SINGAPORESingapore-based aircraft leasing company Avation PLC has announced that it has reached an agreement with the Franco-Italian turboprop manufacturer ATR to revise and reschedule its long-term order book for ATR 72 series aircraft.

Avation previously had eight ATR 72-600 aircraft on firm order from ATR. ATR and Avation have agreed to modify the order book. Following this amendment Avation holds firm orders for two ATR 72-600 aircraft and purchase rights for 28 additional aircraft.

“We are pleased to reach an agreement with ATR to reduce our committed order book from eight to two aircraft while retaining future flexibility afforded by additional purchase rights with extended expiry dates. We have faith in the recovery of the regional aviation sector post-Covid-19 and look forward to continuing our successful long-term relationship with ATR,” Avation’s Executive Chairman, Jeff Chatfield said.

Delivery dates for the two remaining ordered aircraft have been rescheduled to the fourth quarter of 2022. All purchase rights have been extended and are available for aircraft with delivery dates on or prior to the end of June 2027.