World Economy

Rolls-Royce Wins Saudia Contract

Rolls-Royce Wins Saudia ContractRolls-Royce Wins Saudia Contract

Rolls-Royce said that it had been selected by Saudi Arabian airline Saudia to provide engine maintenance and servicing for its Trent 700 engines on 20 A330 aircraft under a long-term contract worth $1.3 billion, Reuters reported. The British engineering company, under pressure after successive profit warnings, said it also won a contract was to supply International AirFinance Corporation with Trent 700 engines for 20 of the same jets in a $930 million deal. The contract wins for the Trent 700 come after Rolls-Royce said earlier this month that low demand and pricing for that engine model would result in significant hits to profit in 2016.