Bombardier Aerospace announced today that MIG Aviation 3 Limited, a subsidiary of Marfin Investment Group Holdings S.A. of Greece, has signed a firm order for eight Q400 aircraft, including five Q400 NextGen airliners, and has taken options on an additional eight Q400 NextGen airliners.

Based on the list prices for the Q400 and Q400 NextGen airliners, the value of the firm order contract is approximately $224 million US and could increase to $468 million US if the eight options are exercised.

The Q400 and Q400 NextGen aircraft will be operated by Pantheon Airways under the Olympic Air brand name. Pantheon Airways acquired certain assets of Olympic Airlines and Olympic Airways from the Government of Greece earlier this year.

“The Q400 airliners are an important part of Olympic’s fleet replacement program intended to introduce state-of-the-art air transport technology in Greece’s regions,” said Antonis Simigdalas, Chief Executive Officer, Pantheon Airways. “The Q400 aircraft has gained an enviable reputation for its passenger comfort, speed, fuel economy, reduced environmental footprint and advanced technology. The Q400 NextGen aircraft’s new interior offers passengers even greater comfort and we believe that it will introduce a new level of service in Greek regional networks.”

“We welcome Marfin Investment Group and Olympic Air to the growing list of customers of the Q400 turboprop,” said Gary R. Scott, President, Bombardier Commercial Aircraft. “The Q400 and now the Q400 NextGen aircraft have become popular around the world because of their fuel efficiency, passenger comfort and speed that allows schedule integration with jet aircraft.”

The transaction announced today increases firm orders for Q400/Q400 NextGen turboprops to 355 aircraft, of which 245 had been delivered as of April 30, 2009. The aircraft are now in service with, or have been ordered by, 31 operators.

Source: Bombardier