By Anita Likus
Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- Engine maker Rolls-Royce Group PLC (RR.LN) Friday said it won a contract worth $720 million to power 10 Virgin A330 Atlantic aircraft.
Rolls-Royce, the world's second-largest maker of commercial and military jet engines after General Electric Co. (GE), has won an order for Trent 700 engines, which includes long-term TotalCare service support.
The Trent 700 engines will power six A330s ordered by Virgin Atlantic and four provided by aircraft leasing company AerCap, increasing the total number of AerCap Rolls-Royce powered A330 aircraft to 23. Deliveries will start in 2011.
Virgin Atlantic Chief Executive Steve Ridgway said: "Our engine selection was based on both cost and environmental benefits, and the Trent 700 was our choice on both grounds."
Rolls-Royce shares closed Thursday at 460 pence, giving the company a market capitalization of GBP8.53 billion. They have gained 43% since the start of the year.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; anita.likus@dowjones.com