Cobalt, the newly set up Cypriot airline which plans to take off in spring 2016 said that it signed a maintenance agreement with Cyprus Aerotechnical Services (CAS) for its fleet of Airbus aircraft.
“CAS is a newly formed Cypriot company, employing many of former Cyprus Airways engineers and maintenance specialists,” Cobalt said. “The department of Civil Aviation, under the European Aviation Safety Agency regulations, recently licensed CAS to maintain Airbus and Boeing aircraft. The company’s vision is to offer the highest standards of safety and reliability in the aviation industry”.
Cobalt added that CAS also aims at taking advantage of Cyprus’s “strategic location” in order to develop “a strong regional maintenance hub in Larnaca” after Cyprus Airways ran out of cash a year ago.
“Although Cobalt is CAS’s core client, the company will be aggressive in marketing their services to other airlines in Europe and the region,” Cobalt said.
The airline’s chief executive officer Andrew Pyne said that “there was a risk that the technical excellence associated with their maintenance and engineering facilities here would be lost to the nation. The workforce, of some 25 highly qualified engineers and maintenance specialists, were being approached with job offers from Dubai to London”.
CAS’s vice-chairman George Poumos was quoted as saying that the deal with Cobalt may allow the company to develop into a major maintenance and repair facility in Larnaca with the potential for employing “hundreds” of workers.
The airline which on February 12 said that it secured an unspecified amount in the form of a capital injection from an unspecified investor based in Hong Kong, said that it is still in the final stages of its licensing process.