Leasing Firm Is Largest Dreamliner Customer

"Take whatever time you need, but get it right." That was the stern message John Plueger, chief operating officer of International Lease Finance Corporation, has for Boeing, following this week's announcement of a second delay to its 787 Dreamliner program.

ILFC, the world's largest airliner-leasing firm, is also the single biggest customer in Boeing's 841-strong order book for the composite-bodied airliner. As ANN reported earlier this week, the planemaker announced a three-month delay to the Dreamliner's first flight, due to continued development issues caused largely by parts shortages and supplier woes.

The latest delay came three months after Boeing announced a six-month delay to the program, and means no 787s will be delivered to customers at least through 2008... throwing a substantial wrench in Boeing's ambitious plans for the plane.

Of course, the delay will also alter the goals of Dreamliner customers... and while ILFC hasn't received an official timeline from Boeing on its revised delivery schedule, the leasing firm is readying contingencies. ILFC was scheduled to receive its first 10 Dreamliners in 2010.

"Given an additional three month delay, I do suspect the first three months or indeed the first half of our 2010 deliveries may be impacted," said Plueger. "We have not heard (from Boeing) and we won't hear probably until the end of next month as to our specific deliveries."

The ILFC executive also said it was too early to discuss possible compensation from Boeing for expected delays, at least publicly. Plueger also noted the leasing agent purposely avoided earlier delivery slots, just in case the 787 hit early snags... a tactic that looks increasingly wise.

Despite the problems, though, Plueger remained optimistic about the long-term success of the 787... applying lessons ILFC learned through the oft-delayed Airbus A380 program to Boeing's current situation.

"Even if it (the plane) is a year or a year-and-a-half late, if it is right and it performs to expectations, in five years nobody will care," said Plueger. "Take whatever time you need, but get it right."

FMI: www.boeing.com, www.ilfc.com