Exchange Income Corporation is pleased to announce its subsidiary, PAL Aerospace, has received notice of the preliminary contract award decision regarding a performance-based contract to provide maritime patrol aircraft as air reconnaissance capacity for the Netherlands Coastguard.
This future contract, to be executed for Ministry of Defence for the Netherlands on behalf of the Netherlands Coastguard, would see PAL Aerospace and its consortium member JetSupport, modify and deliver two fully missionized Dash 8 aircraft, provide crew training on all systems and support the operation of the aircraft for an initial 10-year period with an option to extend for two additional one-year terms.
Through a careful and thorough evaluation of tenders submitted to the Netherlands Ministry of Defence, the JetSupport/PAL bid (acting as a consortium) was found to have the Best-Price-Quality-Ratio. In accordance with the Dutch Public Procurement Law, there is a prescribed stand-still period following the preliminary notification of award before the contract award decision becomes final. PAL and JetSupport anticipate receiving the final award decision shortly.
“PAL Aerospace’s success in this bidding process is a validation of EIC’s strategy of making long-term investments for returns in the future,” said EIC CEO Mike Pyle. “By following this investment philosophy, EIC has supported the development of PAL Aerospace’s unmatched credentials in special missions aircraft operations through the delivery of the Government of Canada’s Inland, Coastal and Offshore Surveillance program, the development and commercialization of the Force Multiplier Intelligence, Surveillance and Reconnaissance program and through the missionization of, support of and operation of maritime surveillance assets in jurisdictions like the Dutch Caribbean and the United Arab Emirates. EIC has also been proud to support PAL Aerospace’s growing partnership with the Royal Canadian Air Force through the Fixed-Wing Search and Rescue program, which will soon see the company providing vital support and sustainment services to Canada’s new fleet of Airbus CC-295 aircraft.”
PAL Aerospace’s significant capacity and history of accomplishment in special missions aircraft operation, support and training is unique in Canadian and global aviation. Consistently ranked as one of the Top 10 Defence Companies in Canada, PAL Aerospace’s extensive experience, gained through decades of safe operation in some of the most challenging operating environments on earth, has positioned the company to compete and succeed on the world stage.
“Particularly during this challenging time in the global economy, PAL Aerospace’s ability to successfully secure this contract award while continuing to seamlessly execute their existing operations is a testament to EIC’s overall management strategy,” said Carmele Peter, president of EIC. “By identifying and acquiring well-run companies and empowering management with the support they need to grow their business, EIC continues to demonstrate our ability to deliver consistent value to our shareholders through this approach.”
The maritime patrol aircraft associated with this contract will be missionized to provide air reconnaissance capacity in the North Sea for the Netherlands Coast Guard. Tasks will include surveillance activities, search and rescue, law enforcement, and periodical deployments in support of the European Coast Guard and Border Agency (FRONTEX).
“PAL Aerospace appreciates the vital support we receive from EIC which has facilitated this important award in the competitive European aerospace market,” said Jake Trainor, CEO of PAL. “We are uniquely qualified to deliver this program successfully in full partnership with JetSupport and believe there is considerable opportunity for PAL Aerospace to pursue additional future work in Europe.”