MIAMI — Aircraft lessor Intrepid Aviation announced an order for six Boeing 777-300ERs at the Farnborough Air Show, becoming the second lessor of the day to purchase six of Boeing’s current generation 777s after Air Lease Corporation.
The order is valued at $1.9 billion at current list prices, and Intrepid also gains four purchase options for the 777-300ER as a part of the deal.
Intrepid Aviation currently has a portfolio of just two Boeing 777-300ER, with on on lease to Thai Airways International and the other on lease to Air France.
“The economics of the 777-300ER are outstanding and offer an attractive growth potential for our airline customers,” said Franklin Pray, Intrepid Aviation president and CEO. “We are pleased to work with Boeing and add this order of the most popular twin-aisle aircraft of all time to our existing fleet of 777-300ERs.”
With Boeing aiming to close nearly 300 airplanes worth of production gap between the current generation 777 and the re-engined 777X, incremental orders such as the 12 announced today at the Farnborough Airshow will be key in ensuring a smooth transition.
While no specific details were released, it is likely that Boeing offered a significant discount to Intrepid for the aircraft, made possible by the fact the the 777’s development cost has been long since amortized since its entry into service (EIS) in 1995.