Tag: Saab (Page 1 of 4)

Saab receives Gripen order from Hungary

February 23, 2024 / WIL BALDWIN

SAAB AB (Stockholm: SAABb) has today signed a contract with the Swedish Defence Materiel Administration (FMV) and received an order for four additional Gripen C fighter aircraft for Hungary.

This order follows an amendment to the contract between FMV and the Hungarian Government signed in December 2001 regarding 14 Gripen C/D fighters for the Hungarian Air Force. The contract amendment for the four additional aircraft was signed by the Hungarian Ministry of Defence and FMV on 23 February 2024. With this new contract amendment, Hungary will operate a total of 18 Gripen C/D aircraft to protect and defend the Hungarian and NATO airspace.

Saab currently has a contract with FMV regarding support for Hungary’s Gripen aircraft, and Saab is ready to provide additional upgrades and support for the Hungarian fighters beyond 2035.

Saab and the Hungarian Ministry of Defence have also signed an MoU regarding development of high-tech industrial areas and fighter aircraft capabilities. The cooperation includes support for the establishment of a Centre of Excellence for VR technologies in Hungary.

Forward-Looking Statements

This press release may contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

Rex Airlines wins APEX Award for best cabin service in the South Pacific

November 12, 2023 / WIL BALDWIN

Rex Airlines has been recognised as having the South Pacific’s Best Cabin Service in the 2024 Airline Passenger Experience Association (APEX) Awards. The award was presented in Singapore last night where Rex’s Executive Chairman, Lim Kim Hai, accepted it on behalf of the airline.

The award ceremony was part of the FTE APEX Asia Expo, the air transport industry’s largest passenger experience and business performance event. APEX said nearly one million flights were anonymously rated by passengers across more than 600 airlines from around the world using a five-star scale.

Rex is Australia’s largest independent regional and domestic airline operating a fleet of 58 Saab 340 and 9 Boeing 737-800NG aircraft to 56 destinations throughout all states in Australia. In addition to the airline Rex, the Rex Group comprises wholly owned subsidiaries Pel-Air Aviation (air freight, aeromedical and charter operator), the Australian Airline Pilot Academy with campuses in Wagga Wagga and Ballarat, and propeller maintenance organisation, Australian Aerospace Propeller Maintenance. Rex is also a 50% shareholder of National Jet Express (NJE), a premier Fly-In-Fly-Out (FIFO), charter and freight operator.

Saab Q3 2023 results: Growth momentum in an evolving market

October 27, 2023 / WIL BALDWIN

Saab AB (Stockholm: series B: SAABb)President and CEO Micael Johansson says “The geopolitical tensions are impacting our industry and driving the largest increase in defence investments in the last 30 years, particularly in Europe. In the third quarter, high demand for Saab’s broad defence portfolio continued to result in significant order intake, strong sales growth and improved profitability.”

Key highlights Q3 2023

Order intake amounted to SEK 14,977m (7,772) with strong growth in all order sizes in the quarter.
Sales increased to SEK 11,527m (8,751) with an organic growth of 31%, driven by growth in all business areas.
EBITDA increased 28% and amounted to SEK 1,424m (1,115), corresponding to an EBITDA margin of 12.4% (12.7).
Operating income (EBIT) increased 51% and amounted to SEK 859m (568). The EBIT margin was 7.5% (6.5) with improvements in several business areas in the quarter.
Net income for the period increased to SEK 656m (324) and earnings per share amounted to SEK 4.84 (2.28).
Operational cash flow in the quarter was SEK -2,058m (559) mainly due to timing of customer payments combined with higher investments.
Net liquidity position in the quarter was SEK 1.4 bn (0.4).
Upgraded outlook for organic sales growth 2023: organic sales growth to be between 19-23%, compared to previous outlook of 16-20%.

For more information and explanations of the above key ratios, please see www.saab.com/investors/financials/financial-data.

Saab unveils first airborne surveillance system for Poland

October 1, 2023 / WIL BALDWIN

Saab AB (Stockholm: SAABb) has presented the first Saab 340 Airborne Early Warning (AEW) aircraft to the customer during a ceremony in Linköping. The event took place in Linköping on 29 September, just two months after Poland placed an order for two AEW aircraft.

Guests from Sweden and Poland attended the event, which marked a milestone towards the rapidly proceeding delivery to Poland of the Saab 340 AEW equipped with the Erieye radar. The solution will provide Poland’s Armed Forces with a national asset to reinforce territorial integrity and national security.

The fast pace is a result of the efficient collaboration between Saab and the Polish Armed Forces and the fact that Saab has an ongoing production line for airborne early warning solutions. This includes dedicated personnel and in-house expertise to perform all kinds of tests and evaluations for the necessary approval of the systems.

Regional Express Holdings Ltd (REX) takes delivery of airline’s ninth Boeing 737-800NG

September 24, 2023 / WIL BALDWIN

Rex-Media-Release-9-25-23

Saab opens new radar production site in Fareham, Hampshire, England

September 9, 2023 / WIL BALDWIN

Saab (SAAB-B.ST) UK’s Sensor Systems business operates from Saab’s site in Fareham, with a team also located in Farnborough. The skilled staff in Fareham primarily produce and integrate the new Deployment Set, a configuration of the Giraffe 1X highly mobile, compact, rapidly deployed, software-based, 3D AESA radar. This increases Saab’s production capacity for its Giraffe 1X Deployment Set and the first units are already in production at the Fareham site.

Saab UK’s Sensor Systems business will also act as a Centre of Excellence developing follow-on UK Intellectual Property in the radar domain. It will also grow to maintain existing radars in-service with the UK Ministry of Defence, such as Giraffe 1X and Giraffe AMB air defence radars and artillery locating MAMBA (Arthur) radars.

Saab UK’s Fareham site has been growing with the announcement in February 2023 of the expansion of its Underwater Systems business of Seaeye autonomous and remotely operated vehicles. Across the UK, Saab has eight principal sites which focus on software engineering, underwater robotics, training services, radars and more.

Saab UK’s presence has been growing at pace, with employee numbers quadrupling through consolidation, acquisition and organic growth, bringing together the best of Swedish and British innovation.

The whole site in Fareham benefits 400 jobs at Saab, in established and future roles across various business activities.

Saab and Boeing sign 787 Dreamliner agreement

September 6, 2023 / WIL BALDWIN

Saab (OTC: SAABF) has signed an extension agreement with Boeing (NYSE: BA) for the manufacturing of large cargo doors, bulk cargo doors and access doors for the Boeing 787 Dreamliner.

The framework agreement is an extension of an existing contract signed with Boeing in 2004 for the 787 Dreamliner program.

Since the programme started, Saab has delivered in excess of 1,100 shipsets for the Boeing 787 Dreamliner programme.

Saab has a long experience in supplying major aerostructures for military as well as commercial aircraft programmes. Like many other major 787 structures, the doors will be mainly made of composite materials. A range of systems are built into the doors’ composite structures, providing Boeing with lightweight doors that are easy to install.

Saab offers four Expeditionary Submarines to the Netherlands

July 28, 2023 / WIL BALDWIN

July 28, 2023 – Supported by Sweden and the United Kingdom, Saab (OTC: SAABF) has today submitted its proposal for the replacement of Netherland’s current submarines. The proposal comprises four advanced Expeditionary Submarines with the latest innovations and technologies and includes a cooperation with Dutch shipbuilder Damen Shipyards Group.

Saab’s offered solution is based on a successful, proven and future-proof design. It will incorporate the latest capabilities and technologies, whilst its truly modular design will allow for new technologies as they evolve to ensure relevance for many years to come.

Saab and Dutch shipbuilder Damen Shipyards Group have cooperated since 2015 and the offer to build submarines to replace the Dutch Walrus-class is a balanced cooperation between the Netherlands and Sweden.

The C718 is an advanced Expeditionary Submarine that offers an unsurpassed level of endurance and exceeds the Royal Netherlands Navy needs for long-distance operations, sufficient accommodation, crew comfort and increased weapon payload capability.

Sweden, through Saab’s business area Kockums, has a long tradition in producing world class submarines. Four nations are currently operating submarines and submarine technology designed by Saab’s business area Kockums; Sweden, Australia, Japan and Singapore.

Rex intends to be aerial operator for Australian Antarctic Division

July 15, 2023 / WIL BALDWIN

Regional Express Group (Rex) has revealed that it has submitted a response to the Request for Information (RFI) issued by the Australian Antarctic Division (AAD) as a precursor to Rex’s intention to be the next aerial operator of the Australian Antarctic Program.

The Program is the most ambitious ever in AAD’s history and looks at bringing together all the highly specialised aerial operations under one operator’s command. The Program calls for significantly expanded capabilities comprising one large intercontinental passenger jet capability, four intracontinental turbo-prop aircraft able to operate on skis, four twin-engine helicopters which can operate both on land and on the Division’s flagship the RSV Nuyina, plus a significant scaling up of Uncrewed Aerial System (UAS) capability for the Division’s operations during the Antarctic Austral Summer (October to March).

Recognising the unique challenges of operating in the Antarctic environment, Rex has assembled an Antarctic Advisory Panel (AAP) comprising the foremost experts in this field with in-depth and practical knowledge of actual aerial operations to the Antarctic as well as design expertise on adapting aerial platforms with skis suitable for landing on unprepared terrain on the Antarctic Continent.

The AAP has guided Rex’s response to the RFI and will spend the next five months preparing the optimal solution ahead of the Request for Tender expected in November this year.

Rex intends to lead a consortium of industry partners that will operate some aspects of the Program that require more specialised expertise.

Rex is Australia’s largest independent regional and domestic airline operating a fleet of 58 Saab 340 and 7 Boeing 737-800NG aircraft to 57 destinations throughout all states in Australia. In addition to the airline Rex, the Rex Group comprises wholly owned subsidiaries Pel-Air Aviation (air freight, aeromedical and charter operator), the Australian Airline Pilot organisation, Australian Aerospace Propeller Maintenance. Rex is also a 50% shareholder of National Jet Express (NJE), a premier Fly-In-Fly-Out (FIFO), charter and freight operator.

Saab receives order for Carl-Gustaf M4 from Australia

July 4, 2023 / WIL BALDWIN

Saab (OTC: SAABF) has received an order from the Australian Department of Defence for the supply of additional Carl-Gustaf® M4 weapons. The order value is SEK 400 million with deliveries during 2024-2025.

The Carl-Gustaf M4 weapons will be delivered with Saab’s new Fire Control Device, FCD 558.

Proven to deliver results on the battlefield, Carl-Gustaf provides the effectiveness soldiers need. The wide range of ammunition types for Carl-Gustaf makes it flexible and able to handle any situation, whether it is to destroy an armoured vehicle or structure, or illuminating the battlefield during night operations.

The Carl-Gustaf system is supplied to more than 40 countries around the world.

Saab is a leading defence and security company with an enduring mission, to help nations keep their people and society safe. Empowered by its 19,000 talented people, Saab constantly pushes the boundaries of technology to create a safer, more sustainable and more equitable world. Saab designs, manufactures and maintains advanced systems in aeronautics, weapons, command and control, sensors and underwater systems. Saab is headquartered in Sweden. It has major operations all over the world and is part of the domestic defence capability of several nations.

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