REG - Avation PLC - CEBU LEASE

AvationAnnouncement

11/09/2023 07:00

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RNS Number : 9328L  Avation PLC  11 September 2023

Via RNS and SGXNET

AVATION PLC

("Avation" or "the Company")

 

AIRCRAFT TRANSITION TO CEBU PACIFIC

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, is
pleased to announce that it has entered into a new operating lease for an
Airbus A320 aircraft with Philippines low-cost carrier, Cebu Pacific. The
market rate lease is for a term of four years and is on Avation's typical
lease terms. The aircraft is currently being returned by the previous operator
and is scheduled for delivery to Cebu Pacific in December 2023, following
scheduled periodic maintenance checks.

Cebu Pacific operate a substantial route network to over 60 domestic and
international destinations in Australia, Brunei, China, Hong Kong, Indonesia,
Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand, UAE and Vietnam.
Cebu operates a modern fleet of Airbus A330 family, Airbus A320 family as well
as ATR 72-600 aircraft, and according to its public statements offers the most
seats of any airline in the Philippines with the country's youngest fleet. The
Philippines low-cost carrier recently reported the second consecutive
profitable quarter since the pandemic and a recovery to 50% of its
pre-pandemic operating income in 2019.

Avation's Executive Chairman, Jeff Chatfield said: "We are pleased to have
secured a new lease for this aircraft and delighted to placed it with an
existing customer, Cebu Pacific. This transaction demonstrates the Avation
platform's capacity to transition aircraft to quality lessees and our ability
to leverage the relationships we have with existing customers. Once the
aircraft is delivered in December 2023 this lease will positively impact our
fleet metrics."

-ENDS-

Enquiries:

Avation PLC - Jeff Chatfield, Executive
Chairman
+65 6252 2077

Avation welcomes shareholder questions and comments and advises the email
address for questions is: investor@avation.net (mailto:investor@avation.net)
and the Company provides an investor Q & A during the conference call
associated with release of results. The head office telephone number is +65
62522077.

Notes to Editors: Avation PLC is an aircraft leasing company, headquartered in
Singapore, owning and managing a fleet of commercial passenger aircraft which
it leases to airlines around the world. More information on Avation is
available at www.avation.net (http://www.avation.net) .

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