Singapore Airlines Selects SolArc Solution for Jet Fuel Management; Major International Airline and Member of the Star Alliance Network to Manage Fuel Procurement and Market Price Hedging Program in One Solution
Posted on: Friday, 15 September 2006, 12:00 CDT
SolArc, Inc., a leading provider of enterprise supply, trading and risk management solutions for the aviation industry, announced today that Singapore Airlines has selected them to provide and implement a fuel management system, SolArc's RightAngle system.
Among other functions, SolArc RightAngle will provide Singapore Airlines with an automated fuel budget and forecast creation capability. There will also be a module that supports the airline's fuel hedging programme, including compliance with FRS39 (a new accounting standard that also covers hedge reporting requirements).
"We are very excited to work with Singapore Airlines. They are leaders in the airline industry. By choosing an integrated fuel supply management solution in today's competitive environment, they are positioning themselves at the forefront of the industry and ensuring their long-term success," said Brad Anderson, SolArc's CEO.
About SIA
When Singapore Airlines was formed in 1972, it operated a modest fleet of 10 aircraft to just 22 cities in 18 countries, most of which were in Asia. With a commitment to fleet modernization, product and service innovation and market leadership, the Airline quickly distinguished itself as a world-class carrier. Today SIA is internationally recognized as the world's leading airline and operates a modern passenger fleet of 90 aircraft. Its network, including Singapore Airlines Cargo and SilkAir destinations covers 98 cities in 40 countries.
SIA made aviation history in February 2004 with the launch of the world's longest non-stop commercial flight between Singapore and Los Angeles on the Airbus A340-500. Soon after, in June 2004, the Airline broke its own record with the launch of non-stop commercial flights between Singapore and New York (Newark) using the same aircraft.
This year, Singapore Airlines marks another milestone as the first carrier to take delivery of and operate the world's first double-decker aircraft, the Airbus A380.
For more information, please visit www.singaporeair.com.
About SolArc, Inc.
SolArc, Inc. is a leading provider of supply, trading and risk management solutions for global commodities companies. The flagship product, SolArc RightAngle, integrates deal capture, scheduling, inventory management, pricing, accounting, position reporting and risk analysis in a single platform solution. SolArc's products work with existing information systems including corporate ERP systems to provide customers with a flexible solution that leverages their existing systems' infrastructure. Customers receive competitive advantages from reduced transaction costs and improved commodities procurement and trading decisions based on accurate position reporting and inventory management. Headquartered in Houston, SolArc also has offices in Tulsa, Oklahoma, London, Singapore, Beijing, and Hong Kong. For more information on SolArc's products, visit www.solarc.com.
Source: Business Wire
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