GREENWICH AIR SERVICES SELECTED BY CARNIVAL AIRLINES TO PROVIDE ENGINE OVERHAUL SERVICES.

MIAMI, FL--May 31, 1995--(BUSINESS WIRE)--Greenwich Air Services, Inc. (Nasdaq National Stock Market: GASI) today announced that Carnival Airlines has been added to its growing list of passenger carriers for whom it performs engine overhaul and maintenance services on high bypass engines.

Greenwich Air Services has begun to provide engine overhaul service for Carnival's fleet of five Airbus A-300 aircraft which are powered by the General Electric CF6-50C2 engine. Carnival Airlines transports passengers from Los Angeles, Port-au-Prince and New York to San Juan, Nassau, Fort Lauderdale, and Miami, where its parent company, Carnival Corp., is headquartered. The airline's attractive fares have also made Carnival an increasingly popular choice for vacation and business travellers. Carnival Airlines currently operates 21 aircraft and has approximately 1100 employees.

According to Gene Conese, Jr., President & COO, "Carnival's selection process was based on quality, price and delivery schedule, not to mention geographic proximity. Although our contract is non-exclusive, we have already begun work on the first of their CF6-50C2's and should begin servicing a second engine shortly. Annual revenues for servicing their CF6-50C2's should approximate $3 million. We are hopeful that this agreement will develop into a long-standing relationship with this growing domestic carrier."

Greenwich Air Services, Inc. is one of the world's five largest independent providers of repair, refurbishment and overhaul services for gas turbine engines. The engine types currently supported by Greenwich are used to power Boeing 707, 727, 737 and 747 aircraft; McDonnell Douglas DC8, DC9 and DC10 aircraft; Airbus A300 and Lockheed L1011 aircraft. The Company also services aeroderivative engines used in a variety of industrial and marine applications and also provides management services for the sale, refurbishment and worldwide installation of complete gas turbine power plants with electrical power output ranging from 20 to 90 megawatts. Greenwich's customer base includes over 200 corporations and government entities falling into four major categories -- air freight couriers and passenger airlines, pipeline and electric utilities companies, naval/marine entities, and the Military. Headquartered at the Miami International Airport, with additional facilities in Connecticut, New York, and Massachusetts, Greenwich Air Services has over 650,000 square feet of state-of-the-art engine overhaul capabilities.

CONTACT: GREENWICH AIR SERVICES, INC. The Equity Group Inc.

Eugene P. Conese, Sr. [phone] Linda Latman

Eugene P. Conese, Jr. [phone] [phone]