Avation PLC LEASE OF ATR 72 TO PNG AIR
April 25 2024 - 2:03AM
RNS Regulatory News
RNS Number : 0050M
Avation PLC
25 April 2024
Via
RNS and SGXNET
AVATION PLC
("Avation" or "the
Company")
LEASE OF ATR 72 TO PNG
AIR
Avation PLC (LSE: AVAP), the
commercial passenger aircraft leasing company, is pleased to
announce that it has successfully delivered its last remaining
off-lease ATR 72-600 aircraft to PNG Air Limited ("PNG Air") for a
72-month lease at a market lease rate. Avation's fleet of 34
aircraft is now fully utilised for the first time since the
COVID-19 pandemic.
PNG Air operates a substantial route
network in Papua New Guinea connecting more than 20 locations on
PNG's largest domestic network. PNG Air operates a mixed fleet of
ATR 72-600 72-seater aircraft and the Dash 8-100 series 36 seaters
plus a Dash 8 freighter. The airline has orders in place with ATR
and over the next five years will phase out the older Dash 8
aircraft and replace them with ATR 72 aircraft.
Avation's Executive Chairman, Jeff
Chatfield said: "We are pleased to add PNG Air as a new customer.
We have achieved 100% fleet utilisation with no further COVID-19
era grounded aircraft on commencement of this lease. Clearing
the backlog of off-lease aircraft is a major milestone for the
company and we may now look to the future with confidence in the
knowledge that our current fleet is fully employed. The Company no
longer has storage and rectification costs as a consequence from
the transition of aircraft associated with the COVID-19 era.
Consequently the Company can now adjust its activities to continue
to repurchase bonds opportunistically in order to lower levels of
overall Company debt, consider share repurchases when applicable
and put in place an organic growth pathway from our new generation
low CO2 ATR orderbook."
-ENDS-
Enquiries:
Avation PLC - Jeff Chatfield,
Executive
Chairman
+65 6252 2077
Avation welcomes shareholder
questions and comments and advises the email address for questions
is: investor@avation.net
and the Company provides an investor Q & A
during the conference call associated with release of results. The
head office telephone number is +65 6252 2077.
Notes to Editors: Avation PLC
is an aircraft leasing company, headquartered in Singapore, owning
and managing a fleet of commercial passenger aircraft which it
leases to airlines around the world. More information on Avation is
available at www.avation.net.
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END
AGRPPUGUCUPCUQA
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