Four new ATR72-600 aircraft are to be leased by Flybe to operate in Scandinavia on behalf of SAS.
The turboprops will be progressively delivered to the airline by leasing company Avation this year and in early 2016.
“The lease rate revenues are consistent with operating leases of this type and term,” Avation said. “The initial duration of the leases is six years with the client having further optional six year extension provisions.”
Avation executive chairman Jeff Chatfield said: “It is pleasing to continue to diversify the airline operator base of aircraft owned by the company with the addition of Flybe.
“It is understood that the aircraft will remain on the UK register, however they will be operated by Flybe in Scandinavia on behalf of Scandinavian Airlines System.
“Our strategy is to diversify our risk by geographic dispersion of our aircraft fleet and entering into these operating leases are consistent with that objective.
“The company has a large proportion of its aircraft in Asia-Pacific and will continue to seek clients in this region, however, the company views leasing aircraft to northern Europe provides appropriate diversification.”