN35575 was successfully delivered to Emirates in Seattle last night. Both Boeing 777 transactions involve a long-term operating lease for a period of 10 years with extension options. Financing was arranged by Doric Asset Finance in cooperation with Dr. Peters Group, with Norddeutsche Landesbank acting as the lender.

 

 

 

 

 

 

 

 

 

Signing the contract worth USD 297m in Dubai (from left to right): Jürgen Salamon, Managing Director of Dr. Peters Group; Mark Lapidus, Managing Director of Doric Asset Finance; Nigel Hopkins, Executive Vice President-Service Departments Emirates and Brian Jeffery, Senior Vice President Corporate Treasury Emirates.

Intercontinental route structure
The transaction forms part of Emirates’ extensive fleet renewal and expansion programme. The carrier has a further 56 Boeing 777s on order which will feed into its expanding long haul services. Currently, Dubai-based Emirates serves 99 destinations in 62 countries, and has recently launched the first non-stop service between South America and the Middle East.

With this B777-300ER, Emirates receives a flexible and efficient addition to its all-widebody fleet. With a range of 14,685 km/7,930 nm and a capacity of 365 passengers, the twin-engine B777-300ER provides optimal range capability and growth potential for a medium-sized, long-range operating profile.

Doric’s aircraft portfolio
With the delivery of this aircraft, following the November delivery of a B777-200LR also to Emirates, Doric’s portfolio comprises 11 aircraft under management, including two A330-200s leased to Air Mauritius, two A319-100s leased to Virgin America, as well as the first ever A380-800 for which a long-term operating lease was concluded yesterday with Singapore Airlines.

‘With oil reserves diminishing and the barrel at a historic high, the need for new generation fuel-efficient aircraft is certainly on the increase.’ comments Mark Hackforth-Jones, air finance specialist at Doric Asset Finance. ‘Both Boeing and Airbus are working closely with engine manufacturers to develop more efficient aircraft - which means lower operating costs and less impact on the environment. Airlines are certainly responding to this.’

Press Contact: Sarah Glienke, Press and Communication, Doric Asset Finance
Email: sarah.glienke@doricassetfinance.com | Tel: 020 7621 6515