[By NBC-1TV H. J Yook]Bombardier Aerospace announced today that airBaltic has signed a firm purchase agreement to acquire 10 all-new Bombardier CS300 airliners. The Riga, Latvia-based airline also has purchase rights on a further 10 CS300 aircraft. The purchase agreement represents the conversion to firm orders of a Letter of Intent (LOI), announced at the Farnborough Air Show on July 10, 2012. The LOI also included the purchase rights on the 10 additional CS300 aircraft.

Based on the list price of the CS300 airliner, the firm-order contract is valued at approximately $764 million US and could increase to $1.57 billion US should the 10 purchase rights be converted to firm orders.

“A modern and efficient fleet is one of the fundamentals of the airline business, and this order is a progressive and exciting move forward for us. Following an in-depth analysis of existing and re-engined aircraft, as well as the new technologies offered by Bombardier‘s all-new CSeries aircraft, the results were clear and we selected the CSeries airliner,” said Martin Gauss, Chief Executive Officer, airBaltic. “Earlier this year we launched our ”ReShape“ business plan that calls for the replacement of older aircraft and the transition to ”greener flying“ with an exclusive all-Bombardier fleet that will eventually involve taking on more Q400 NextGen aircraft together with the new CSeries aircraft. The C300 airliner and the Q400 NextGen turboprop - each being the most efficient aircraft in its class - will optimize airBaltic’s network and fit perfectly in our ”ReShape“ business plan due to their performance, economics, environmental benefits and passenger comfort.”

“Recognized as one of the world's most innovative airlines, airBaltic demonstrates the growing demand and need for unmatched technologies, operational flexibility and efficiencies,” said Mike Arcamone, President, Bombardier Commercial Aircraft. “We are delighted that airBaltic is complementing its fleet of eight Q400 NextGen turboprops with the CSeries aircraft to implement its new initiatives and integrate new levels of passenger comfort and greener flying.”