Pending and 2024- Agreement to recover damages from Pratt & Whitney

By Matina Harkoftakis

Chairman of Aegean Airlines Mr. Eutychios Vasilakis described 2023 as the best year in all terms, while the outlook for the year was positive as the Greek airline would add an additional 1.1 million seats to its domestic and international network. At the same time, it announced an agreement with US engine manufacturer Aegean Pratt & Whitney to compensate the Greek airline over problems with components used to manufacture some GTF engine parts.

We remind you that this situation has forced around 60 airlines around the world, including Aegean, to ground their Airbus A320 fleet to remove engines for inspection.

“The latest development in this matter is that Aegean has come to an agreement with Pratt & Whitney for us to be compensated,” Aegean's CEO Eudychis Vasilakis noted in a briefing to analysts for the company's 2023 fiscal year. Noting that the terms of the agreement are confidential. “All I can say publicly is that although the compensation amount does not cover the total cost, it is a satisfactory amount, which we know but could not make public.

Specifically, we assume that it covers a significant percentage of the cost, but not the total. When we talk about total cost, ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ does talks about the total cost, not only the level of performance, because we will extend the flight time of some older aircraft, which will replace the stored aircraft, but also the level that will limit the ability to upgrade further. “Due to the number of aircraft the company has, they will be inactive for inspection for a significant period of time,” noted Mr Vasilakis.

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