The passenger aircraft leasing firm said the eight ATR 72-600 planes would extend its order book and firm delivery horizon, with business growth in regional turboprops now continuing out to 2022.
Jeff Chatfield, Executive Chairman of Avation, added that the company had also maintained its purchase rights and price protection over a further 25 aircraft extending to December 2025.
“We believe that the market for the ATR 72-600 will continue to be strong as the aircraft is the most fuel-efficient aircraft in its class and dominates sales in its market segment,” he said.
The new agreement follows the delivery of an ATR 72-600 by Avation to Danish Air Transport in November, with the company having leased two of the aircraft to DAT on 12-year leases.
In early trading Thursday, Avation shares were up 1.7% at 262p.