Intrepid Aviation has concluded a revised agreement with Boeing in respect of its purchase commitment for six firm B777-300ER aircraft.
Under this revised agreement, the first two aircraft will continue to deliver new on long-term lease to Philippine Airlines later this month and in December this year, as first announced in June 2015.
Two of remaining four aircraft will be cancelled and instead Intrepid will acquire from Boeing two new 747-8F freighter aircraft to be delivered in 2017 and subject to long-term lease with a current Boeing customer of the type. The other two aircraft will be rescheduled for delivery from late 2017 and early 2018 to the first half of 2019.
“While we are confident in the long-term value proposition of the B777-300ER, we saw value for our business in converting a portion of our investment commitment with Boeing into earlier and uniquely capable B747-8F freighters on very long lease to one of the industry’s premier cargo operators,” said Doug Winter, Intrepid’s President & Chief Commercial Officer.