Rolls-Royce has won two new contracts worth a combined $2.23bn, easing the pressure after successive profit warnings.
The company's jet engine business has been selected to provide engine maintenance and servicing by Saudi Arabian airline SAUDIA for its Rolls-Royce Trent 700 engines on 20 new Airbus A330 aircraft under a long-term contract worth $1.3bn.
At the same time, the company announced a $930m deal with International AirFinance Corporation to supply Trent 700 engines for 20 of the same jets.
The Trent 700 now accounts for 90 per cent of A330 freighters in service and on order, according to Rolls-Royce, and has accounted for more than 60 per cent of new orders over the last three years. More than 1,500 Trent 700s are now in service or on order, making it the largest in-service Trent engine.
President and CEO of International AirFinance Moulay Omar Alaoui said: “We selected the Trent 700 as the best solution in terms of economics and reliability.”
SAUDIA already has 12 A330s currently in service powered by the Trent 700. Director general Saleh bin Nasser Al-Jasser said: “We are pleased to be once again operating the Trent 700 for our latest aircraft. It offers excellent performance and reliability.”
The contract wins come after Rolls-Royce said earlier this month that low demand and pricing for the Trent 700 engine model would result in significant hits to profit in 2016. "We welcome our customer's continued confidence in the Trent 700 as the best solution for fuel burn, emissions and noise performance," said Eric Schulz, Rolls-Royce president of civil large engines.