The company has also reduced the number of firm orders it has with ATR for new aircraft, while retaining the flexibility to order more should demand pick up.
(), the commercial passenger aircraft leasing company, has sold one of its ATR 72-500 aircraft.
The aircraft was one of 11 ATR aircraft previously leased to that the company got back when Virgin Australia entered administration.
The sale of this aircraft leaves Avation with seven remaining aircraft previously leased to Virgin.
In a separate announcement, the company said it has reached an agreement with Avions de Transport Régional (ATR) to amend and reschedule its long term order book for the ATR 72 series aircraft.
Avation previously had eight ATR 72-600 aircraft on firm order from ATR but this has been amended so that Avation now holds firm orders for two ATR 72-600 aircraft and purchase rights for 28 additional aircraft.
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.
“We are pleased to reach 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,” said Avation’s executive chairman, Jeff Chatfield.
Shares in Avation were up 0.3% at 99.75p in mid-morning trading.