Avation plc
LSE : AVAP

December 06, 2011 03:50 ET

Aircraft Fleet to Expand


                                                                                  06 December 2011
                                            AVATION PLC
                                   ("AVATION" or the "COMPANY")

                                     Aircraft fleet to expand

The  Company  is  pleased  to announce that it has contracted to purchase five  additional  ATR-72
aircraft from ATR. This will expand the total number of these aircraft for firm delivery to 13.

Furthermore, Avation has secured a further additional eight ATR72 aircraft options. The  economics
of each aircraft delivery are substantially in accordance with that as previously disclosed by the
Company.

These new aircraft are be wet leased in conjunction with Australian carrier Skywest Airlines,  who
will  operate the aircraft in Virgin Australia colours pursuant to 10-year operating  leases.  The
Company has achieved price protection on all of these additional aircraft.

"We  are delighted to have firmed up five additional aircraft and secured price protection  on  an
additional  eight  aircraft  over  the next few years. This new  agreement  provides  a  potential
delivery  stream  of  aircraft for the next four years. The Company has entered  discussions  with
respect to financing the acquisition costs of these aircraft" says Chairman, Jeff Chatfield.

                                            ---ENDS---

ENQUIRES:

AVATION PLC                                                         07783 942 553
Jeff Chatfield, Chairman

STOCKBROKER                                                         020 7220 1670
Harry Ansell, WH Ireland

MEDIA                                                               020 7562 3350
Nick Rome
Bishopsgate Communications



Contact Information

  • Avation plc