Rolls-Royce has received its largest order in history after winning a $9.2bn tender to supply engines for 50 A380 aircraft for Dubai's Emirates airline.
The firm had warned in February that profits this year could fall by as much as 13 per cent on top of an 8 per cent drop last year, saying the low oil price had increased uncertainty. The announcement of the new order has pushed its shares up 2.1 per cent this morning.
The majority of the airlines superjumbos are powered by Engine Alliance, a joint venture of General Electric and Pratt & Whitney. This new deal is the first time the Gulf carrier has ordered Rolls-Royce engines for this fleet.
A shift in engine supplier is a rare occurrence, but Emirates president Tim Clark had already said he was considering Rolls-Royce engines for the 50 aircraft for which engine selection had yet to be made back in March.
Announcing the deal at a joint press conference in London, attended by Clark and Rolls-Royce chief executive John Rishton, the companies said the aircraft in question would enter service from 2016.
The contract includes a long-term "Totalcare" package, which means Rolls-Royce will also provide service and maintenance to Emirates for the Trent 900 engines.
Rolls-Royce is the world's second-largest maker of aircraft engines after US group General Electric.