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Thursday 19 December, 2002

Volvo AB

Volvo aero and corsair sign five-year engine overh

VOLVO AERO AND CORSAIR SIGN FIVE-YEAR ENGINE OVERHAUL CONTRACT

Volvo Aero Engine Services in Bromma, Sweden, and Corsair International,
France, have signed a contract covering overhaul of engines on two of
Corsair's Boeing 747 aircraft. The agreement provides Volvo Aero with
revenues per engine flight hour and is valid for five years.

The order value is estimated to exceed SEK 400 M.

The engine type to be overhauled is the Pratt & Whitney JT9D-7R4G2 and
is expected to result in five or six engine visits during the first
year. The agreement is within Volvo Aero's planned volume for the coming
year and therefore will not result in any new employment.

"The agreement is an important step in our strategy to secure long-term
contracts with operators in the market and is a good complement to the
other contracts we signed for this product this year with Aeroflot,
Centurion and Sabena Technics," comments Jan Tessmar, Marketing Manager,
Volvo Aero Engine Services.

Corsair is a French company that is part of the German travel group TUI.
Corsair operates five Boeing 747s, of which two are now contracted for
overhaul at Volvo Aero in Bromma.

Corsair flies international passenger traffic from Orly Airport in
France.

The agreement was initiated in connection with the Volvo Ocean Race days
in La Rochelle, France.

Bromma, December 19, 2002

For additional information, contact Jan Tessmar,
+46 8 799 2119.

                                                       

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