SAS Initiates Long Haul Fleet Renewal Plan: Memorandum of Understanding Signed with Airbus for 12 New Aircraft

SAS (STO:SAS) (OSE:SASNOK) and Airbus have signed a Memorandum of Understanding for the order of 12 new aircraft. This marks the launch of SAS' long haul renewal plan including eight new A350-900 XWB, four new A330-300 Enhanced and a total upgrade of passenger cabins on the A330/340-fleet.

"I am very happy with today's announcement. Whilst continuing to deliver on our strategy and plan for a profitable SAS, we are succeeding in making fundamental changes that allows us to invest in our future as Scandinavia's leading airline - for the benefit of our customers, employees and shareholders," said Rickard Gustafson, SAS Group President & CEO.

"The great technological improvements of this extensive fleet renewal plan give SAS a long haul fleet that will be top of class in the industry. It will truly increase our competitiveness and strengthen our customer offering - both with regard to comfort, service and efficiency. Furthermore, we are able to significantly bring down fuel consumption which will lower our costs and support our goals to reduce emissions," said Rickard Gustafson.

The fleet plan has the flexibility to include considerable growth and will be financed by export credit financing and sale & leaseback. The list price of the order is estimated at 3,3 BUSD.

A modern and efficient long haul fleet With the announcement today, SAS initiates three important measures to secure a modern and efficient long haul fleet in both medium and long term.

Eight A350-900 XWB

• SAS will order eight A350-900 with options for another six aircraft.
• The A350-900 has approximately 20% higher passenger capacity than the existing A340/A330 fleet.
• The A350-900 is a completely new aircraft type incorporating advanced aerodynamics, the latest materials and system technology available.
• The aircraft offers up to 30% lower fuel consumption per passenger seat and reduced noise by half compared to e.g. A340.
• The A350-900 will be delivered to SAS starting 2018.

Four A330-300 Enhanced

• SAS will increase its efficient A330 fleet from four to eight aircraft by ordering four of the A330-300 Enhanced to replace A340 when the current leasing agreements expire.
• The improvements include a new cabin interior, a 2% fuel burn reduction and a considerable increase in range, making it a capable aircraft for all of SAS network.
• The A330-300 Enhanced will be delivered to SAS starting 2015

Upgrade of seven A330/A340

• SAS will upgrade the passenger cabins on up to seven selected A330/A340.
• The upgrade will consists of new seats throughout the cabin including fully flat seats in Business Class and throughout the entire cabin a new high definition full video on demand in-flight entertainment system.
• The cabin upgrade is expected to be completed 2015.

SAS Group Investor Relations

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SOURCE: BUSINESS WIRE