The contract covers a significant part of the engines on Air Berlin's fleet of about 55 Airbus A320 Family, 13 Airbus A330 and about 55 Boeing 737 Next-Generation aircraft, the company said.

'The new contract will see SR Technics provide comprehensive engine maintenance services for Air Berlin's CF56-7B, CF56-5B and PW4168 engines. The contracted services will include scheduled overhaul support and field team assistance. Services will be carried out at SR Technics' engine maintenance center in Zurich', said Bernd Kessler, CEO of SR Technics.

'As part of the newly-established business relationship, a financing agreement for up to twelve spare engines, worth $100 million, was agreed between Mubadala and Air Berlin. SR Technics will maintain these engines under the ten-year contract with Air Berlin', he added.

'After an intensive and in-depth market study we are sure to have found the right and highly reliable partner to award a major part of our engine maintenance to. The relationship to SR Technics will ensure cost savings and cost control going forward and in addition also streamlines workflow processes', said Wolfgang Kurth, Chief Maintenance Officer of Air Berlin.

'The attached off-balance financing agreement with Mubadala makes us one of the first airlines in Europe to directly access this source of funding and opens the opportunity to grow this relationship, said Ulf Hüttmeyer, CFO of Air Berlin.