TIDMDNA
RNS Number : 2432W
Doric Nimrod Air One Limited
26 January 2012
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION
CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR
SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY
JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS
UNLAWFUL.
DORIC NIMROD AIR ONE LIMITED (the "Company")
Asset Manager's Announcement - Airbus A380 News
26 January 2012
The Company's Asset Manager has issued the following news update
on Airbus A-380s. The Company's aircraft will undergo the
precautionary visual inspection mentioned in the update, and the
results will be supplied to Airbus. The Asset Manager has confirmed
that the matter is the responsibility of the airline & the
aircraft manufacturer, and that lease rent will continue to be due
and payable throughout this process.
*****
Airbus A380 News - Update
A380 Wing Rib Feet Cracks - Recent Developments
Doric's Asset Management team have continued to monitor very
closely the situation regarding hairline cracks that have been
found on certain wing rib-skin attachments on a number of A380
aircraft, as originally reported on 10th January 2012.
On January 20th, 2012 the European Aviation Safety Agency (EASA)
issued an Airworthiness Directive (AD), which requires the
operators of 20 Airbus A380s presently in service to conduct a
detailed visual inspection of certain wing rib feet and report the
inspection results to Airbus. This is a precautionary measure and
this practice is one of the reasons for the outstanding safety
record in commercial aviation.
The AD identifies two different types of cracks on the rib feet,
defined by Airbus as Type 1 cracks (connecting the rib feet holes)
and Type 2 cracks in the vertical rib feet flange (horizontally).
The rib feet connect the ribs to the inside skin of the wing. The
wing ribs run perpendicular to the wing and provide for the
stabilisation of the wing shape.
Type 1 are cracks on the rib feet originating from the rib to
skin panel attachment holes . Type 2 cracks are cracks in the
vertical flange of the rib feet . Type 1 cracks have been reported
following visual inspections on, to Doric's knowledge as of today,
eight A380s and Type 2 cracks have, as of today, been identified on
two A380s. However, given the only recent discovery of this issue,
more analysis will be required and this may result in further
action being necessary. It is in this context that the AD was
issued on January 20th, 2012.
Airbus have identified that the Type 1 cracks were caused by a
combination of high pre-stress, build stress and the particular
aluminium alloy used to make some of the brackets (or wing rib
feet) applicable to the production of the wings until recently.
The actual root cause for Type 2 cracks is being investigated
and Doric expects further results in the near future, taking into
account the findings of the inspections ordered by the AD. Doric
expects further ADs to be issued on this subject soon, setting out
required repair and replacement procedures.
Neither types of cracks threaten the structural integrity of the
aircraft in the short- and medium-term, but will have to be
addressed in order to avoid any potential long-term issues.
For in-service aircraft, a program is already being worked out
by Airbus that includes a permanent repair and long-term resolution
of the issue with the Type 1 cracks. Replacement kits will be
supplied and delivered by Airbus in accordance with the existing
aircraft warranties.
We expect Airbus to provide a similar solution in respect of
Type 2 cracks, where required, once the AD inspection results have
been analysed.
The financing parties of Doric-managed aircraft, i.e. lessors,
investors and financiers are not affected, but are covered by the
triple net lease arrangements. Even a theoretical permanent
grounding of the aircraft type would result in a termination
payment from the lessee, keeping lessors, investors and financiers
whole.
The Doric Asset Management Team will review the findings of the
inspections arising from the AD and will monitor any related repair
activities for all A380s under management. Any significant
developments will be reported as they arise.
The AD issued by EASA can be downloaded under:
http://ad.easa.europa.eu/sort-2D. The information in the above
report has been prepared by Doric Asset Finance Limited, the Asset
Manager and has not been subject to detailed external review or
verification. No representation or warranty, express or implied, is
made as to the fairness, accuracy or completeness or otherwise of
the information or opinions contained in these reports and no
reliance should be placed on such information or opinions.
The information and opinions contained in these are provided as
at the date of the relevant report and are subject to change and
updating. No representation, express or implied, is made by the
Company or the Asset Manager, or any of their respective officials,
directors, employees or representatives (the "Parties") that the
information contained in the reports will be updated at any time
after the date of the relevant report. To the extent permitted by
law and regulation, none of the Parties accepts any liability
whatsoever for any loss howsoever arising, directly or indirectly,
from any use of these reports or their contents or otherwise
arising in connection therewith.
For further information, please contact:
For administrative and company information:
Anson Fund Managers Limited
+44 (0) 1481 722260
For shareholder information:
Nimrod Capital LLP
Richard Bolchover and Marc Gordon
+44 (0) 20 3355 6855
END OF ANNOUNCEMENT
E&OE - in transmission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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