CAE And Brunei Agree To Set Up Joint Venture Company

Defense major CAE announced today it has signed a shareholders agreement with the Ministry of Finance of Brunei Darussalam (MOFB) to set up a joint venture company, owned 60 percent by CAE and 40 percent by the Brunei Ministry of Finance, will be established to develop and operate the CAE Brunei Multi-Purpose Training Centre (MPTC) in Brunei Darussalam. The CAE Brunei MPTC also announced it has signed long-term training services contracts valued at approximately C$170 million for CAE. The training services will be provided on the following platforms including Sikorsky S-70i Black Hawk helicopter, Pilatus PC-7 and Sikorsky S-92 helicopter. "The CAE Brunei Multi-Purpose Training Centre will undoubtedly become a training centre of excellence for the entire Southeast Asia region," said Martin Gagne, CAE's Group President, Military Products, Training and Services. "We are pleased and honoured the Government of Brunei has placed their trust and confidence in CAE to deliver a world-class training facility that will ultimately enhance safety, security, efficiency and productivity for the Nation of Brunei". The CAE Brunei MPTC to be located in Rimba near the Brunei International Airport will be constructed initially with five simulator bays along with supporting classrooms and additional infrastructure. The facility is expected to be completed by spring 2014 when S-92 and PC-7 training is scheduled to begin.