23rd Feb 2015 08:58
LONDON (Alliance News) - Avation PLC said Monday it has entered into lease agreements for four new aircraft to be operated by UK airline Flybe Group PLC .
The four ATR72-600 aircraft will be delivered to Flybe during 2015 and early 2016. The leases have an initial duration of six years, with Flybe having a further optional six-year extension provision, and Avation said that lease rate revenues are consistent with operating leases of this type and term.
No further financial information was disclosed.
"It is pleasing to continue to diversify the airline operator base of aircraft owned by the company with the addition of Flybe. It is understood that the aircraft will remain on the UK register; however they will be operated by Flybe in Scandinavia on behalf of Scandinavian Airlines System," said Executive Chairman Jeff Chatfield in a statement.
Shares in Avation are trading up 1.7% at 138.25 pence, shares in Flybe are trading down 1.2% at 59.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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