Bombardier Aerospace
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Bombardier Aerospace

November 15, 2017 06:02 ET

Bombardier has signed an order for two new Q400 turboprops with Nordic Aviation Capital

- NAC will provide an operating lease to Jambojet Ltd who will be the operator of the aircraft in Kenya

DUBAI, UNITED ARAB EMIRATES--(Marketwired - Nov. 15, 2017) - Bombardier Commercial Aircraft today announced that it concluded a firm purchase agreement for two new Q400 turboprops with Nordic Aviation Capital ("NAC") in September 2017. NAC will lease these two Q400 aircraft to Jambojet Ltd, based in Nairobi, Kenya. With the addition of these aircraft, NAC has increased its Q400 portfolio to 87 aircraft, and remains the largest fleet owner and lessor of the type in the world, while Jambojet will now operate three Q400 aircraft on lease from two lessors. Based on the list price of the Q400 aircraft, the firm order is valued at approximately $64 million US.

"The Q400 aircraft offers the perfect balance of passenger comfort and operating economics with a reduced environmental footprint," said Fred Cromer, President, Bombardier Commercial Aircraft. "The demand for turboprop aircraft worldwide is tremendous and the Q Series aircraft are ideally positioned to meet the needs of regional airlines as they offer a unique ability to serve diverse and challenging environments. NAC's continued acquisition of the Q400 is a strong endorsement of the value, in-service performance and reliability the aircraft provides. We are thrilled that leasing companies continue to recognize the Q400 aircraft as a high-quality asset, as evidenced by this order."

"We are delighted to have placed an order with Bombardier to grow our fleet of Q400 aircraft," said Martin Møller, Chairman of Nordic Aviation Capital. "We warmly welcome Jambojet as a new client and the opportunity to increase our global footprint on the African Continent. We are pleased to have partnered with the Jambojet management team in their efforts to grow and modernise their fleet. The Q400 is a high-quality asset with proven operational capability and performance, and we are confident that it will enable them to meet and exceed their performance targets. We look forward to strengthening our relationship with the Jambojet team in the years ahead."

"The Q400 aircraft's performance and economics have been exceptional as we position ourselves for rapid growth. Its proven operational capability in Africa's hot and diverse landscape is an excellent asset in our portfolio," said Willem Hondius, CEO, Jambojet. "Our passengers are enjoying the experience and the aircraft continues to deliver significant value to the airline," he added. "We are looking at retiring our narrowbody fleet and transitioning to an all-Q400 fleet by end of this year. We are confident that the Q400 aircraft will allow us to implement our growth strategy as we strive to launch new routes and to respond to the anticipated increase in demand."

"We are proud that the Q400 is the leading turboprop in Africa as it fits its diversified and growing customer base. The Q400 aircraft is exceptionally versatile and can be adapted to a variety of business models, which makes it ideally suited for operators such as Jambojet," said Jean-Paul Boutibou, Vice President, Sales, Middle-East and Africa at Bombardier Commercial Aircraft.

Bombardier's customer support network for commercial aircraft in Africa includes a Regional Support Office (RSO) and spare parts depot, co-located in Johannesburg, South Africa as well as Authorized Service Facilities in South Africa and Ethiopia. The latter is a duly authorized and approved Commercial Authorized Service Facility (CASF) for Q Series aircraft and operates the only Q400 flight simulator in Africa. Operating from the company's regional office located in the United Arab Emirates, Bombardier Commercial Aircraft's sales and marketing team is well positioned to provide industry-leading solutions to its current and prospective customers.

This order relates to a previously undisclosed customer and had been accounted for in our Q3 orderbook.

About Nordic Aviation Capital

NAC is the industry's leading regional aircraft lessor serving over 70 airline customers in 49 countries. The company provides aircraft to well-established carriers such as British Airways, Air Canada, LOT, Azul, Lufthansa, Garuda, Flybe, Aeroméxico and airBaltic as well as major regional carriers including Air Nostrum, Widerøe and Binter. NAC's current fleet of over 400 owned and managed aircraft includes ATR 42, ATR 72, Bombardier Dash 8, CRJ900, CRJ1000, CS300, E170, E175, E190 and E195. In addition, the group has circa 50 aircraft on firm order. NAC is the largest owner and lessor of Bombardier aircraft in the world.

About Jambojet

Jambojet, a low cost airline, operates on domestic routes from Nairobi to Mombasa, Eldoret, Kisumu, Lamu, Malindi and Ukunda (Diani). It set a regional record in 2016 by handling over 1,000,000 customers in less than two years of operation. This number is set to grow as more Kenyans and foreigners appreciate the benefits of low cost flying. About 30% of the Jambojet customers are actually first time flyers.

About Bombardier

Bombardier is the world's leading manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.

Bombardier is headquartered in Montréal, Canada and our shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2016, we posted revenues of $16.3 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Notes to Editors

Images of Q400 aircraft in the livery of Jambojet are posted with this news release at www.bombardier.com.

The Q400 aircraft backgrounder is available in the BCA Media Hub.

For information about Jambojet, visit: www.jambojet.com.

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Bombardier, Dash 8, CRJ900, CRJ1000, CS300, Q400 and Q Series are trademarks of Bombardier Inc. or its subsidiaries.

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