Greenwich Air Services, Inc. Announces Signing of Contracts with Britannia Airways and British Midland Engineering, Ltd.

MIAMI--(BUSINESS WIRE)--June 17, 1997--Greenwich Air Services, Inc. (Nasdaq:GASIA and GASIB) today announced that it had signed a ten-year contract with Britannia Airways the world's largest holiday charter airline -- for the repair and overhaul of CF6-80A2 and CF6-80C2 engines, valued in the aggregate at $85 million. The company has also signed a five-year CFM56-3 engine maintenance contract with British Midland Engineering Limited, valued at $40 million over the period. The work for both of these contracts will be completed at Greenwich's Caledonian facility in Prestwick, Scotland.

"These two new contracts underscore Greenwich's internationally recognized expertise and its reputation for exceeding customer expectations," commented Eugene P. Conese, Jr., Greenwich's president and chief operating officer. "We are extremely pleased that our efforts have resulted in these long-term contracts which build on our partnership commitments to the aviation industry. Additionally, Greenwich, Britannia, and British Midland are similar in many respects, in that we are each leaders in our respective markets by providing our customers with a quality product and an excellent value-for-money package."

The CF6-80 series engines power Britannia's long-haul fleet of 11 Boeing 767s. "By signing this innovative contract, we at Britannia recognize the commitment of the Greenwich team to work closely with our own team to develop new ways of continuously improving the industry-leading levels of safety, reliability, and service which we currently receive," commented Bernard Newton, technical director of Britannia.

The British Midland contract represents an addition to the CFM56-3 engine maintenance business for Greenwich Caledonian because it adds British Midlands B737-300 and B737-400 fleets to the fleet of B737-500's it has maintained for the past three years.

British Midland, the Airline for Europe, based at Castle Donington, has been very successful over the past ten years in developing its European scheduled operations, particularly from Heathrow, where it operates the second largest number of slots. British Midland currently operates a fleet of 26 B737's, 6 Fokker 100's, 3 Fokker 70's, and 6 SAAB 340's and plans to expand its European scheduled service.

"Securing this much sought-after business helps to expand our role in the worldwide CFM56 engine maintenance business and to enable us to continue to expand employment at our Prestwick facility," remarked John Horsburgh, managing director of Greenwich Caledonian. "We have developed excellent partnerships over the years and these contracts confirm that our philosophy of working closely with customers benefits all concerned in the longer term."

British Midland Engineering Limited attributed Greenwich Caledonian's success on the contract to its ability to perform the work quickly and efficiently, as well as to its commercial and support packages, which will help British Midland develop its operation.

Headquartered in Miami, Florida, Greenwich Air Services, Inc. is a leading international diversified independent gas turbine engine repair and overhaul company. The Company provides repair and overhaul services on 14 engine lines and 50 engine models for 500 customers worldwide. While commercial aviation presently represents the Company's largest market, Greenwich has seen significant growth in its government programs unit which supports a variety of military engine types and provides program management services for various agencies of domestic and foreign governments. In addition, Greenwich's industrial and marine unit supports a broad range of aeroderivative engines used in a variety of applications, including electric utilities, oil and gas pipelines, and cogeneration. The Company's subsidiary, GTi, provides management services, sale and worldwide installation and operation of complete gas turbine power plants with electrical power output ranging from 1 to 120 megawatts. Greenwich has operations at Miami International Airport; Bradley International Airport in Connecticut; JFK International Airport in New York; Westover Airport in Massachusetts; Melbourne, Florida; Dallas, Ft. Worth, and McAllen, Texas; and in Prestwick, Scotland. -0-

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CONTACT: Greenwich Air Services, Inc.

Eugene P. Conese, Jr., President & COO

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Sara L. Wilkins, Director of I.R.

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