Lease Corporation International sets up new division

Lease Corporation InternationalLease Corporation
International (LCI) and AgustaWestland have signed
an agreement covering the purchase of a fleet of AW139, AW169 and AW189
helicopters for a new division being set up by the lessor. The related
contract, which also includes options, is valued in excess of $400 million.
Building on its successful growth in the narrow and wide-body fixed-wing
leasing market, LCI’s new helicopter division plans to offer helicopter
operators an attractive alternative to buying and financing the purchase of
rotary wing aircraft. LCI expects to be active in a number of markets including
offshore oil and gas, Search & Rescue and aero-medical transport.

Crispin Maunder, executive chairman,
LCI, said after the signing: “Today’s
announcement is the culmination of careful analysis and observation of this
sector. As a dynamic lessor we are confident that now is the time to make this
move given the high level of unfulfilled demand for new generation helicopters,
which the innovative, market-leading AgustaWestland
helicopters are well placed to meet.”

Emilio Dalmasso, senior vice president Commercial Business, AgustaWestland
added: “We are delighted to have signed this
agreement with LCI for AW139, AW169 and AW189 helicopters. LCI maintains one of
the world’s most modern fleets of commercial aircraft and the AgustaWestland range of high performance helicopters fits
well with LCI’s successful market strategy to offer its clients the latest in
efficient and productive aircraft.”

LCI will benefit from the
commonality in design across the AW139, AW169 and AW189 family of new
generation helicopters, due for delivery over the next five years. As well as
possessing the same high performance flight characteristics and safety features
the helicopters share a common cockpit layout, design philosophy and
maintenance concepts that will allow more effective operations for customers
operating helicopter fleets from 4 to 8.5 tonnes.

Terry Spruce

Terry is Senior News Editor and writes for both Corporate Jet Investor and Helicopter Investor. He is also responsible for our helicopter guides. Terry has been an aviation enthusiast since the early 1970s. He is a lapsed Private Pilot and ex-Piper Cherokee owner. He has flown a number of light aircraft and is comfortable sitting in the co-pilot's seat or the back of any aircraft. Before moving to journalism he was a banker for 20 years. You can contact him at: terry@corporatejetinvestor.com or follow him on twitter @Terry_Spruce

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