Avolon, an aircraft leasing company, executed 54 lease transactions in Q1/22 comprising new aircraft leases, follow-on leases and lease extensions. The company also sold three aircraft during the quarter, entered into letters of intent for the sale of 35 owned aircraft, delivered six aircraft to four customers and transitioned 11 aircraft to follow-on lessees.

The company ended the quarter with 142 airline customers operating in 61 countries. In addition, Avolon had an owned and managed fleet of 592 aircraft and total orders and commitments for 240 aircraft at quarter end.

Prior to Feb. 27, Avolon had 14 owned narrowbody aircraft and two managed narrowbody aircraft on lease to Russian lessees. Avolon terminated the leasing of these aircraft to those Russian lessees in line with EU sanction requirements; As at March 31, 10 of Avolon’s owned aircraft were located in Russia, representing less than 1% of Avolon’s portfolio value net of security deposits and maintenance reserves.

During Q1/22, Avolon completed the placement of its entire 500 VX4 eVTOL orderbook, adding three new customers. The company specifically added AirAsia, which signed an agreement to lease a minimum of 100 VX4 eVTOLs; Gözen Holding, an aviation conglomerate in Turkey that owns Freebird Airlines, which committed to purchase or lease up to 50 VX4 eVTOL aircraft, with the option for an additional 50 aircraft; and Air Greenland, the flag-carrier for Greenland, which committed to purchase or lease a fleet of VX4 eVTOL aircraft.