Kingdom of Norway / Export of Boeing 787 aircraft to Norwegian Air Shuttle
Nippon Export and Investment Insurance
Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Kazuhiko Bando) has decided to provide reinsurance on export credit provided by UK Export Finance (UKEF), the export credit agency of the United Kingdom of Great Britain and Northern Ireland (UK), for export of two Rolls Royce-powered Boeing 787-9 aircraft to Norwegian Air Shuttle ASA. The provision of this reinsurance is based on the reinsurance agreement1 concluded between NEXI and UKEF on August 30, 2017. This is the second reinsurance underwriting for Norwegian Air Shuttle ASA2.
UKEF is providing export credit support for these Boeing 787 deliveries to support the export of the "Trent 1000" engine manufactured by UK’s Rolls-Royce Holding plc and installed in Boeing 787 aircraft. NEXI will be offering cooperation to UKEF by providing reinsurance.
The Boeing 787 aircraft launched operation in 2011 as a new aircraft boasting high efficiency. As of end of April 2018, 678 aircraft are in operation with 70 airlines and leasing companies around the world3.
Japanese companies take part in the joint development and manufacturing of Boeing 787 aircraft as a partner to the Boeing Company in US. Production sharing ratio of Japanese companies accounts to approximately 35% of the airframe structure, including parts such as wing box, forward fuselage, central wing box, etc. The wide involvement of Japanese companies in manufacturing Boeing 787 aircraft extends from participation in international joint development of engines installed in the Boeing 787 aircraft, to manufacturing of structural materials (carbon fiber composite materials) and aircraft parts (tires, lavatories, galleys, cabin service systems, etc.) .
The support provided by NEXI on the export of Boeing 787 aircraft in cooperation with UKEF has significance in terms of supporting international cooperative development projects for aircraft development and manufacturing through export credit.
NEXI will continue to actively support the international business development of Japanese companies through cooperation with external institutions through reinsurance.
Contact: Infrastructure Group, Structured and Trade Finance Insurance Department
1 For information pertaining to the signing of the One-Stop-Shop Reinsurance Agreement with UKEF, please refer to our News Release dated September 19, 2017 under Topics on our website.
2 For the first reinsurance underwriting transaction for Norwegian Air Shuttle ASA, please refer to our News Release dated September 19, 2017 under Topics on our website.
3 For further information please refer to the website of Boeing Company.
http://www.boeing.com/commercial/#/orders-deliveries
Tel: 03-3512-7674