Fly Play hf. — Capital/Financing Update 2021

Nov 18, 2021

PLAY Has Signed an Agreement for Two New Aircraft

PLAY Has Signed an Agreement for Two New Aircraft

PLAY Has Signed an Agreement for Two New Aircraft

PLAY has signed an agreement with China Aircraft Leasing Group Holdings Limited (CALC), a major international aircraft lessor for two new A320neo aircraft. The aircraft will be delivered to PLAY next week and will be fitted and painted as per PLAY’s specifications. The aircraft will arrive in Iceland in March 2022 in time for the change to a hub-and-spoke business model. The aircraft are new and will be delivered directly from Airbus.

These are the aircraft PLAY previously announced it had signed a Letter of Intent (LOI) for.

In September, PLAY signed an agreement with GECAS, a major international aircraft lessor for three A320neo and one A321NX narrowbody aircraft. The aircraft are scheduled to be delivered between autumn 2022 and spring 2023.

With these agreements, PLAY is taking advantage of favorable terms in the current market, securing brand-new aircraft and locking in long-term cost savings and operational efficiency.

The eco-friendly Airbus A320 aircraft are perfect for PLAY‘s operations. The A320 family has flexibility in size and range which allows PLAY to reach markets on both sides of the Atlantic with less fuel consumption and aircraft commonality creating a competitive advantage.

“We are delighted to add additional aircraft to the PLAY fleet. We are consciously including environmental variables in our decision making and the addition of these fuel-efficient aircraft will help us meet our growth objectives as we look forward to the opportunities ahead,” says Birgir Jónsson, PLAY’s CEO.