Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, is pleased to announce that it has signed a lease agreement with a new airline customer in the Pacific region. The lease is for an ATR 72-600 aircraft that was repossessed in August 2022, following the default of an airline in Myanmar. The aircraft is due to be delivered to the new customer for a lease term of 24 months. This transition reduces the number of off-lease aircraft in Avation’s fleet from three to two.

Avation’s Executive Chairman, Jeff Chatfield said: “We are pleased to place this aircraft on lease to a new customer. Delivery will occur in the next few weeks. The management remains confident of placing or selling the two remaining unutilised aircraft before 30 June 2023.”