BOC Aviationwill buy three Boeing 777-300ER aircraft, worth close to US$500 million, from Qatar Airways. The news comes amid reports that the airline is facing an annuallossthanks to a Saudi-led boycott of its home nation.
As a part of the agreement, Qatar Airways will continue to operate the wide-body aircraft on sale-and-leaseback terms.
“We are delighted to once more be supporting Qatar Airways’ fleet development plans, building on a long-term relationship that dates back to 1999, and adding popular in-demand aircraft on long-term leases to our portfolio,” said Robert Martin, Managing Director and Chief Executive Officer of BOC Aviation.
Owing to the confidentiality agreement, BOC did not disclose the actual purchase price.
However, it said the 777-300ERs have an aggregate full-life current market value of US$479 million.
According to reports, the final amount will take into account the original sum paid by Qatar Airways to Boeing for the planes.