UK-based Monarch Airlines has signed a multi-year, $250 million service agreement for International Aero Engines to support 35 V2500s powering a fleet of 16 Airbus A321s.
The agreement is "uniquely structured and customised" by IAE to meet Monarch's demands for a fleet hourly support agreement.
"We believe our agreement with Monarch will optimise their fleet operational performance while providing a more predictable means for managing maintenance costs," IAE says.
Monarch launched V2500-powered A321 operations about 15 years ago, replacing a fleet of Boeing 737-300s. The services agreement will ensure that the engines are supported at a fixed rate.
"We needed flexibility and an innovative approach to our engine [repair and overhaul] strategy and one that continued to provide both high levels of maintenance quality and predictable cost," says Monarch technical director Mick Adams.
The IAE team is now controlled by Pratt & Whitney after it purchased the ownership stake of Rolls-Royce, which remains as a major supplier. Other big suppliers include MTU Aero Engines and Japan Aero Engines Corporation.