NAC Will Provide An Operating Lease To Jambojet Ltd Who Will Be The Operator Of The Aircraft In Kenya

Bombardier Commercial Aircraft has concluded a firm purchase agreement for two new Q400 turboprops with Nordic Aviation Capital ("NAC") in September 2017. NAC will lease these two Q400 aircraft to Jambojet Ltd, based in Nairobi, Kenya. With the addition of these aircraft, NAC has increased its Q400 portfolio to 87 aircraft, and remains the largest fleet owner and lessor of the type in the world, while Jambojet will now operate three Q400 aircraft on lease from two lessors. Based on the list price of the Q400 aircraft, the firm order is valued at approximately $64 million.

"The Q400 aircraft offers the perfect balance of passenger comfort and operating economics with a reduced environmental footprint," said Fred Cromer, President, Bombardier Commercial Aircraft. "The demand for turboprop aircraft worldwide is tremendous and the Q Series aircraft are ideally positioned to meet the needs of regional airlines as they offer a unique ability to serve diverse and challenging environments. NAC's continued acquisition of the Q400 is a strong endorsement of the value, in-service performance and reliability the aircraft provides. We are thrilled that leasing companies continue to recognize the Q400 aircraft as a high-quality asset, as evidenced by this order."

"We are delighted to have placed an order with Bombardier to grow our fleet of Q400 aircraft," said Martin Møller, Chairman of Nordic Aviation Capital. "We warmly welcome Jambojet as a new client and the opportunity to increase our global footprint on the African Continent. We are pleased to have partnered with the Jambojet management team in their efforts to grow and modernise their fleet. The Q400 is a high-quality asset with proven operational capability and performance, and we are confident that it will enable them to meet and exceed their performance targets. We look forward to strengthening our relationship with the Jambojet team in the years ahead."

"The Q400 aircraft's performance and economics have been exceptional as we position ourselves for rapid growth. Its proven operational capability in Africa's hot and diverse landscape is an excellent asset in our portfolio," said Willem Hondius, CEO, Jambojet. "Our passengers are enjoying the experience and the aircraft continues to deliver significant value to the airline," he added. "We are looking at retiring our narrowbody fleet and transitioning to an all-Q400 fleet by end of this year. We are confident that the Q400 aircraft will allow us to implement our growth strategy as we strive to launch new routes and to respond to the anticipated increase in demand."

"We are proud that the Q400 is the leading turboprop in Africa as it fits its diversified and growing customer base. The Q400 aircraft is exceptionally versatile and can be adapted to a variety of business models, which makes it ideally suited for operators such as Jambojet," said Jean-Paul Boutibou, Vice President, Sales, Middle-East and Africa at Bombardier Commercial Aircraft.

Bombardier's customer support network for commercial aircraft in Africa includes a Regional Support Office (RSO) and spare parts depot, co-located in Johannesburg, South Africa as well as Authorized Service Facilities in South Africa and Ethiopia. The latter is a duly authorized and approved Commercial Authorized Service Facility (CASF) for Q Series aircraft and operates the only Q400 flight simulator in Africa. Operating from the company's regional office located in the United Arab Emirates, Bombardier Commercial Aircraft's sales and marketing team is well positioned to provide industry-leading solutions to its current and prospective customers.

This order relates to a previously undisclosed customer and had been accounted for in our Q3 orderbook.

(Source: Bombardier news release. Image from file)

FMI: www.bombardier.com