Avation Share News (AVAP)

(Sharecast News) - Commercial passenger aircraft leasing company Avation has delivered the first of two Airbus A321 aircraft, which were being transitioned from a prior operator, to VietJet Air under an operating lease, it announced on Thursday.
The London-listed firm said the aircraft had completed calendar airframe maintenance checks, been configured for operations by VietJet Air and put into VietJet Air livery.

It said the lease term was approximately eight years, with the aircraft to be redelivered to Avation following completion of the major airframe maintenance check due on the 12th anniversary of the aircraft's build date.

Avation said VietJet Air operates a "substantial" route network including Vietnam domestic and international destinations in Thailand, Singapore, South Korea, Taiwan, Malaysia, China, Japan, Hong Kong, Indonesia, India and Myanmar.

It operates a modern fleet of Airbus A320s and A321s, with an average age of 3.3 years, and the board described it as a "valued existing customer" of Avation.

"We had numerous airlines express interest in these aircraft during a global marketing campaign," said executive chairman Jeff Chatfield.

"We were pleased to place this aircraft on lease to our existing customer and favoured VietJet Air due to satisfactory terms, their excellent conduct and speed of execution."

Chatfield described VietJet Air as a publicly quoted, growing and profitable airline in south east Asia, with the transaction highlighting the value of its strong relationship.

"In our opinion, VietJet Air's success in rapidly establishing 135 routes is remarkable and demonstrates significant operating scale and achievement."

At 0931 GMT, shares in Avation were up 0.17% at 298p.