Air NZ statement on global Rolls-Royce engine issue

Air NZ statement on global Rolls-Royce engine issue

"The increased inspection frequency is driven by our further understanding of the durability of the Trent 1000 Package C compressor, a condition that we highlighted earlier this year", the company said, adding that there are 380 Package C engines now in-service with airlines.

Air New Zealand worldwide passengers face more disruption from problems with some of the Rolls-Royce engines on its Dreamliners.

It said the matter would require more regular inspections and lead "to higher than previously guided cash costs being incurred during 2018".

Rolls-Royce said despite the additional expense of the inspections, it still expects to hit its annual free cashflow target of around £450m by "reprioritising various items of discretionary spend" to account for extra costs from the Trent 1000.

About 200 engines are due for maintenance in coming weeks, according to East, who didn't say whether airline compensation is factored into the new guidance. Citigroup restated a "buy" rating and issued a GBX 1,060 ($14.98) price target on shares of Rolls-Royce in a research report on Thursday, March 8th. The Civil Aerospace segment provides commercial aero engines, such as airlines, business aviation, and helicopter engines for various sectors of the airline and corporate jet markets, as well as aftermarket services.

General Electric engines used on some Boeing 787 Dreamliners are not affected.

One of the biggest names in British manufacturing, Rolls-Royce is in the midst of a restructuring by CEO Warren East but its turnaround has been hampered by problems with some turbine blades that have worn out more quickly than expected.

"We will be working closely with Boeing and affected airlines to minimise disruption wherever possible".

Norwegian Air, which has the engines in 15 of its 27 Boeing 787s, said it hopes to have inspected all of its engines before May 26 and that it had already found one problem that required an engine to be replaced. This is a known issue and we will continue to work with Rolls-Royce, our customers and the regulators to fully resolve it. Boeing is deploying support teams to mitigate service disruption. The snag has led to unscheduled shop visits for dozens of Boeing's 787s at carriers including Virgin Atlantic and British Airways, costing Rolls-Royce more than £220m in charges a year ago. Rolls-Royce advises 380 engines globally are impacted by the directive, including nine in the Air New Zealand 787 fleet.

Scoot, a budget carrier owned by Singapore Airlines, said it expected some impact on operations.

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