Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, is pleased to advise that further to the Company's announcement on 11 September 2023, it has delivered an Airbus A320 aircraft to Philippines low-cost carrier, Cebu Pacific. The market rate operating lease is for a term of four years. The aircraft was successfully transitioned from the previous operator following scheduled maintenance checks and reconfiguration.
Avation's Executive Chairman, Jeff Chatfield said: "We are delighted to have delivered this aircraft to our Cebu Pacific. This rapid transition demonstrates the Avation team's capacity to remarket and transition aircraft to quality lessees and our ability to leverage the relationships we have with existing customers. This aircraft was one of the three remaining unutilised aircraft in Avation's fleet, the remainder of which are contracted for lease and disposal respectively. We remain optimistic in the market outlook for lessors."