Sydney-based Aircraft Support Industries (ASI) is set to construct two aircraft maintenance hangars, together worth over US$80 million.
The two hangars, one in Abu Dhabi International Airport and the other at Tan Son Nhat Airport in Ho Chi Mihn City, will be built thanks to the support of Export Finance and Insurance Corporation (EFIC).
EFIC will assist with the 10 per cent performance bonds ASI is required to supply to National Australia Bank.
“We have strong experience in designing and constructing large hangars both in Australia and overseas, but contract bonds can place a strain on our cash flow,” said ASI’s chief executive officer, Mark Langbein.
“The financial guarantees from EFIC and NAB have freed up our working capital so we can focus on delivering these new contracts.”
ASI will supply the US$68.2 million Abu Dhabi contract and the US$13.7 million Ho Chi Mihn City contract with the hangar complex while local companies will provide technical services for the commercial and military aviation industries.
EFIC and ASI have a history going back to 2001.
“We’re proud to build on our relationship with such a successful Australian exporter,” said EFIC’s managing director, Angus Armour.
“Our bonds can help specialised exporters like ASI to develop niche markets in a highly competitive environment.”