Willis Sustainable Fuels (UK) Limited Enters into Master Services Agreement with McDermott
Willis Lease Finance (NASDAQ: WLFC) announces its subsidiary, Willis Sustainable Fuels (UK) , has entered into a master services agreement with McDermott for early engineering, procurement and construction services for its Sustainable Aviation Fuel (SAF) initiative. The project includes a first planned SAF facility in Teesside with a capacity of 50,000 litres per day, supported by the UK Government's Advanced Fuels Fund. The facility will produce next-generation SAF using either Biogas-to-Liquid or Power-to-Liquid technology. The parties plan to enter into sole-source EPC scope negotiation in 2025.
Willis Lease Finance (NASDAQ: WLFC) annuncia che la sua filiale, Willis Sustainable Fuels (UK), ha stipulato un accordo quadro di servizi con McDermott per servizi di ingegneria, approvvigionamento e costruzione iniziali per la sua iniziativa di carburante per aviazione sostenibile (SAF). Il progetto include un primo impianto previsto per il SAF a Teesside con una capacità di 50.000 litri al giorno, supportato dal Fondo Avanzato per i Carburanti del Governo del Regno Unito. L'impianto produrrà carburante per aviazione sostenibile di nuova generazione utilizzando tecnologia Biogas-to-Liquid o Power-to-Liquid. Le parti prevedono di avviare le negoziazioni per l'ambito EPC in esclusiva nel 2025.
Willis Lease Finance (NASDAQ: WLFC) anuncia que su filial, Willis Sustainable Fuels (UK), ha firmado un acuerdo marco de servicios con McDermott para servicios de ingeniería, aprovisionamiento y construcción anticipados para su iniciativa de Combustible Sostenible para Aviación (SAF). El proyecto incluye una primera instalación planificada de SAF en Teesside con una capacidad de 50,000 litros por día, respaldada por el Fondo de Combustibles Avanzados del Gobierno del Reino Unido. La instalación producirá SAF de nueva generación utilizando tecnología Biogás-a-Líquido o Poder-a-Líquido. Las partes planean comenzar las negociaciones para el ámbito EPC en exclusiva en 2025.
윌리스 리스 파이낸스 (NASDAQ: WLFC)는 자사 자회사인 윌리스 지속가능 연료(영국)가 맥더못과 지속 가능한 항공 연료(SAF) 이니셔티브를 위한 초기 엔지니어링, 조달 및 건설 서비스에 대한 주요 서비스 계약을 체결했다고 발표했습니다. 이 프로젝트에는 테시드에 계획된 첫 번째 SAF 시설이 포함되며, 일일 50,000리터의 용량을 가지고 있으며, 영국 정부의 고급 연료 기금에 의해 지원됩니다. 이 시설은 바이오가스를 액체로 변환하거나 전력을 액체로 변환하는 기술을 사용하여 차세대 SAF를 생산하게 됩니다. 양 당사자는 2025년에 EPC 범위의 독점 협상에 들어갈 계획입니다.
Willis Lease Finance (NASDAQ: WLFC) annonce que sa filiale, Willis Sustainable Fuels (UK), a conclu un contrat cadre de services avec McDermott pour des services préliminaires d'ingénierie, d'approvisionnement et de construction pour son initiative de carburant d'aviation durable (SAF). Le projet comprend une première installation de SAF prévue à Teesside avec une capacité de 50 000 litres par jour, soutenue par le Fonds des combustibles avancés du gouvernement britannique. L'installation produira du SAF de nouvelle génération en utilisant la technologie Biogaz-en-Liquide ou Énergie-en-Liquide. Les parties prévoient d'entrer en négociations exclusives sur le périmètre EPC en 2025.
Willis Lease Finance (NASDAQ: WLFC) gibt bekannt, dass ihre Tochtergesellschaft, Willis Sustainable Fuels (UK), eine Rahmenvereinbarung mit McDermott für frühe Ingenieur-, Beschaffungs- und Bauleistungen im Rahmen ihrer Initiative für nachhaltigen Flugkraftstoff (SAF) getroffen hat. Das Projekt umfasst eine erste geplante SAF-Anlage in Teesside mit einer Kapazität von 50.000 Litern pro Tag, unterstützt durch den Advanced Fuels Fund der britischen Regierung. Die Anlage wird fortschrittlichen SAF unter Verwendung von Biogas-zu-Flüssigkeit oder Power-zu-Flüssigkeit Technologie produzieren. Die Parteien planen, 2025 in exklusive EPC-Verhandlungen einzutreten.
- Secured government support through UK's Advanced Fuels Fund
- Partnership with established industry leader McDermott for EPC services
- Planned facility capacity of 50,000 litres per day of SAF
- EPC scope negotiation delayed until 2025
- Final technology choice (BtL or PtL) still undetermined
Insights
The partnership with McDermott marks a strategic expansion into sustainable aviation fuel (SAF) production, with significant long-term potential. The 50,000 liters per day facility in Teesside represents a modest initial capacity but establishes WLFC's footprint in the growing SAF market. The UK government backing through the Advanced Fuels Fund reduces project risk and provides validation.
The flexibility to use either Biogas-to-Liquid or Power-to-Liquid technology demonstrates technical adaptability and feedstock diversification strategy. McDermott's self-perform EPC model through Bilfinger UK should optimize costs and streamline project execution. This diversification from WLFC's core aircraft engine leasing business into SAF production aligns with aviation industry's decarbonization trends and regulatory pressures.
Key Milestone in Development of Advanced Sustainable Aviation Fuel (SAF) Facility in the UK
COCONUT CREEK, Fla., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and provider of global aviation service operations, today announces its subsidiary, Willis Sustainable Fuels (UK) Limited (“WSFL”), has entered into a master services agreement (MSA) with McDermott for early engineering, procurement and construction (EPC) related services for its SAF initiative. The agreement commences with WSFL’s first planned SAF facility, supported by the UK Government’s Advanced Fuels Fund, with a capacity of producing 50,000 litres per day of SAF in Teesside, with the parties intending to enter into a sole-source negotiation of the EPC scope in 2025. WSFL intends to deploy technology which produces next-generation SAF, either Biogas-to-Liquid (BtL) or Power-to-Liquid (PtL), depending on the feedstock.
“Our partnership with McDermott on one of the UK’s most advanced sustainable aviation fuel projects represents a key milestone in our ongoing efforts to be a leader in aviation decarbonization. This collaboration underscores our commitment to working with industry leaders who share our vision for a cleaner, more sustainable future,” said Amy Ruddock, Senior Vice President, Sustainable Aviation & Corporate Development of Willis Lease Finance Corporation, WSFL’s parent company.
“This agreement is testament to McDermott’s expertise in integrating design, fabrication and installation, and our capabilities across low carbon solutions,” said Rob Shaul, McDermott’s Senior Vice President, Low Carbon Solutions business. “We are well positioned to offer WSFL a self-perform EPC model via our strategic relationship with Bilfinger UK, which is expected to further reduce risk and drive cost optimizations.”
For more information on Willis Lease Finance Corporation and the Company’s comprehensive aviation services, visit www.wlfc.global.
About Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Bilfinger
Bilfinger is an international industrial services provider. The aim of the Group's activities is to increase the efficiency and sustainability of customers in the process industry and to establish itself as the number one partner in the market for this purpose. Bilfinger’s comprehensive portfolio covers the entire value chain from consulting, engineering, manufacturing, assembly, maintenance and plant expansion to turnarounds and digital applications.
The company delivers its services in two service lines: Engineering & Maintenance and Technologies. Bilfinger is primarily active in Europe, North America and the Middle East. Process industry customers come from sectors that include energy, chemicals & petrochemicals, pharma & biopharma and oil & gas. With its ~30,000 employees, Bilfinger upholds the highest standards of safety and quality and generated revenue of
| CONTACT: | Lynn Mailliard Kohler |
| Manager Corporate Communications | |
| lkohler@willislease.com | |
| 415.328.4798 |
FAQ
What is the planned production capacity of WLFC's new SAF facility in Teesside?
When will WLFC begin EPC scope negotiations for the Teesside SAF facility?
What technologies will WLFC use in its Teesside SAF facility?
Who is WLFC partnering with for the engineering and construction of its UK SAF facility?
