Singapore-based Avation exercises purchase rights for two ATR aircraft

REGIONAL aircraft manufacturer ATR said on Wednesday that Singapore-based aircraft leasing company Avation plc has converted its purchase rights for two ATR 72-600 aircraft into firm orders. (see amendment note)

ATR, which is a joint venture between European aerospace industry players Airbus and Leonardo, added that Avation also acquired two more ATR 72-600 purchase rights to replace the ones exercised.

It will lease the two aircraft to Bangladeshi airline US-Bangla, expanding the airline's turboprop fleet to eight.

US-Bangla said that market response has been "extremely good" on its domestic network since it incorporated its first ATR aircraft, and increasing the size of its ATR fleet allows it to increase frequency on certain trunk routes to offer passengers more choice.

Avation's executive chairman Jeff Chatfield said: "The economics of the ATR 72-600, its wide customer base and proven environmental credentials make it an extremely attractive asset for both lessors and airlines operating in all types of environments."

Said Stefano Bortoli, chief executive at ATR: "Aircraft with high asset values are essential for lessors. So when Avation, with its market acumen and track record of placing aircraft, continues to order the ATR, we know that our product is working for our customers."

Amendment note: A previous version of this story had an incorrect spelling of Avation plc. The article above has been revised to reflect the correct spelling.