- Regional Express (REX) further expands its fly-in-fly-out (FIFO) portfolio after finalising the purchase of National Jet Express (NJE)
- The company signed a sale and purchase agreement in July to buy NJE, which is the FIFO service arm of Cobham Aviation, for $48 million
- Executive Chair, Lim Kim Hai says REX plans to transform NJE into Australia’s “premier FIFO operator”
- The company will lease another two aircrafts to meet an anticipated surge in demand for NJE’s services
- At market close REX shares were unchanged at $1.32
Regional Express (REX), otherwise known as Rex Airways, has further expanded its fly-in-fly-out (FIFO) portfolio after it today finalised the purchase of National Jet Express (NJE).
It comes after the company signed a sale and purchase agreement in July to buy NJE, which is the FIFO service arm of Cobham Aviation, for $48 million.
“Rex will overlay this financial and operational prowess on NJE’s core strengths to transform it to be Australia’s premier FIFO operator,” Executive Chair Lim Kim Hai said.
“Resource companies all over Australia can now count on a modern, comfortable and environmentally-friendly fleet for their FIFO needs instead of relying on 30-year-old Fokker 100 aircraft used predominantly by the other operators.
“In anticipation of the surge in demand for NJE’s services, we are looking to lease immediately another two De Havilland Canada Dash 8-400 NextGen (NG) aircraft to add to its fleet.
“We will continue to invest in new aircraft and technology to grow the business, especially in Queensland where resource companies have been facing severe issues with capacity and reliability in recent years.”
At market close REX shares were unchanged at $1.32