Avolon has delivered of the first of 20 A330neo aircraft it has agreed to lease to Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines.
The delivery of the aircraft was made at Airbus’s delivery centre in Toulouse on November 29, 2024, with the remaining aircraft being delivered through to 2028.
The transaction was first announced in August 2022, comprising the placement of 10 A330neo aircraft from Avolon’s orderbook and 10 A330neo aircraft to be acquired from MAG via sale and leaseback.
The first aircraft delivery was originally expected in September of this year, but this delivery was delayed due to findings identified by Airbus during the flight line stage.
“We are deeply disappointed by the aircraft delivery delays by Airbus, compounded by the ongoing setbacks of our Boeing 737-8 deliveries,” said Datuk Captain Izham Ismail, group managing director of the Malaysia Airlines Group, in October of this year.
Avolon was a launch customer of the A330neo in 2014 and has 29 A330neos in its delivered portfolio, with a further 46 in its committed fleet for future delivery as of September 30, 2024
Andy Cronin, Avolon CEO, commented: “We are proud to have partnered with MAG on a complex and unique transaction. It was made possible due to the deep and long-standing relationships Avolon has with Airbus and Rolls-Royce, all collaborating to provide the optimal solution for MAG with the A330neo."
He continued: “With global supply of widebody aircraft extremely limited these aircraft are a core element of MAG’s fleet renewal strategy, allowing them to capitalise on the continuing recovery in the Asian aviation market.”
The transaction supports MAG’s fleet renewal and expansion strategy, with MAG being the 20th airline to operate the A330neo.