MARCH 20TH, 2017
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Intrepid Announces B777 Lease with Philippine Airlines

STAMFORD, Conn.—(BUSINESS WIRE)—Intrepid Aviation announced today the conclusion of an agreement with Philippine Airlines for the long-term lease of two new B777-300ER aircraft, as a result placing the remaining two B777’s under its 2014 purchase agreement with Boeing. The aircraft are scheduled for delivery to the Philippine flag carrier in December 2017 and will support its growth and fleet modernization objectives.

“Intrepid and Philippine Airlines have enjoyed a strong partnership dating back to 2013,” commented Doug Winter, Intrepid’s President & Chief Commercial Officer. “The Philippines is currently one of the fastest growing economies in Asia and the airline has been enjoying a strong, profitable growth trajectory over the past few years,” Mr. Winter added.

“We truly value the cooperation and support of Intrepid as we continue our mission to fulfill the potential of Philippine Airlines. With its proven, superior performance the B777 will be core to our long haul fleet for many years to come,” remarked Mr. Jaime Bautista, President and Chief Operating Officer of Philippine Airlines. “These new aircraft will help extend our presence into North America and will be introduced on our London route as well,” Mr. Bautista concluded.