Avolon 737 MAX 8 Boeing

MIAMI — Aircraft leasing company, Avolon, has confirmed its existing order for 75 Boeing 737 MAX.

The agreement between Avolon and Boeing was originally achieved through a Memorandum of Understanding (MoU) at the Paris Air Show 2017.

The order, valued at $11 billion, is for 55 737 MAX 8s and 20 737 MAX 10s, with options for 20 additional 737 MAX 8s.

Aircraft deliveries are expected to begin in 2021.

READ MORE: PAS 2017 Analysis: Avolon Buys 75 Boeing 737 MAX 8s

According to Dómhnal Slattery, Avolon CEO, this is the most significant single order that the leasing company has placed with Boeing; it “underscores the scale of our ambition and the strength of our business,” he said.

“With over 140 MAX aircraft now in our owned and committed fleet, we are confident that the superior economics and solid reliability of the 737 MAX family of airplanes will continue to allow our customers to grow their businesses profitably for many years to come,” Slattery concludes.

The Boeing 737 MAX 10 was launched at the Paris Air Show this year, and as reported by Boeing, it will have the lowest seat-mile cost of any single-aisle airplane.

The manufacturer already received 4,000 orders for the MAX Family from 92 customers.

Kevin McAllister, Boeing Commercial Airplanes President and CEO, said, “We are honored that the 737 MAX family of airplanes will become a key part of Avolon’s world-class fleet as they look to leverage the surging demand for narrow-body airplanes in markets around the world.”

READ MORE: PAS 2017 Analysis: Boeing Surges Ahead of Airbus With 737 MAX 10 Launch

The Dublin-based lessor has already a fleet of 915 aircraft, with the additions, it is expected to reach 990 airliners.