For the first time, Viking Air Ltd. is selling five of its popular Twin Otter Series 400 planes to a customer in the United Kingdom.
Montrose Global LLP of London, England, has signed a proposal to buy the aircraft from the Saanich Peninsula-based company and the deal should be finalized soon.
This sale adds to 100 aircraft built or ordered from the local manufacturer, which resurrected the popular de Havilland Twin Otter plane after production ceased in the 1980s. Twin Otters are known internationally as sturdy workhorses and are used in a range of terrains and conditions around the world.
Every sale of the plane, with a base price of $6.95 million, supports local workers. Viking’s total workforce now stands at 600. The company has a final assembly plant in Calgary.
“Global demand for the Twin Otter continues to be robust, attracting an increasing level of interest from the aircraft-leasing community who recognize the outstanding value proposition of an aircraft with worldwide market acceptance,” Richard Libby, Viking director of aircraft sales, said in a statement today.
“The Twin Otter has a long history of exceptionally strong residual value and worldwide market acceptance, making it an ideal asset to offer on operating leases.”
Montrose plans to lease its Twin Otters to other airlines. It is buying planes in different configurations, including the floatplane option. These Twin Otters will be delivered in late 2015 and in 2016.
The London-based firm leases and finances large-ticket assets, private equity and real estate development. It has made previous investments in turbo-propeller planes and in regional jets.
Viking began manufacturing its new version of Twin Otters in 2009. The company is part of Westerkirk Capital Inc., a private investment firm.
Twin Otters have been well-received in the international market by indvidual buyers, private companies and governments.
Planes have gone to 24 countries, such as Turkey, the United Arab Emirates, Japan, Switzerland, Vietnam, the U.S., and the Seychelles.
Viking also announced that Bob Crowe Aircraft Sales Ltd. of Bedford, England, is the exclusive sales representative in the U.K. for the Twin Otter Series 400 and its new Guardian 400. The Guardian is the next generation of the Twin Otter and is designed for military and government uses.
