Intrepid Aviation concludes a revised agreement with Boeing
Intrepid Aviation announced that it has concluded a revised agreement with the Boeing Company 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. In respect of the remaining four aircraft: Two will be cancelled and instead Intrepid will acquire from Boeing two new B747-8F freighter aircraft to be delivered in 2017 and subject to long-term lease with a current Boeing customer of the type; and Two will be rescheduled from late 2017 and early 2018 to 1st half 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.